Many Bausparer with high-interest old contracts fear since a ruling of the BGH to their Bauspar contract. Because the judges have given the building societies the green light for the termination, if the contract is at least ten years ready for ration. But consumer advocates urge a termination to examine exactly. Not every contract is legal.

In February 2017, the Federal Court of Justice (BGH) ruled that building societies may terminate old building society savings contracts if they have been ready for rendition for at least ten years. For the real purpose of a Bauspar contract is fulfilled, as soon as customers could call their loan completely, it is said by the competent judges.

After an estimated 250,000 contracts have been terminated since 2014, hundreds of thousands of building society savers are threatening a new wave of layoffs. Consumer advocates, however, point out that despite the verdict, not all dismissal is lawful . The corresponding regulations leave scope for exceptions.

Special fares with bonus payments often extend the notice period

A few weeks after the decision of the BGH, consumer organizations such as Stiftung Warentest and the Verbraucherzentrale Baden-Württemberg emphasize that thousands of redundancies might have to be withdrawn. If and when a home savings contract may be terminated, depends on the conditions agreed therein. Thus, for contracts in which savers get an interest or loyalty bonus, longer deadlines for the dissolution apply.

Bonus contracts are essentially based on the fact that customers receive a premium if they waive the Bauspar loan, although this is ready for ration. In this case, the period of notice begins only if the bonus entitlement exists for at least ten years . However, in some building society savings agreements, the conditions for bonus payments are only met several years after the grant date. Accordingly, the deadline is extended there.

Customers can lose eternal right of withdrawal

Not only building societies have an interest in terminating contracts in order to save costs. Even consumers who have completed a real estate financing, trying to get over the so-called perpetual right of withdrawal from expensive contracts . However, the policy has put a stop to many home loans.

However, loan agreements concluded on or after 11 June 2010 may still be revoked under certain circumstances, for example if the cancellation policy by the bank is flawed. But borrowers can also forfeit this right. If, for example, they have been aware of the wrong information for some time without revoking the agreement, their claim will generally cease.

In a life insurance customers lose their right of withdrawal according to the District Court of Heidelberg, if they adjust their terms of contract several times . Because this shows a certain interest for the judges to continue the contract.