Timeshares are a popular vacation option that allow owners to use a specific week of the year in a particular location. However, as the initial excitement of purchasing a timeshare wears off, some owners may decide they no longer want or need the property and would prefer to cancel their contract. It can be challenging to get out of a timeshare contract as many companies require a fee for termination services, but it is possible with the help of third-party negotiators and attorneys.
One of the most important steps in rescinding a timeshare contract is to determine whether you’re still within your rescission period. The rescission period is a brief window of time after signing the contract that allows you to change your mind about the purchase and receive a refund without penalty. Rescission periods vary between states, but most states have a minimum of three to 15 days.
Once you’ve identified the length of your rescission window, the next step is to write and deliver a letter to the company requesting a cancellation. You should follow the instructions in your contract, examine state law, and make sure to submit the letter before the rescission deadline. Be sure to send the letter via certified mail with a return receipt request, as this will confirm that the company received it before the deadline and that you have a copy for your records.
Some companies, such as Linx Legal, specialize in assisting consumers with canceling their timeshare contracts. They have experience negotiating with timeshare companies and understand all aspects of the contracts. They also know how to deal with different clauses and terms that could have an impact on your chances of getting out of the contract. If you choose a company to handle your timeshare termination, make sure they will speak with the company on your behalf and that they do not charge additional fees for this service.
Another way to get out of a timeshare is to sell it to someone else. This can be done through a third-party broker or the resale market, but you’ll need to understand the contract terms and conditions to avoid any penalties or liabilities. Additionally, you’ll need to research local laws and regulations regarding the sale of timeshares.
Many states have laws that protect consumers from timeshare sales, but fraudulent reseller companies still prey on vulnerable owners. These companies may lie to earn the owner’s trust, collect a payment for “selling” their timeshare to buyers, then disappear with the money. Howard and his team at Cancel Timeshare created their company to assist victims of these predatory practices.
In its first year, Cancel Timeshare has helped 169 clients escape their timeshare contracts and regain financial stability. They plan to expand their efforts in the future and also focus on credit repair, which is often a consequence of buying and financing timeshares. They recently acquired Credit Renew to build upon their existing platform and provide a full range of consumer protection services.