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Is there a cooling off period when I sign up to Calmony?

No statutory cooling off period applies. Calmony is a business to business service, and the 14 day cooling off period in UK consumer law does not cover B2B contracts. When you complete your application you agree to our terms, including a minimum 12 month term. As a goodwill policy, we allow a 14 day window from the date you submit your application. If you ask to cancel within that window and your client bank account has not yet been opened, we will release you from the contract on payment of a £75 fee to cover verification and processing costs.

Why there is no statutory cooling off period

The 14 day cooling off period comes from the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013. Those rights only protect consumers who buy goods or services online, by phone or away from business premises.

Calmony only provides services to businesses. B2B contracts are not covered by these regulations. This means:

  • There is no automatic legal right to cancel and get a refund
  • Your contract becomes binding as soon as you complete the application and accept our terms
  • Any cancellation rights are those set out in our terms, not consumer law

Our minimum term is 12 months from the point the contract is formed.

Our voluntary 14 day goodwill policy

We are not required to offer any cooling off period. As a matter of good practice, we choose to offer one on the following conditions:

  • The window is 14 days from the date you submit your Calmony application
  • Your client bank account must not yet have been opened. Once the account is live, the goodwill policy no longer applies
  • A £75 fee is payable to cover the verification checks and application processing already carried out

If you choose not to pay the £75 fee, the goodwill release does not take effect and your contract continues under our standard terms, including the minimum 12 month term.

What happens after 14 days

If your cancellation request arrives after the 14 day window, or once the account has been opened, our standard terms apply in full. You remain committed for the minimum 12 month term.

 

Internal procedure

Handling a cancellation request

  1. Check the date. Confirm the date the application was submitted. Is the request within 14 days of submission?
  2. Check account status. Confirm whether the client bank account has been opened. If it is live, the goodwill policy does not apply and standard terms hold.
  3. If within 14 days and account not opened: offer release on payment of the £75 verification and processing fee.
    • If customer pays the £75: process the release, apply the charge I'm Billing, close the application, confirm in writing.
    • If customer declines to pay: standard terms stand, minimum 12 month term applies. Confirm this in writing.
  4. If outside 14 days or account already opened: standard terms apply in full. Explain the minimum 12 month term. Point the customer to the cancellation provisions in their agreement.
  5. Log the outcome against the customer record.