(1) A consumer may, within 14 calendar days after the relevant day specified in paragraph (2), withdraw from a credit agreement without giving any reason.

(2) That period for withdrawal begins on -

(a) the day on which the credit agreement was concluded, or

(b) the day on which the consumer receives the contractual terms and conditions and information in accordance with Regulation 13, if that day is later than the date referred to in subparagraph (a).

(3) If a consumer exercises the right of withdrawal -

(a) to give effect to the withdrawal before the expiry of the deadline referred to in paragraph (1), he or she shall so notify the creditor in accordance with the information provided by the creditor pursuant to Regulation 13(3) (o) by a means that allows service of the notice to be proved in accordance with law, and

(b) he or she shall pay to the creditor the capital and the interest accrued on it (at the agreed borrowing rate) from the date the credit was drawn down until the date the capital is repaid, without any undue delay and no later than 30 calendar days after the dispatch of the notification of the withdrawal.