07 May 2020

News on the withdrawal from consumer credit agreements – ECJ and BGH lock horns forcing credit institutions into a balancing act

Do credit institutions need to act? The ECJ demands that contracts contain clear information on how the withdrawal period is calculated instead of “cascading references” – German BGH retorts immediately.

Most recently, the ECJ declared in a sensational decision of 26 March 2020 that the German model revocation instructions for consumer credit agreements do not meet the standards required by European law. The BGH contradicted this decision in a direct answer already on 31.03.2020. The current GSK Update analyses the effects of both decisions and examines the question of whether and where there is a need for action for lenders with regard to existing or future consumer credit agreements against this background.

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