A Guide to Cancelling a Timeshare Contract
You bought a timeshare and now the buyer’s remorse is killing you. You regret your decision and are trying to get rid of it. Frankly, getting out of a timeshare contract can be easier said than done. Now, we have created a quick guide to help you with strategies to cancel your timeshare contract. Let’s get started, shall we?
Take advantage of the cancellation period
An attractive timeshare option may ironically turn out to be your worst decision you made. There might be some hefty maintenance fees or some changes in your life that are making the timeshare an inconvenience. Well, most states give a fixed period within which timeshare buyers can cancel their contracts. The stipulated time varies from state to state. This period is commonly referred to as a revocation or rescission period. The good thing is, you do not need to have elaborate reasons for cancelling the timeshare.
It is a no-questions-asked thing. This comes as a relief especially when you are second-guessing your decision. You must be well informed before signing a timeshare contract. Go through your contract to know how much time you have. The contract should stipulate the amount of time you have to cancel the timeshare. And even if it doesn’t, you could check what the timeshare law of the state has to say on that. This is a decision that should be made quickly. In most cases, you barely have a week after which the cancellation becomes a little more complicated.
Put it in writing
You are often not compelled by law to have your cancellation in writing. However, having the cancellation in writing is good proof that the timeshare was cancelled and is crucial in avoiding potential legal issues in the future. It is always a good idea to prepare the cancellation letter and send it via certified mail. Some things to include in the cancellation letter are the current date, your name as written on the contract, your contact information, the name of the timeshare company, and the description of the timeshare. All these processes need to happen within the cancellation period. In the spirit of proof and record-keeping, remember to always ask for a return receipt.
What happens if the rescission period has expired?
Cancellation of a timeshare contract after the rescission period has expired is no easy feat. But that does not mean it is not possible. You can seek help from a timeshare exit company in your region. For example, you can cancel Orange Lake timeshare by listing them on reputable sites in the region. That said, be on the lookout for sites that charge unreasonable upfront fees to advertise. You might end up spending more with no deal!
Most of the resorts have a deed-back program where they might take the timeshare back. It might not be straightforward. You might have to pay them a fee for this; the good thing, though, is that you will shed off other timeshare costs giving you a headache. You can also work with a timeshare exit company but yet again, beware of scammers. You are better off working with a company that offers no upfront fee escrow payment option for your own security.
As a rule of thumb, it is safer to familiarize yourself with the timeshare laws before inking any contract. Timeshare contracts are legally binding and a good review of your timeshare contract will help you decide on the best option to choose to terminate it if need be.
Cover photo by Mohamed Ali on Unsplash