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Cruise Company deposit /cancellation policy

Just read of somebody who had cruise booked but offer came before final payment of saving £1000 but lost deposit of £500.
Obviously £500 up on deal but was able to cancel and rebook same cabin so very few costs for company.
I thought that companies could only now charge "reasonable " costs in UK.
USA guests would only be charged$ 50 cancellation fee .
Surely UK cancellation costs should be similar.
I thought there were new regs.
Any Advice welcome before we put down £500 UK cancellation fee.
THANKS

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