VOWEL Cancellation Policy

At VOWEL, we prioritize transparency and fairness in all contracts and agreements made through our platform. The following outlines the cancellation policy for contracts created between lenders and borrowers:

1. Cancellation of Contracts

1.1 Before Contract Execution:

A contract between a lender and borrower can be canceled by either party before any funds are transferred. No fees or penalties will apply if the contract is canceled at this stage.

1.2 After Funds Have Been Transferred:

Once funds have been transferred from the lender to the borrower, the contract is considered binding, and cancellation is subject to the following conditions:

Mutual Agreement: Both the lender and borrower must agree to cancel the contract. A formal cancellation request must be submitted through the VOWEL platform.
Outstanding Balances: If a borrower has an outstanding balance, cancellation may not be possible unless full repayment is made or a mutual agreement is reached between both parties.
Cancellation Fees: A fee may be imposed for the administrative costs associated with canceling an active contract, depending on the contract terms.

2. Automatic Payments

2.1 Cancellation of Automatic Payments:

Automatic payments set up for contract repayment can only be canceled under the following conditions:

Full Repayment: Automatic payments will stop once the loan is fully repaid.
Mutual Agreement: Both the lender and borrower agree to terminate the repayment schedule early, and VOWEL is notified accordingly.
Dispute Resolution: If there is a dispute between the lender and borrower regarding payments, the automatic payments may be paused while the issue is resolved. This will require submitting a formal dispute claim to VOWEL's support team.

3. Contract Termination

3.1 By Lender or Borrower:

Either party may terminate the contract in cases where one party has violated the terms of the agreement. A termination request must be filed, and any applicable legal consequences will follow.

3.2 By VOWEL:

VOWEL reserves the right to terminate any contract or service on its platform if either party is found to be in violation of VOWEL's terms of service, or if fraudulent or unlawful activity is detected.

4. Refunds

4.1 Administrative Fees:

Any administrative fees paid to VOWEL for facilitating the contract are non-refundable once the contract is executed and funds are transferred.

4.2 Lender Refunds:

In the case of early repayment or contract cancellation, lenders are only entitled to receive the remaining balance of the loan amount, not any fees or interest that would have accrued after the date of cancellation.

5. Changes to the Cancellation Policy

VOWEL reserves the right to modify this cancellation policy at any time. Any changes will be communicated to users through the platform. The current version of the policy will always be available on VOWEL's website.