Question 1

What is the withdrawal period for consumer credit?

Accepted Answer

The withdrawal period for consumer credit is 14 calendar days from the date of contract signature. This right is provided by Article L312-19 of the Consumer Code. During this period, the borrower can cancel the credit without justification and without penalty. The withdrawal form must be attached to the credit agreement. Funds cannot be released before 7 days after signing, unless the borrower expressly requests it after 3 days.

Question 2

Does a mortgage have a withdrawal right?

Accepted Answer

For mortgages, there is a mandatory 10-day reflection period (not a withdrawal right). The borrower cannot accept the loan offer before this 10-day period expires from receipt. Acceptance can only occur from the 11th day, by returning the signed and dated acceptance form. This period is a matter of public policy and cannot be reduced by agreement or any contractual clause. The loan offer remains valid for a minimum of 30 days.

Question 3

What happens if I withdraw from a credit linked to a purchase?

Accepted Answer

If the credit is linked to a purchase (linked credit), withdrawing from the credit automatically cancels the sales contract, and vice versa. The seller must refund amounts received and the borrower must return the goods. If the borrower requested immediate delivery, they still have the 14-day withdrawal period but must return the goods within 30 days. No compensation can be claimed from the borrower for withdrawal within the legal timeframe.

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