When taking out consumer credit, there are rules in place to guarantee a way out, should it be needed.
The right to information
Consumers have the right to obtain advertisements containing standard information, and request information from the credit provider on the terms and conditions of the contract. This pre-contractual information has to contain all the standardised items, which will be later replicated in the contract.
The right to change your mind
After signing a credit agreement, consumers have the right to change their mind and withdraw from credit agreement without giving any reason within 14 days.
The right to pay back ahead of time
If consumers are able to pay back their credit earlier than foreseen in the contract, they have the right to pay back their credit ahead of time.
Consumer credit information
A creditor must always provide key information in a standardised format called the standard European consumer credit information form.
Consumers have the right to receive this form from each credit provider to compare offers and choose the offer that's best for them before signing a credit agreement.