When changing the terms of our contract, we must remember that everything will be properly created and approved. Companies apply changes in the form of an annex to an already concluded contract. The annex must be created in the same form as specified in the contract concluded with the borrower.
What is an annex to the loan agreement?
There are situations when you need to revise an existing loan agreement. The annex to the contract is a special document that allows you to make changes to an existing contract. The lender may correct its content and add new provisions. In the case of loan companies, an annex to the contract may be, e.g. a new loan repayment schedule. In the contract itself, the changes may concern loan fees, commissions or changes in the currency of the loan. The Annex may also correct errors that were previously introduced in the contract. Importantly, there are no limited number of annexes to one loan agreement. By creating an appropriate annex to the contract, the parties do not have to sign a new, correctly updated contract.
What should the annex to the cash loan agreement contain?
Each document must be properly prepared. The annex to the contract should contain the following data:
- loan agreement number,
- date and place of creating the annex to the contract,
- parties to the contract (lender, borrower),
- the date from which the annex will become valid,
- signatures of the parties,
- changes to be made in the annex.
Annex to the loan agreement, extension of the repayment date
Each of us may experience a situation when it is not enough for us to repay the commitment made in the loan company. In such a situation, it is worth considering extending the loan repayment date. The first thing we need to do is contact customer service. This situation should be reported immediately to avoid any unnecessary problems. If the company makes it possible to extend the repayment, we are saved. In the absence of a record of payment, the lender has the right to initiate debt collection and court proceedings as well as to charge additional fees in the form of interest and commissions. An indebted person who has not been contacted to explain why the loan is not repaid may be entered in the register of debtors. In the future, this may result in you being denied if you want to apply for another loan from both a banking and non-banking company. If we agree with the loan company to extend the repayment of the liability, an additional document will be prepared for us in the form of an annex to the contract.
How to write an annex to the contract?
The annex to the loan agreement must be properly written, so it is important not to forget about a few important elements. As provided in the Civil Code, Article 77, the annex to the contract should be prepared in the same form in which the contract was created. The annex to the contract must contain the elements that have been introduced for the change. The date of the annex and the signatures of both parties are also important. If the contract is created incorrectly, it will be legally invalid.
Withdrawal from the loan agreement
If we took out a loan from a non-bank company, we must know that we have the right to withdraw from the loan agreement within 14 days of signing the agreement with the lender. Every customer has the right to change their mind. One of the attachments of the received contract should be the withdrawal from the loan contract. The document should contain the personal data of the person resigning from the contract with the loan company, the date of receipt of money from the loan on the bank account, and information on the amount borrowed. Withdrawal from the loan agreement may be delivered by post, e-mail or in person by the customer. We must remember that within 30 days all receivables should be returned to the lender’s bank account. A non-banking company has the right to charge additional interest from the moment the money is received to the borrower’s bank account.
Termination of the loan agreement
Termination of the loan agreement is completely different from the abovementioned withdrawal from the loan agreement. The lender has the right to terminate the contract with the client if he fails to comply with it. A non-banking company also has the right to terminate the contract if the indebted person becomes insolvent. If the customer has no problem with regular repayment, he will certainly not encounter such a situation. In the event of withdrawal from the loan agreement or termination of the contract, an annex to the contract may be drawn up.