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There is usually no cooling off period unless the contract states it. Once the money is given to you that is it you have to pay it off and you cannot back out.
If you have not received the money you can terminate the contract and back out. But if you have been given the money then you have no choice but to proceed with it.
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No vacation club is the contract to purchase the shares or the time share not the loan. The loan is a separate matter.
You can terminate the vacation club contract under the cooling off but the loan is not under that. If you have not drawn on the money you can terminate and they may charge you an early termination if is it a fixed interest rate. If it is like a personal loan you will only be charged the finalisation fee. There are 2 contracts one for the loan and one for the vacation club.