Getting out of a timeshare can be frustrating, confusing, and expensive. But it is a valid option for people who are having trouble with their timeshares and need an exit strategy.
Whether it’s because you’ve been overwhelmed by sales, struggled to let go or are being victimized by predatory agencies, at some point, the decision to cancel your timeshare will need to be made. Unfortunately, timeshare cancellation is a complex process and it’s one that requires a professional who has a track record of helping people who are experiencing difficulties with their contracts.
It’s also important to understand that there are some things you should avoid if you want to make the best decision possible. First of all, you should try to get a good understanding of your contract.
For instance, some companies have hidden fees that can add up to a lot of money over the years. This can be especially problematic if you’re already struggling with other debts and have to cancel your timeshare in order to save money.
You should also consider the rescission period and how it works. This is a law that many states have, as well as other countries, and it lets you back out of your contract within a certain amount of time.
However, even if the rescission period is in place, it may not be enough to ensure a successful termination. You will need to contact your timeshare company and inform them that you’re ready to exit the contract.
Often, they will respond and offer you an acceptable resolution to your problems. This could involve waiving certain penalties, for example, or prorating them over a period of time.
They might also offer you incentives like a discount on maintenance fees, if you decide to continue with your relationship with them.
Another thing you should know is that most states have laws allowing timeshare owners to rescind their contract. These laws protect consumers from companies that are able to impose unfair terms and conditions on their customers.
Some state laws require that the timeshare company provide a written statement detailing your right to cancel and provide you with a rescission period before you can legally do so. In most cases, these statements are sent to a specific address that needs to be included on your cancellation letter.
In some cases, a rescission period can be waived if you are able to prove that you were a victim of fraud or deception. If this is the case, you might be able to file a lawsuit against the timeshare developer and have your contract cancelled.
Lastly, you should take the time to research different companies and compare their costs. This will help you determine which one is the best fit for you. A good place to start is online, where you can easily browse reviews and ratings of different companies.