Rose, if your faction character belongs to a guild but is not the guild leader, the character must resign from the guild before it can use the faction stone to leave the faction. If a guild leader uses a faction stone to quit the faction, that will cause the entire guild to start the 3-day process of quitting the faction.
If your character says, "What is my faction term status," you'll see a message indicating in days/hours how much time is left before the character is completely out of factions. While your character is in the process of quitting a faction, it is prevented from carrying out certain faction activities (e.g., stealing sigils, carrying sigils).
If you decide to stay in factions and find the correct monsters to kill, be aware that the Commanding Lord of the faction can set the tithing rate in increments from 0% to 100% so that you receive all, some, or no silver from killing monsters, faction enemies, removing traps, etc. Check the faction stone (or the sign-up stone) to see who the current CL is and the current tithing rate. You will only get silver from killing the correct monsters in Fel. If one of them or a faction enemy kills you, you will have skill loss for twenty minutes. If you are using your tamer or a mage and you inadvertently kill your character, regardless of where you are, you will also have skill loss for twenty minutes. You get no skill gains from working skills while in faction skill loss.