Let’s start from the beginning: what is a cooling-off period? In consumer protection legislation, it is a period of time following a product or service purchase when the purchaser can cancel the contract for any reason without explanation and return goods, which have been supplied, and get a full refund.
You can cancel the contract during the cooling-off period by writing a cancellation letter and any agreements you made will be cancelled.
You don’t need to give the business a reason for cancelling.
For most contracts, the company has 15 days to return your money. For payday loans, the company has to give you a refund within 2 days.
You have a cooling-off period when you sign contracts:
- at home for a product or service you buy from a door-to-door salesperson: if the contract was for a product, the business is responsible for picking it up or paying for it to be picked up if they want it back; you also have the right to a 10 calendar-day cooling-off period if you signed a home renovation contract worth $50 or more in your home (however, if the work was started during the cooling-off period, you will be responsible for reasonable compensation for work and materials that the contractor has provided).
- to join a gym or fitness club
- to get a payday loan
- to buy a newly-built condo: you have the right to cancel the purchase within a 10-calendar day period (the starting time is the date when you receive a copy of the fully signed purchase and sale agreement or the disclosure statement, whichever comes later)
We hope that information could be of help for you.