The Credit Cancellation Letter is a crucial document used in the Netherlands when a borrower wishes to formally terminate their credit arrangement with a financial institution. It serves as an official record of the cancellation request and helps ensure compliance with Dutch financial regulations, particularly the Financial Supervision Act and Civil Code requirements. This document should be used whenever a credit holder wants to end their credit facility, whether it's a revolving credit line, credit card, or other credit arrangement. The letter typically includes the credit holder's personal information, account details, explicit cancellation statement, and may address outstanding balance arrangements. Under Dutch law, financial institutions must process such cancellation requests within specified timeframes and provide written confirmation of the termination.
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1. Sender Details: Full name, address, and contact information of the person cancelling the credit
2. Recipient Details: Name and address of the credit provider/financial institution
3. Credit Agreement Reference: Details of the credit agreement including account number, agreement date, and any other relevant reference numbers
4. Cancellation Statement: Clear and unambiguous statement of intention to cancel the credit facility
5. Request for Confirmation: Request for written confirmation of the cancellation and timeline for processing
6. Date and Signature: Date of the letter and signature of the account holder
1. Outstanding Balance Statement: Include when there is a remaining balance to be settled, specifying the arrangement for final payment
2. Related Services Termination: Include when there are associated services or products that need to be cancelled alongside the credit facility
3. Reason for Cancellation: Include when required by the credit agreement terms or when it might be relevant for the institution's records
4. Direct Debit Cancellation: Include when there are standing payment arrangements that need to be terminated
5. Document Return Request: Include when requesting return of any physical credit cards or documentation
1. Copy of Original Credit Agreement: Attach a copy of the original credit agreement for reference
2. Account Statement: Recent account statement showing current balance and transaction history
3. Identification Proof: Copy of identification document if required by the financial institution for verification
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