Does the 14-day withdrawal mean an interest-free loan?
It does not — and this is an expensive misunderstanding. You may indeed withdraw within 14 calendar days without giving a reason. But the money is not free. You must return the principal and the contractual interest accrued for the period the money was actually at your disposal — within 30 calendar days at the latest of sending the withdrawal notice. Two deadlines, two actions: 14 days to send the notice; 30 days thereafter to repay. The lender may charge nothing extra, apart from non-refundable fees it has already paid to a public authority.
📋 The rules
- You may withdraw within 14 calendar days
- No reason need be given
- The notice: in writing or on a durable medium
- You return: principal + interest
- The deadline to repay: 30 days after the notice
🔓 Exceptions
- The withdrawal right does not apply to credit not exceeding €140
- Nor to specified overdrafts and pawn-style loans
- For mortgage credit the right may end once title or mortgage rights are registered
⚠️ Penalties & fines
Miss the 14 days and the statutory withdrawal route is gone — the credit agreement remains in force on all its terms. But there is a more common and costlier misunderstanding. Withdrawing from the financing does not cancel the purchase. If you bought a car, furniture or a service with the credit, withdrawing from the credit agreement does not by itself cancel the purchase contract — that needs its own basis for cancellation. And if you fail to repay within 30 days, you are in breach: default interest starts, followed by collection and an entry in your credit history.
📎 Official sources
- likumi.lv · Consumer Rights Protection Law →
- likumi.lv · Cabinet Regulation No. 691 →
- PTAC · Consumer credit →
❓ Frequently asked
Do the 14 days mean free money?
They do not. The principal must be returned within 30 days, and contractual interest continues to accrue for the period during which the money was actually at your disposal.
How long do I have to withdraw?
Fourteen calendar days, normally from the day the credit agreement was concluded. Where the mandatory contractual information reached you later, the period runs from its receipt.
How long do I have to repay?
The principal and accrued interest must be repaid no later than 30 calendar days after sending the withdrawal notice. These are two separate deadlines, not alternatives.
Does withdrawal cancel the purchase?
It does not. Withdrawing from the credit agreement does not by itself cancel the car, furniture or service contract — that needs its own basis for cancellation. It is a costly misreading.
Does it apply to every loan?
No. The withdrawal right does not apply to credit up to €140, nor to certain overdrafts and pawn-style loans. Mortgage credit has its own additional conditions and limits.
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