It's a payment plan for services. You either received the services or you didn't. What are the facts?
I haven't received the services or done anything to start them.
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If I haven't received the services and want to opt out or terminate contract can I? Is it legally binding?
Based upon what you've shared so far I expect so, but I have no access to anything else you may have signed. It would be unusual for the payment plan to be signed without your signing anything else - and that "something else" could commit you to some form of payment.
Oh I see I didn't sign anything else or made any payment this is the only thing I signed so far. So as far as you can tell this might not be legally binding if I did not sign anything else?
I think that this is a contract. There is a "termination fees" clause. You may bow out for $500 currently.