Timeshares can seem like a great deal at the time of purchase. But when the reality of payments and maintenance fees begin to set in, many buyers regret their investment. Luckily, the law provides some recourse to these consumers with timeshare rescission laws. But this process can be tricky and complicated.
Typically, the best way to cancel your timeshare contract is to write a letter. The timeshare cancellation letter should contain a clear statement that the purchaser is rescinding their purchase. The letter should also include the details of their contract and any relevant information provided by state law. It is also recommended that the buyer send the letter via certified mail to ensure that it can be traced and documented in case the resort claims not to have received it.
Another option is to contact your timeshare company directly and ask for a solution. Many timeshare brands have in-house exit solutions that are safe, responsible, and reputable. In some cases, these companies can offer a deed-back program to allow you to get out of your contract with the resort, while offsetting your maintenance fees in the process. Other options include contacting your resort or the Better Business Bureau for assistance. Be wary of any third-party companies that request a large upfront fee to cancel your timeshare contract. These companies are often scams that can cost you thousands of dollars and do not deliver on their promises.
The amount of time you have to cancel your timeshare purchase is determined by state law, and can be as short as a few days. In order to cancel your timeshare, you must submit a letter of rescission within this window. If you have a timeshare that was purchased from an unlicensed developer, or if you’re considering donating your timeshare to charity, contact a consumer protection attorney in your area.
A reputable Timeshare Cancellation Company can assist you with cancelling your timeshare, but it’s important to be very careful when choosing one. There are plenty of scams out there, so do your research! Many timeshare cancellation companies will tell owners to stop paying their maintenance fees and other associated costs, but this can actually harm your credit. Moreover, the vast majority of these companies are not successful in canceling ownership contracts.
The best way to cancel your timeshare is to follow the instructions in your state’s rescission law or the instructions in your contract. You may also wish to consult with a consumer protection attorney or a lawyer specializing in timeshare litigation. In any event, do not give in to pressure from sales reps and be sure to document all of your interactions with the company to prevent them from trying to stall or deny your request.