How to cancel VMP (Current as of 2/25/15)

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Hey! You got VMP, smart cookie! But now your cookie has crumbled and you don't want to pay $5/month for shipping anymore. Here's how to cancel your VMP, courtesy of @JonT:
Steps to cancel VMP:
1)

2)

3) Cry because you no longer get cool free stuff

VMP REFUNDS: If you pay for VMP and at the end of the month find that you want to cancel AND you have not used any of the benefits (shipping, etc.) - you will automatically receive a refund of your VMP fee for that month. The refund will take several days to appear on your account. You do not have to contact anyone, as your refund is an automatic service that applies if you qualify. (Free/bonus VMP items from meh/mediocre do not count towards "use" of VMP.)

(This information has been taken from staff comments, but is not an "official" post.)