In our lives we make many agreements regarding various aspects of our lives. Some of them may be extended in time, while others, such as a contract with a non-bank company, usually have short, predetermined time limits.
However, regardless of the form of the contract, there are situations in which the terms of the contract may change. Can the terms of the loan agreement be substituted during its duration?
Annexing the contract
Changes to the provisions of the contract may result from various factors. Making the necessary modifications does not necessarily mean breaking and signing the contract again. In such situations, the so-called annex to the contract . This is the most frequently chosen form confirming the introduction of changes to the contract. It applies to both contracts signed in person and those concluded via the Internet.
Polish financial law requires that the annex to the contract be prepared in the same way as it was the case for the previously concluded contract, and thus, e.g. a contract signed by hand should also be drawn up as a written document.
The annex to the loan agreement is usually aimed at changing the existing provisions of the agreement, adding new provisions to it or repealing certain provisions of the agreement. One contract can contain any number of annexes, which is much more convenient and practical than breaking up and drafting a new contract from scratch.
Different reasons for annexing the contract
In the case of the majority of professional loan companies operating on the Polish market, including the Easy EasyKredt.pl brand, the loan agreement is usually annexed when the customer wishes to extend the repayment date or loan installment.
Then the terms of the contract change and an appropriate annex is added to it. Usually, such activities involve an additional fee for the client, but no more than the penalty interest, which is determined by late repayment.
Annexation to the contract will also be necessary if legal regulations change. The lender then has to adapt his services to the new legal reality, which is also associated with changes in loan agreements, which he must inform his clients of.
The borrower has 14 days from receiving such information
In such a situation, the borrower has 14 days from receiving such information to consider whether he agrees with the new provisions in the contract. If he considers that the modified terms of the contract do not suit him, he may submit a request to refuse to accept the changed terms.
In this case, the contract will be terminated with 30 days’ notice . If the customer does not take any action in this regard, the annex will enter into force after 14 days .
Therefore, if the contract is to change specific provisions during its duration, they must be included in the relevant annex to the contract.