Contract for payment of loan advanced during infancy void

(1) If an infant who has contracted a loan which is void in law agrees after he comes of age to pay any money which in whole or in part represents, or is agreed to be paid in respect of, that loan and is not a new advance, that agreement and any instrument, negotiable or otherwise, given in pursuance thereof or for carrying it into effect, or otherwise in relation to the payment of money which represents or is payable in respect of the loan and is not a new advance, shall be void absolutely as against all persons. (2) For the purpose of this section any interest, commission or other payment in respect of the loan shall be deemed to be a part of the loan.