Federal government plans to abolish unlimited revocation
The Federal Government plans to abolish the previously valid regulation to grant the consumer an unlimited – i.e. “eternal” – right of revocation in the event of incorrect information on revocation.
This would mean that in extreme cases the consumer would lose his right of withdrawal after 1 year and 14 days. Even if he was never wrongly informed that he ever had a right of revocation.
The meaning and purpose of this new regulation may be strongly doubted. It only serves the banks at the expense of consumers. Speed may now pay off for all those who operate or have operated a rather expensive (real estate) loan contract: As far as the old real estate loan contract is provided with a faulty and therefore ineffective revocation clause, the right of revocation is not extinguished according to the current legal situation yet. There may be an option to revoke the old expensive loan agreement and conclude a new loan agreement on more favourable terms.