30Effect of cancellation

1. If a consumer credit contract is cancelled under section 27(1)(b), the following rules apply:

2. the rights and obligations of the parties under the contract cease; and
3. the creditor must, as soon as is reasonably practicable,—
   1. return any property that the creditor has received under the contract to the party from whom it was received; and
   2. release every security interest taken in connection with the contract, other than any part of a security interest that—
      1. relates to obligations of the debtor or guarantor that are not directly related to the contract; and
      2. is capable of being enforced despite paragraph (a); and
4. the creditor must calculate—
   1. the amounts due to the creditor; and
   2. the amounts due to the debtor; and
5. the difference between the amounts calculated in accordance with paragraph (c) must be paid by the creditor to the debtor, or by the debtor to the creditor, as the case may be.

6. The calculation under subsection (1)(c) must be made on the basis that—

7. no debtor under the contract is liable to pay any part of the interest charges, fees, or charges provided for in the contract other than—
   1. interest charges on the unpaid balance for the period during which the credit was provided (at the same rate that would have been payable over that period if the contract had not been cancelled); and
   2. any reasonable expenses necessarily incurred by the creditor in connection with the contract and the cancellation of the contract; and
   3. if property is returned to a creditor that has been damaged while in the possession of a debtor, the cost of repairing the damage; and
8. if the debtor has already paid any interest charges, fees, or charges provided for in the contract that the debtor is not liable to pay under paragraph (a), the amount paid is due to the debtor under subsection (1)(c)(ii).

9. In addition, if a consumer credit contract is cancelled under section 27(1)(b),—

10. no guarantor under the contract is liable to pay any part of the interest charges, fees, or charges provided for in the contract other than the interest charges, expenses, or costs referred to in subsection (2)(a)(i) to (iii) (if those amounts are payable under the guarantee); and
11. the creditor must repay any interest charges, fees, or charges already received by the creditor from the guarantor that the guarantor is not liable to pay under paragraph (a).