(1) A hirer shall, at any time, be entitled to determine a consumer-hire agreement by giving notice of termination to the owner or any person entitled to receive the sums payable under the agreement.
(2) Where a notice is given under subsection (1) the agreement shall be determined after the expiration of the period of 3 months (or such lesser period as may be specified in the agreement) from the date of receipt of the notice.