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Timeshare Act 1992

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This is the original version (as it was originally enacted).

6Right to cancel timeshare credit agreement

(1)Where a person—

(a)has entered into a timeshare credit agreement to which this Act applies as offeree, and

(b)has received the notice required under section 3 of this Act before entering into the agreement,

he may give notice of cancellation of the agreement to the creditor at any time on or before the date specified in the notice in pursuance of subsection (2)(a) of that section.

(2)Subject to subsection (3) below, where a person who enters into a timeshare credit agreement to which this Act applies as offeree has not received the notice required under section 3 of this Act before entering into the agreement, he may give notice of cancellation of the agreement to the creditor at any time.

(3)If in a case falling within subsection (2) above the offeree affirms the agreement at any time after the expiry of the period of fourteen days beginning with the day on which the agreement is entered into, he may not at any subsequent time give notice of cancellation of the agreement to the creditor.

(4)The offeree’s giving, within the time allowed under this section, notice of cancellation of the agreement to the creditor at a time when the agreement has been entered into shall have the effect of cancelling the agreement.

(5)Where a timeshare credit agreement is cancelled under this section—

(a)the agreement shall continue in force, subject to section 7 of this Act, so far as it relates to repayment of the credit and payment of interest, and

(b)subject to paragraph (a) above, the agreement shall cease to be enforceable.

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