I read most of the posts here on the past three pages. Seems like most are digruntled men who made a committment and are mad because someone is hold them to it. Man up, stop whining, and stick to your word!
As far as the law goes, anytime you commit to a sale etc whether it's signed or even verbal, it is BINDING. A payment agreement IS a contract whether it says contract or not. It's just a nice sounding phrase for it.
I have dealt with EFC for many years and they are all nice people, your contract though is with the martial arts school, not with EFC. If you want out, you need to talk to the school, it's not EFC's fault. We have had them make mistakes like pulling a payment from someone a few weeks after they were finished, but once the mistake is made, the payment is reversed, no biggie.
Be careful what you sign in life, and YOUR word is also YOUR BOND!

I signed up my son for karate. Later, due to financial hardship, we had to cancel. I was told then that I could not cancel.
Apparently the electronic payment form I signed was actually a binding contract. This was not told to me during the singing. I thought I was singing a simple authorization to charge my credit card.
Neither the school nor the collection agency they use are willing to let me out of the contract. A binding contract, for a karate school. This is absurd. I strongly recommend not doing business with either of these institutions.

@ karatestudent

Come on...don't sell us BS

I went to a Martial Art school. The owner said he couldn't cancel anything because he wasn't in charge of tuition and EFC said they couldn't cancel regardless if i couldn't afford it anymore... not to mention their poor service (Agent suggested to get rid of membership i would be brought to collections and then sinc ei cant pay, problem solved... yeah no collection agency would accept that and because this stupid company refuses to cancel memberships, your name gets ruined.

EFC is a crappy company who wishes to screw you out of your money some way or another, end of story

Sorry I ment to direct that at LLMR and not karatestudent