One of the most important implications of these regulations is a cooling off period of 7 days during which you have the right to cancel.You must provide notice of cancellation in writing and it must be posted to, left at, faxed or emailed to the business address of the supplier, and you must ensure this is done no later than 7 working days after receipt of goods.If you sign abroad you will be subject to local laws, although most European member states have a cooling off period of 10 days.Check before you sign, although the company must provide you with the same notification of your rights as doorstep sellers.If they did not, then your 7 day cooling off period will not begin until they do, and may be extended by a further 3 months.If you have commissioned a service under a distance selling contract and the work begins before the end of the 7 days cancellation period, then you must give up your right to cancel, but this must be clearly communicated and with your express agreement.There have been numerous problems to do with consumers who have signed contracts while under pressure from sales reps in the UK or as a result of a ‘free’ holiday provided by the company.For this reason, the Timeshare Act 1992 gives you the benefit of a cooling off period of 14 days if contracts are signed in the UK.
There are specific guidelines on how you should cancel the contract, which must be notified to you by the creditor before or immediately after the contract is made.
If the creditor does not make this information available to you, then your cooling off period will not begin until this happens.
Financial products including banking, credit, insurance, personal pensions and investments, sold by distance means are subject to a 14 day cooling off period (this is 30 days in the case of life insurance and personal pensions).
You must be sure to follow correct procedure for cancellation (see below).
The insurer or broker must refund any monies paid by you within 30 days, although they have the right to deduct a reasonable admin charge, and a sum proportionate to the number of days cover you have had.
And as long as you have posted your notice of cancellation before the end of the cancellation period, it doesn’t matter when it is actually received.