Subscription Cancellation Error

I have my subscriptions working smoothly but when a user hits unsubscribe it simply takes them to an 404 error page. I have read in here about a '“Cancellation” settings panel' unless this is referring to within my the list building drop down menu when I go to unsubscription page set up area. Within that section under the cancellation message I have 'Please confirm you want to unsubscribe clicking here.' where clicking here has the code {unsubscription_confirm_url} properly linked... Is my code not correct? Definitely would love help to sort this out... I need my users to have a simple way to unsubscribe and I don't want to have to get emails about subscription requests.