If he paid for it, then you aren't out anything if you just abandon the quest. *shrug*
Apparently you can cancel it by talking to the Sanctum Acolyte.
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Okay, there is an NPC next to the Ceremony Outfitter (where you buy your favours), you can turn in your bracelet there and cancel, or get him to do it. Now, this also voids any items and I am lead to believe it also removes the embrace emote too should you do this.
Having done this personally I can say that you keep all outfits and the emote. The only thing you lose is the Promise of [rank] and the quest is abandoned.
OP, speak with the Sanctum Acolyte and he will void the quest and ceremony, no need to remake your character.
If you've already scheduled the ceremony, you may need to wait until it passes before canceling. Missing it doesn't auto-postpone to a set date in the future, so if you miss the date it essentially becomes unscheduled.
Ah okay, I will just wait til after 5pm Saturday and see if I can do the exchange.
Aha! Found them! Lol I feel so silly now xD, Thanks