Helpful tips

Can a timeshare contract be Cancelled?

Can a timeshare contract be Cancelled?

The vast majority of timeshare purchasers get the right to rescind the contract within a specific amount of time. Most states (and some foreign countries) have laws giving timeshare buyers at least a few days—usually between three and fifteen—to cancel the agreement.

Is it expensive to cancel a timeshare?

On average, it costs about $5,000 to $6,000 and takes 12–18 months to get out of your timeshare contract using a timeshare exit company. But the cost and the timeframe can vary depending on a number of factors including, how many contracts are attached to your timeshare.

Can I cancel my timeshare on my own?

3. The only foolproof way to rid yourself of a timeshare is to legally cancel the contract. Whether you go with one of these or another company, just make sure their only method is to negotiate directly with your timeshare.

How do I cancel my timeshare subscription?

The Do’s: How to Write a Timeshare Cancellation Letter

  1. Get your cancellation request in writing.
  2. Include a clear request to cancel your timeshare.
  3. List all the important details.
  4. Set expectations.
  5. Send all correspondence by certified mail.
  6. Don’t get emotional or long-winded.
  7. Don’t use passive or hesitant language.

What happens if I stop paying the maintenance fees on my timeshare?

If you stop paying it, the timeshare company will do whatever it takes to collect. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.

What happens if you don’t pay timeshare maintenance fees?

How to write a timeshare contract cancellation letter?

The first step to completing a cancellation letter is to identify the rescission period. This represents a grace period where an individual has an opportunity to review a contract and decide if it is in their best interests.

Can you ignore the rescission period on a timeshare?

Ignoring the rescission period will only create a situation where a person has no choice but to sell their timeshare rather than simply getting a refund. When creating a letter it is vital to input information such as the owners name as it is written on the contract, the date purchased, as well as the contract number.

What are the benefits of a timeshare club?

Timeshares are designed to help increase vacation satisfaction as individuals travel to a specific destination every year or invest in a club that allows them to travel to many different destinations.

Is it a good idea to buy a timeshare?

For many individuals, investment into a timeshare can be a unique opportunity that can help to improve their vacationing experience as well as represent a smart financial investment.

How long do I have to rescind my timeshare?

So, if you wish to cancel your timeshare purchase, you generally have a period of 5-15 days after purchase wherein you may legally rescind the contract. After the rescission period has expired, you can no longer cancel your purchase without penalty.

Can I legally cancel or get rid of my timeshare?

While it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable.

What does it mean to cancel a timeshare contract?

Because of the nature of timeshare selling, most states have enacted laws that allow timeshare buyers to cancel contracts if they act quickly. This means that if you’ve entered into a timeshare contract and are having second thoughts, you can cancel the contract.

Is there a legal way to cancel a timeshare contract?

The only legal way to cancel a timeshare contract outright is through the right of rescission.