Calculation of the termination in case of termination of the loan. A fixed loan, term loan or an installment loan, eg a loan cancellation, the revocation of a loan contract to the cancellation due to wrong calculation offers potential. BGH for the calculation of the reversal after revocation. I am happy to offer you a preliminary estimate. In the case of a reverse transaction, there is no longer a loan agreement, so that this payment is void.
Cancellation of loan agreements – Expert calculation of loan cancellation processing
The revocation of loans puts the parties in the same situation as if the contract had not been concluded from the outset. The Borrower is obliged to repay the loan amount paid plus customary interest. After the revocation, the lender owed the borrower the interest and principal repayments made by the borrower from its own holdings and the repayment of the securities granted.
In the context of its decision-making, the Federal Court of Justice assumes compensation for use amounting to 5 percentage points above the base rate. From this, the relevant ruling of the Federal Court of Justice is that in the case of payments to a credit institution it is actually assumed that the credit institution has made use of services in the amount of the standard interest rate of 5 percentage points above the base interest rate and must return them.
In some cases, this jurisdiction is mitigated by regional or higher state courts and granted only 2.5 percentage points above the base rate. Therefore, it is necessary to calculate exactly what claims the house bank or the borrower, whereby the calculation of the claims of the borrower is particularly complex, since on the one hand, the sum of the base rate has always changed and on the other hand, the sum of the use claims of the borrower once changes in the month.
However, such a calculation is necessary because the claim must be quantified exactly in order to claim against the house bank or in the context of the procedure. Upon request, we can entrust a loan expert with the calculation of the exact value of the consequences of a cancellation for the borrower. Thus, the benefits associated with the revocation against the termination and the elimination of a prepayment penalty are clearly visible.
In the event of a revocation, BayernLB is not entitled to a premature repayment penalty.
Is the revocation valuable? calculation example
Does it make sense to revoke my loan agreement? The revocation gives the consumer the opportunity to immediately withdraw from the loan without pre-payment or to cancel the entire contract. But how does the repayment of a loan work in a specific case and is the loan withdrawal economically reasonable? After the revocation, the borrower can claim from BayernLB the reimbursement of the interest and repayment rates paid.
For these services, BayernLB resigns the services (interest) received, which are calculated at 5% points above the base rate. BayernLB, on the other hand, has a repayment claim on the loan amount paid out to the borrower plus the usual market interest rate of the borrower until the day of the resignation. In any case, the interest rate is significantly lower than the borrower’s interest claim.
Overall, this can lead to reimbursements of several tens of thousands of euros for bank customers. But also the rescheduling, ie the immediate replacement of the expensive loan and the financing by low-interest loans – without the early repayment of the repayment penalty – are very profitable. According to current knowledge, the early repayment penalty, ie the amount which the principal bank can normally claim as a loss in the event of premature termination of the loan, is often around ten percentage points of the default.
The interest advantages of a consumer who closes a new loan agreement under current conditions after revocation amount to several sales percentage points and thus often several thousand EZ. Is it worth revoking my loan and repatriating my debts? You can calculate the amount of your prepayment penalty with a prepayment calculator.