Common use of Right of Withdrawal Clause in Contracts

Right of Withdrawal. 4.1. You have the right to withdraw from the Credit Agreement within 14 days from the conclusion of the Credit Agreement or from the day you receive the information mandatorily required in a durable medium in accordance with articles 21 to 25 of the Consumer Credit Act if this occurs later (Sw. Konsumentkreditlagen)). You are not obliged to indicate a reason for withdrawal. 1.1. The mandatory information under the above sections refers to: 1. what kind of credit it is 2. name, organization number and address of the creditor and credit intermediary; 3. the term of the credit agreement; 4. the amount of credit and the terms of use of the credit; 5. the credit interest rate, the terms of the credit interest rate, indicating the reference index or reference interest rates, and the dates, procedures and other conditions for changing the credit interest rate; 6. the effective interest rate with the assumptions underlying the calculation of the interest rate and the total amount to be paid by the consumer; 7. the size, number and due dates of the installments and the order in which the payments are to be distributed on credits with different credit interest rates; if a payment is not settled but is saved or invested on behalf of the consumer, it shall be stated, 8. fees due to the credit agreement and the conditions for changing the fees; 9. the default interest rate and the conditions for changing it, as well as fees to be paid when contractual obligations are not fulfilled; 10. penalties for late payment, 11. collateral requested; 12. the consumer's right to early payment and the creditor's right to interest rate differential compensation and how this compensation is to be calculated; 13. the consumer's right to receive a payment plan; 14. the existence or absence of the right of withdrawal, the length of the withdrawal period and other conditions for the exercise of the right of withdrawal, including the obligation to pay capital and interest, and the amount of interest per day; 15. the procedure for terminating the credit agreement; 16. what possibilities there are for having a dispute with the trader tried out of court and how the consumer should proceed in that case and 17. the supervisory authority with an address. 4.2. In case you wish to exercise the right of withdrawal you must notify Ferratum by email, post or phone call using the details provided above. The notice must include at least: (a) your name; (b) your identification code, (c) a statement showing an explicit intent to withdraw from the Credit Agreement, (d) the undertaking to repay the Credit together with accrued interest without undue delay and no later than thirty (30) running days from notification. If the notice is sent in writing, it must also include your signature and the date and place of signing. The term of 14 days is observed if the notice is dispatched within that term. 4.3. You must repay the Credit due together with nominal interest, as per the Specific Terms, calculated from the day your received the Credit to the repayment date (date when Ferratum received full repayment) without undue delay, but not later than thirty (30) calendar days after giving the withdrawal notice.If you do not exercise the right to withdraw, you shall be bound by the terms and conditions of the Credit Agreement. If you exercise the right to withdraw, the Credit Agreement is considered not to have been concluded.

Right of Withdrawal. 4.1. You have the right to withdraw from the Credit Agreement within 14 days from the conclusion of the Credit Agreement or from the day you receive the information mandatorily required in a durable medium in accordance with articles 21 to 25 of the Consumer Credit Act if this occurs later (Sw. Konsumentkreditlagen)). You are not obliged to indicate a reason for withdrawal. 1.1. The mandatory information under the above sections refers to: 1. what kind of credit it is 2. name, organization number and address of the creditor and credit intermediary; 3. the term of the credit agreement; 4. the amount of credit and the terms of use of the credit; 5. the credit interest rate, the terms of the credit interest rate, indicating the reference index or reference interest rates, and the dates, procedures and other conditions for changing the credit interest rate; 6. the effective interest rate with the assumptions underlying the calculation of the interest rate and the total amount to be paid by the consumer; 7. the size, number and due dates of the installments and the order in which the payments are to be distributed on credits with different credit interest rates; if a payment is not settled but is saved or invested on behalf of the consumer, it shall be stated, 8. fees due to the credit agreement and the conditions for changing the fees; 9. the default interest rate and the conditions for changing it, as well as fees to be paid when contractual obligations are not fulfilled; 10. penalties for late payment, 11. collateral requested; 12. the consumer's right to early payment and the creditor's right to interest rate differential compensation and how this compensation is to be calculated; 13. the consumer's right to receive a payment plan; 14. the existence or absence of the right of withdrawal, the length of the withdrawal period and other conditions for the exercise of the right of withdrawal, including the obligation to pay capital and interest, and the amount of interest per day; 15. the procedure for terminating the credit agreement; 16. what possibilities there are for having a dispute with the trader tried out of court and how the consumer should proceed in that case and 17. the supervisory authority with an address. 4.2. In case you wish to exercise the right of withdrawal you must notify Ferratum by email, post or phone call using the details provided above. The notice must include at least: (a) your name; (b) your identification code, (c) a statement showing an explicit intent to withdraw from the Credit Agreement, (d) the undertaking to repay the Credit together with accrued interest without undue delay and no later than thirty (30) running days from notification. If the notice is sent in writing, it must also include your signature and the date and place of signing. The term of 14 days is observed if the notice is dispatched within that term. 4.3. You must repay the Credit due together with nominal interest, as per the Specific Terms, calculated from the day your received the Credit to the repayment date (date when Ferratum received full repayment) without undue delay, but not later than thirty (30) calendar days after giving the withdrawal notice.. If you do not exercise the right to withdraw, you shall be bound by the terms and conditions of the Credit Agreement. If you exercise the right to withdraw, the Credit Agreement is considered not to have been concluded.