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BGB 498. 1 With regard to a loan that is to be repaid in instalments , the lender may only give notice of termination on account of the default in payment of the borrower if the borrower is in default in the payment of at least two consecutive instalments in whole or in part and by at least ten per cent , in the case of a consumer loan contract running for more than three years by five per cent , of the nominal amount of the loan or of the instalment price , and the lender has without result given the borrower a period of two weeks for payment of the amount in arrears and has declared that in the case of failure to pay within the period , the lender will demand the entire residual debt . At the latest when the lender specifies a period of time , the lender is to offer to the borrower to discuss the possibility of an arrangement by mutual consent .
Level:
Leistung:
fehlt
Status:
Englisch
BGB 498. 1
With
regard
to
a
loan
that
is
to
be
repaid
in
instalments
,
the
lender
may
only
give
notice
of
termination
on
account
of
the
default
in
payment
of
the
borrower
if
the
borrower
is
in
default
in
the
payment
of
at
least
two
consecutive
instalments
in
whole
or
in
part
and
by
at
least
ten
per
cent
,
in
the
case
of
a
consumer
loan
contract
running
for
more
than
three
years
by
five
per
cent
,
of
the
nominal
amount
of
the
loan
or
of
the
instalment
price
,
and
the
lender
has
without
result
given
the
borrower
a
period
of
two
weeks
for
payment
of
the
amount
in
arrears
and
has
declared
that
in
the
case
of
failure
to
pay
within
the
period
,
the
lender
will
demand
the
entire
residual
debt
.
At
the
latest
when
the
lender
specifies
a
period
of
time
,
the
lender
is
to
offer
to
the
borrower
to
discuss
the
possibility
of
an
arrangement
by
mutual
consent
.
