24 Hour Loans glossary of financial terms

Cancellation Notice

Lending industry regulators have set certain measures in place to help protect the interests of consumers when they buy certain types of financial products or services. One of these measures is the cancellation notice. This notice will be given to you or sent to you whenever you buy a specific type of financial product and outlines your rights to cancel.

o, for example, if you take out a life insurance policy you will be sent a cancellation notice. This notice will tell you how many days you have from the day you received the notice to cancel your policy if you have changed your mind. So, if your cancellation notice tells you that you have 14 days to change your mind, you will know that you can cancel the policy within that time period with no come back. The actual terms of each cancellation notice will vary from sector to sector and may also depend on the type of product you buy.