Getting out of a timeshare contract can be challenging. You may not have realized the extent of your financial obligations until you signed the contract. You may also have found out that the timeshare doesn’t live up to the sales presentation. In either case, you are left with a contract you can’t get out of.
There are some ways to legally rescind your timeshare. These include checking out your state’s consumer protection office.
While these are all possible methods, the best way to rescind your timeshare is by sending a formal notice of cancellation to the seller within a set time frame. Depending on your state’s law, this may require a specific number of days. You may also need to provide the seller with a specific piece of information in your cancellation notice.
Some timeshare contracts will require you to provide a formal notice of cancellation within one year of purchasing the timeshare. Some will even require you to send the cancellation notice by certified mail. This ensures the timeshare company receives your future correspondence.
In many cases, you will need a lawyer to help you with the cancellation process. A lawyer can advise you on whether you can receive a refund. They can also help you find a legitimate timeshare cancellation company.
You may also find that your timeshare provider will seek to collect outstanding maintenance fees from you. They may also threaten legal action against you. This is why you should always consult an attorney before deciding to cancel your timeshare contract.