Recovery Loan

Loan repayment

Recovery for personal loans Dear Counsel, I would like to discuss your question, including your data and your employment, as follows: In order to be able to recover the EUR 500 right now, there should be a requirement in the loan agreement that, in the event of a delay, only one payment installment be used entire amount is directly recoverable. If such a provision is not taken into account, you must properly terminate the loan agreement if no repayment period has been agreed.

For your application, however, a repayment until (1. or 31.) 8. 2011 was decided that you can probably prove by the witnesses or witnesses. As a result, you do not have to properly cancel the loan agreement (because a repayment period has been set) and can not do so yourself. Nevertheless, as a precautionary measure, you should file your due notice as soon as possible.

Complete the loan agreement

If you can not prove that you have agreed to repay in the month of July, then your termination would be permitted and would mean that the repayment of the loan in any case in the month of April is due for payment. As you can see from the Ordinance of 488 para. 3 BGB, the deadline is anyway only 3 months (unless otherwise agreed): “If no time is set for the repayment of the loan, the term depends on the lender or the borrower terminates.

The period of commencement of the term ends on the day of receipt of your notice of cancellation. If your message eg on 03.05. 2011 is sent to your neighbor, you can use it as 03.08. 2011 register. End 03.08. In 2011, your repayment claim would be outstanding. If your debtor has not paid by then, set him a 10-day repayment period and give him the perspective that you will otherwise hand the matter over to a lawyer.

You can then ask the borrower to reimburse the associated fees. You may not need to worry about not having to complete the loan agreement completely. Your debtor has acknowledged that you have paid him the amount of the loan, which is an important indication that a loan agreement has been concluded that is not subject to a formal commitment anyway and that can usually be brought to a verbal conclusion.