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Discharge of contractual liability 149

written notice of cancellation has been given, goods supplied to the consumer must be made
available for collection by the trader. The consumer gets back any money already paid and
does not have to pay any money remaining due under the cancelled contract.
The Consumer Credit Act 1974 allows a debtor or hirer under a regulated consumer
credit agreement to cancel the agreement within seven days of making the agreement if
oral representations were made before the contract was made. This does not apply if the
debtor signed the credit agreement at the creditor’s place of business. (This right to cancel
is examined in more detail on p. 426.)
The Timeshare Act 1992 allows a consumer who has made a timeshare agreement a
14-day cooling-off period.
Figure 5.5 gives an overview of statutory cooling-off periods.

Figure 5.5Statutory cooling-off periods