Cancel Timeshare – How to Properly Cancel a Timeshare Contract
Timeshare ownership can be a great way to enjoy vacation accommodations without the hassle of finding, renting, or booking a hotel room. However, it can also be a big financial commitment that is often misunderstood by first-time buyers and leads to many frustrations down the road. Luckily, there are ways to cancel your timeshare if you realize it isn’t right for you, but it is important to follow the guidelines on how to do so properly.
Cancelling a timeshare contract is fairly simple if you do it during the rescission period provided by state law. You must read your timeshare contract thoroughly and identify what the deadline is in order to submit your rescission request before it expires. This period will vary between states and will be spelled out clearly in your timeshare agreement.
Once you have determined how much time you have to rescind your contract, you should write a letter that clearly specifies your wish to cancel your timeshare. You should include your name, address, contact information, and contract number in the letter. If you have given any type of deposit or advance payment, you should request a refund of those funds in your letter as well. If possible, try to find out who is responsible for cancellations in your timeshare company and address the letter to this person.
Be sure to send the letter via certified mail with a return receipt request and make a copy for your records. Then, call the seller/developer to confirm that they received your rescission letter before the deadline. This step is especially important because some companies may try to trick you into thinking they have received your letter when they actually haven’t.
It is also important to continue paying your timeshare maintenance fees. If you stop paying them, your timeshare will be considered abandoned and the resort will sell the property to a third-party. This is illegal and could lead to a lawsuit, so be careful when choosing a third-party buyer.
There are several organizations that specialize in helping timeshare owners cancel their contracts. These organizations can help you navigate the rescind process, negotiate on your behalf, and provide legal advice. Be sure to research each company before deciding which one is the best fit for you.
Cancel Timeshare has helped over 169 clients exit their timeshares and restore their credit health. Their team uses Baremetrics to track key business metrics like MRR, stay on top of failed payments, and organize customer information. With these tools, the Cancel Timeshare team is able to deliver real results for their customers and create an industry-leading reputation in an area of service that is notorious for scams and dishonest practices. They recently acquired Credit Renew to broaden their scope of services and improve the lives of consumers who have been harmed by the purchase, financing, or cancellation of timeshares. This expansion will allow them to help more people get out of their timeshare and regain their financial independence.
