Section 27 — Credit Contracts and Consumer Finance Act 2003: Right to cancel consumer credit contract

27 Right to cancel consumer credit contract (1) A debtor under a consumer credit contract may cancel the contract by giving written notice of the cancellation to the creditor under the contract within 3 working days of the day that disclosure is made under section 17 (or at any time if that disclosure has not been made) and either,— (a) in the case of a contract referred to in subsection (2) , paying the cash price of the property or services (or the balance of the cash price after deducting any amount already paid by the debtor) to the creditor within 15 working days of the day the notice is given; or (b) in any other case, returning to the creditor any advance and any other property received by a debtor under the contract within 3 working days of the day that disclosure is made under section 17 (or at any time if that disclosure has not been made). (2) A consumer credit contract for the purposes of subsection (1)(a) is— (a) a credit sale of goods if the debtor has taken possession of the goods and disclosure of the information referred to in paragraph (s) of Schedule 1 has been made: (b) a credit sale involving a sale of property by auction: (c) a credit sale of property that the debtor wants to keep or of services the debtor wants to obtain: (d) a credit sale of services that have been performed. Compare: 1981 No 27 s 22(1), (2)