Changes terms & conditions Flexibel Krediet

More about the changes and answers to frequently asked questions

We’ve recently sent you a letter announcing changes to the terms and conditions applicable to your Flexibel Krediet. Following the new terms and conditions, you'll be able to withdraw money from the credit facility till 1 January 2022. After this period, you will continue to repay the loan. Read more about the changes and find answers to frequently asked questions here.

What will change after 1 January 2022?

Following the new terms and conditions, you'll be able to withdraw money from your credit facility, make repayments and withdraw again till 1 January 2022. As from 1 January 2022 you are not able to withdraw anymore, and you will repay the loan.

Why this change?

In our view, the Flexibel Krediet product as it stands no longer meets today’s requirements, nor does it serve our clients’ best interests and that the loan is used no longer than needed.

How will the change affect you?

You can continue to withdraw from your Flexibel Krediet as usual till 1 January 2022. After that date, you’ll no longer be able to withdraw on the loan and you will continue to repay the Flexibel Krediet on a monthly basis. In case your Flexibel Krediet is already blocked for withdrawal, this will remain unchanged and you are no longer able to withdraw money from your Flexibel Kediet.

Any other questions?

If we haven’t answered your question, you might want to check out the frequently asked questions below. Please don’t hesitate to call us on 0900-0024 (standard call charges, in the Netherlands only) or +31 (0)10-241 1720 (from outside the Netherlands) if you have any other questions. We’re here to help.

Frequently asked questions

Does ABN AMRO have the right to change the conditions?

Yes, ABN AMRO has the right to change the terms and conditions applicable to your Flexibel Krediet. If you do not agree with the changes, you have the right to cancel your contract with immediate effect. To do so, you’ll first have to repay your entire outstanding balance.

What does this change entail?
You can withdraw money up to the agreed amount from your Flexibel Krediet facility, make repayments and withdraw from the credit facility again till 1 January 2022. After this period, you’ll no longer be able to withdraw from the credit facility. You’ll be expected to continue to repay the Flexibel Krediet on a monthly basis. In case your Flexibel Krediet is already blocked for withdrawal, this will remain unchanged and you are no longer able to withdraw money from your Flexibel Kediet.
Why this change?
Limiting the withdrawal period will ensure that the loan is used no longer than needed. We believe that our clients’ financial situation is and will be better served by considering a loan as a temporary solution and eventually repaying it in full.
How will this change affect me?
Not until after 1 January 2022 will you be prohibited withdrawing money from the credit facility. With effect from that date, you’ll start to repay the balance that’s still outstanding at that time.
Will this change apply to everyone who’s taken out Flexibel Krediet?
Yes, the withdrawal option will be blocked for all clients who’ve taken out Flexibel Krediet from ABN AMRO.
I won’t be able to withdraw on the credit facility after 1 January 2022. Will I be receiving another announcement later?
We will send you a notice three months in advance before the withdrawal period will be blocked.
What if I still want to borrow money after two years?
You’ll no longer be able to withdraw from your Flexibel Krediet facility. You may, however, decide to take out one of our other loans.
I already want to start to repay or increase my repayments now. What do I do?
Making repayments is simple and there’s no charge. Find out how to make additional repayments.
I qualify for tax relief on my loan. Is this impacted by the change?
That depends on your situation. We recommend that you contact a tax professional.
I live in Belgium/Germany. Can I keep using my Flexibel Krediet?
Yes, you can continue to use your Flexibel Krediet; please remember that the new conditions apply.
My loan is already being reduced or will start to reduce within 2 years. Will the change have any effects?

As soon as you reach the age (65 or 70) at which we start to reduce the Credit Limit of your Flexibel Krediet, we'll lower the credit limit by 1/120th per month. When applicable, the limit reduction will also take place during the withdrawal period. After the end of your withdrawal period (1-1-2022) the withdrawal possibility is blocked and you will continue to repay the loan. This effect is illustrated in the visual below.

FK - grafiek ENG

I want to cancel my contract. How do I go about this?
First, you’ll need to repay the outstanding balance. You can’t cancel your loan until you’ve repaid the entire outstanding balance. After you’ve done that, all you need to do is go online and cancel the loan in the Internet Banking environment. If you’ve successfully cancelled your loan, we’ll send you a bank mail confirming the cancellation.
How do I file a complaint with ABN AMRO?

There are several ways in which to file a complaint:  

  1. Call 0900-0024 (standard call charges, in the Netherlands only), or +31 (0)10-241 17 20 (from outside the Netherlands). 
  2. Use social media (Facebook, Twitter or WhatsApp).