In terms of points, if you use 2014 UY points to book the November days, and cancel by July 31st, you will still be able to bank those points into the 2015 UY. If you cancel anytime after that, those points will be stuck in your 2014 UY, and need to be used by November 30th, 2015. If you cancel 30 days or less, then they are holding points and would still expire by November 30th, 2015. If you end up banking any of the 197 points from 2014 into 2015 UY prior to booking (because you don't need all 197 for those November days), and cancel, at least 31 days ahead of time, those points would be valid until November 30th, 2016.