Cancellation Policy

The borrower’s right of withdrawal

1. Withdrawal period

The Borrower has a period of 14 (fourteen) calendar days from the date of issuance of the Credit Agreement during which they may withdraw from the contract without giving reasons, by means of a written request submitted by email or at the Lender’s registered office/branches, before the expiry of the 14-calendar-day period. The withdrawal period begins to run from the date the Credit Agreement enters into force.

2. Withdrawal notice

Any request by the Borrower to exercise their right of withdrawal must be made in writing and submitted to the Lender by one of the following methods:

• registered letter with acknowledgement of receipt, clearly expressing the Borrower’s intention to withdraw from the contract;
• by courier;
• in writing, delivered in person at the Lender’s registered office/branches;
• by email.

The Lender considers that the Borrower has validly exercised their right of withdrawal only if the notice was transmitted to the Lender within the 14-calendar-day period from the date of issuance of the Credit Agreement. The date of withdrawal is the date on which the Withdrawal Notice becomes enforceable against the Lender, which coincides with the date on which the Notice is dispatched to the Lender.

All amounts transferred by the Lender to the Borrower’s account and/or on the Borrower’s behalf under the Agreement up to the date of withdrawal are considered validly released/drawn down. In the event of the Borrower withdrawing from the contract, the Borrower is obliged to repay to the Lender, within a maximum of 30 (thirty) calendar days from the date of dispatch of the Withdrawal Notice, the full amount of the drawn-down credit together with the interest accrued thereon, without undue delay, calculated from the date of conclusion of the Credit Agreement until the date of full repayment.

The interest due is calculated on the basis of the interest rate agreed in the Credit Agreement — Particular Credit Conditions. In addition to the drawn-down credit and the interest thereon, the Borrower will be obliged to reimburse the Lender for any expenses representing non-refundable fees paid by the Lender to a public authority in connection with the credit agreement. Fees paid by the Borrower for the granting of the Credit will not be refunded.

Upon exercise of the right of withdrawal, the contract will terminate on the date of full repayment of the drawn-down credit and the interest accrued thereon.

3. Revocation of the withdrawal notice

3.1. Express revocation. The Borrower may expressly revoke the Withdrawal Notice within no more than 30 (thirty) calendar days from the date of dispatch of the Notice to the Lender, submitted by one of the following methods:

• by email;
• delivered in person at the Lender’s registered office/branches;
• by registered letter with acknowledgement of receipt, clearly expressing the Borrower’s intention to revoke the withdrawal notice;
• by courier.

3.2. Implicit revocation. Failure to repay or partial repayment of the credit amount will be deemed an implicit revocation of the withdrawal notice, with the direct consequence that the Agreement and the parties’ obligations remain in force (including the Borrower’s obligation to pay monthly installments on the Due Date). Any amounts paid by the Borrower to the Lender’s account under these circumstances will be considered valid payments on account.

Upon expiry of the 30-calendar-day period from the dispatch of the Withdrawal Notice, the Lender will be entitled to charge penalty interest at the rate stipulated in the Agreement and to take all necessary steps until the full recovery of the credit, the interest accrued thereon, and enforcement costs.

In the event that the Lender or a third party, on the basis of a contract between that third party and the Lender, provides an ancillary service related to the Agreement, and the Borrower exercises their right of withdrawal under the conditions above, the Borrower’s obligations arising from that ancillary service shall cease.