Regret laws are rules set in place to aid consumers suffering from buyer’s remorse. Set in place to aid those that wish to change their mind or for people that realize that they cannot afford in the long run, the regret laws will allow you a way out of these problems.
That being said, there are varying levels of regret laws and not every purchase does not apply to certain laws, so checking what is available on hand for peace of mind, especially for a large or long terms purchase or contract is always a wise choice for those in the dark about the rules and application of regret laws.
3-day cooling off period
The 3-day cooling off period is an old rule, created in the 1970’s. While not the most modern or up to date rule, it still holds importance and can be used in modern times to get a refund on a purchase. Used to cancel any purchase of goods totaling $25 or more from any door to door salesman or temporary business, the customer was able to fill in a form to get a full refund on the object for any purpose or reason. In today’s times, this practice is still in use but has changed.
While not every purchase is applicable to a 3-day cooling period, some purchases are and can be refunded to a customer without the need of a completed form. There are a few types of sales that are not covered by a 3-day cooling period, purchases over the internet or for a business for example.
If you are unsure if you would be covered by a 3-day cooling period, you can simply ask. While some purchases may not be covered for a 3-day cooling period, many businesses offer a similar return policy that acts very similar to the 3-day cooling off period.
Credit card purchases
Using a credit card or debit card does not entitle you to any guaranty of canceling an order and getting a full refund. Rather, you the right to fight back against falls advertisement or broken agreements that will allow you either a full refund or partial refund. If a business or company deliver you a service or product that does not match their specification or their advertised promises as well as delivery, you are entitled to a full refund.
Right of rescission
There are laws in place allowing you to rescind or cancel any mortgage received using your principle residence if the business or company offer this protection. Used as a way to cancel any mortgage, you are given up to 3 business days to change your mind or more if the business or company do offer you this option but failed to provide you with the proper paperwork on the day of the transaction.
While this law can be used to cancel, most mortgages tied to your principle property, it will not help with home equity loans or loans to refinance your homes. That being said, it is important you take the right steps when attempting to use the right of rescission to cancel a long-term commitment. Always read the contract carefully, especially any paragraphs referring to your right to cancel. Using the instructions provided, you must complete each step stated to ensure that you do not lose your right to cancel.
Retailer refund policy
Many retailers pose their own rules about returns. While some offer refunds while others offer exchanges and or repairs, many businesses can aid you when a product if faulty. As for simple refunds, due to buyer’s remorse, some companies will offer you a full cash refund or allow you to exchange your product for another if you pay the difference. Asking ahead of time about refund policies are always best if you are unsure on what they can offer to ensure you know when and how to get out of a problem if they arise of if you have a change of heart.