When you sign a timeshare contract, you typically have a period of days in which to exercise your right to cancel the agreement. This period of time, which is known as the rescission window, varies by state and country. The best way to take advantage of this right is by sending a cancellation letter to the resort developer before your rescission window expires.
If you do not do so, you will be bound to the terms of your contract and will likely never get rid of your timeshare. To avoid this, write a clear and concise letter that states that you are rescinding your timeshare purchase. You should also follow your state law regarding the length of time you have to send your letter, as well as the exact wording and procedure for rescinding your contract.
It is important that you use certified mail for all timeshare cancellation correspondence to ensure the resort has proof it was sent and received. Likewise, it is a good idea to send duplicate copies of all letters, so you have backups in case one is lost or damaged. This will help to prevent the company from making up a story that it never got your request and attempting to continue collecting maintenance fees.
Another tip is to keep yourself calm when writing your letter. It is easy to let your anger and frustration guide the words on the page, but that will not do you any favors when it comes to getting out of your timeshare. Take some time away from the situation and then return to it when you are ready to draft your letter. Make sure you do not rush through it or include any personal information, as this may be used against you in the future.
Lastly, be sure to carefully read the cancellation section of your contract and follow all of the required steps exactly. If you fail to follow all of the laws and instructions in the rescission process, the resort will likely refuse to honor your request and you will be stuck with your timeshare.
Once you have written and delivered your letter, the next step is to monitor it closely. If you notice any attempts at shady behavior, contact the Better Business Bureau and/or the American Resort Development Association for trustworthy assistance. Additionally, there are resources that specialize in helping timeshare owners to terminate their contracts, including a BBB and ARDA-accredited resale marketplace.
Unfortunately, the timeshare industry is full of slimy tactics and shady third parties that will charge thousands of dollars upfront for their services without delivering on their promises. That is why it is best to work with an experienced professional that makes it their business to take on these companies and shut them down. Contact Wesley Financial Group today to schedule a free consultation with one of our representatives, who will walk you through your options and help you find the solution that is right for you.