Where for any reason the indebtedness of the debtor under a regulated consumer credit agreement is discharged before the time fixed by the agreement, he, and any relative of his, shall at the same time be discharged from any liability under a linked transaction, other than a debt which has already become payable.

Subsection (1) does not apply to a linked transaction which is itself an agreement providing the debtor or his relative with credit.

Regulations may exclude linked transactions of the prescribed description from the operation of subsection (1).