What is a “cooling off period”
- you’re a business buyer
- ·you bid for something in a public auction.
- you buy from a private individual and not a business
- ·you agree for a service to be fully performed straight away. This depends on a number of factors and could mean that you lose your right to cancel.
Which Act grants a “cooling off period”
Consumer Credit Act 1974
How to cancel using the Act
You then have five clear days (not counting the date of receipt) in which to cancel.
The effect of cancellation under Section 67 of the Consumer Credit Act is that the agreement and any linked transaction is treated as if they had never been entered into. Consequently the loan company must repay all sums which you have paid and you must return any goods you’ve received.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk