Do you wish to terminate a credit contract of indefinite duration, such as a credit line? Then you must do so by registered mail. This cannot be done by phone or standard mail, unless specified in the terms and conditions.

If money is still owed, you must repay it within the contractually agreed notice period, which can be up to one month. If any amounts remain outstanding to the lender after the notice period, you will be considered in default. This will be reported to the National Bank and recorded in the Individual Credit Register. As a result, you may be required to pay fines and interest for late payment. Moreover, you may be added to the "blacklist" of defaulters. This can be troublesome, as lenders are required to check the list before granting credit. This will make it more difficult for you to obtain a new loan or credit.