The Timeshare (Repayment of Credit on Cancellation) Order 1992

Explanatory Note

(This note is not part of the Order)

This Order prescribes the form of a request for repayment of credit following the giving of notice of cancellation of

(a) a timeshare agreement in accordance with section 5 of the Timeshare Act 1992 in a case where subsection (9) of that section applies (article 3(1) and schedule 1) and

(b) a timeshare credit agreement in accordance with section 6 of that Act (article 3(2) and schedule 2).

Under section 7(3) of the Act the forms have to be in writing and signed by or on behalf of the offeror in the case of (a) above or by or on behalf of the creditor in the case of (b) above.

The request has to be made where credit has been provided repayable by instalments and the whole of the credit has not been repaid on or before the date on which the first instalment is due in order for there to be any liability to repay the credit. It has to state the timing and amounts of the remaining instalments, recalculated under section 7(3) of the Act by the offeror or (as the case may be) the creditor as nearly as may be in accordance with the agreement and without extending the repayment period, but taking account only of principal and interest.