Timeshares are appealing. Who wouldn’t want partial ownership of properties by prime vacation destinations? Naturally, the nature of this concept boosted Timeshare’s popularity, and at first, it seemed like a steal. You planned on saving money and enjoying a cheaper vacation, year-round.
Eventually, you discovered the unfortunate truth: timeshares come with many maintenance costs and fees, regardless of whether you’re staying at the properties you’ve signed up for under your contract. After a while, it became even harder to keep up with the costs, repairs, and hidden fees of owning your timeshare. Your vacation dreams died, as costs continued to rise. The bottom line?
You want OUT of your timeshare contract!
Of course, this part isn’t easy either. While it shouldn’t be this hard to end your contract, the good news is that at least it’s possible. If you’re drowning in fees and debt because of your timeshare, there is a way out! In fact, there are many ways out, which is why we’ve created this brief guide on the easiest way to get out of a timeshare.If you feel cornered by the demands of a seemingly inescapable timeshare contract, read on to learn the art of timeshare cancellation.
1. You Have Rights
First thing’s first: You need to remember that you have the legal right to cancel your purchase and pursue timeshare cancellation. Timeshare associates may attempt to convince you otherwise, but regardless of why you need to cancel, you absolutely can! Whether you negotiate, take legal action, or give your timeshare to someone else, there are ways around this madness if you put in the work.2. Start Your Timeshare Cancellation Early
If possible, do not wait too long before taking measures to cancel your contract. There are contract-abiding periods in-tact to make it more challenging for you to rescind your purchase. These limitations are meant to keep you under contract and prevent you from taking measures to cancel. As you might have suspected, this also means that speaking with the sales centre is unlikely to help.3. Get Everything Ready
Instead of taking someone’s ear off, take some time to gather up your timeshare paperwork. Find your contract number and associated information for validity. Then, see when your rescission period ends.Note: If you purchased your timeshare in a state you do not currently live in, you should be checking the recission period for that state. Your contract terms will most likely coincide with the state where you purchased your timeshare. Look for your Public Offering Statement to find the date of your rescission period.
You also want to review your contract to find the address where the timeshare rescission letter should be delivered. You must use the correct address to reach the right department. If your timeshare cancellation letter does not reach the right people, you will not get very far in the process.
The fact of the matter is that your timeshare company does not want you to cancel your purchase. If you do not do EVERYTHING you can to ensure that the letter is received, you are already losing what you should expect to be an uphill battle! Get everything ready to better your chances of cancellation.
4. Write Your Rescission Letter
The next step is to write your rescission letter. The most useful piece of advice for writing your letter is to stay on topic and clearly state the purpose of the letter. Do not engage with anyone, and do not suggest a resolution over the phone. You want to state that you intend to cancel your timeshare.Keep your letter brief with your statement of cancellation as the focal point of the letter. Beyond this, the only other necessary statement you need is to request that your purchase payment be returned. You only need to include identification info such as:
- your contract number
- the date of the purchase
- the total you paid for it
- your name
- ways to contact you
- the timeshare company you are under contract with
5. Send Your Letter And Plan
Send your letter using a secured mailing service to ensure that your letter gets where it needs to go. After you’ve sent your timeshare cancellation letter, wait patiently to hear back. It could take months before you make progress with this. In the meantime, you can work on your backup plan for your timeshare cancellation, should your letter be rejected.Here are some ideas for a timeshare cancellation backup plan:
Use Your Negotiation Skills
Before taking a dive into the world of attorneys, it’s worth a shot to see if you can negotiate with your timeshare company. If you can indicate specific examples and evidence supporting your need for a timeshare cancellation, you might get somewhere. Still, salespeople are trained to persuade you to stay with your contract, so don’t hold out high hope. It’s just a smart first step because, if things go well, you won’t have to jump through so many hoops to cancel your purchase.Get An Attorney
To make your attempt at cancellation more effective, hire a timeshare attorney who can professionally assist you through this process. Your attorney may be able to negotiate terms to help you resolve your dispute with your timeshare company and finally get your timeshare cancellation handled. Always read reviews online before settling for any attorney and avoid anyone who wants you to pay a hefty amount upfront.Refuse To Pay
Although it could negatively influence your credit score, you can always stop paying for your timeshare and lose your privileges. This method is not the smartest way to go about the process, but if your hands are tied, it might be your best bet. If you refuse to pay, you can also work with a timeshare credit repair service to fix your credit.There might also be a take-back service through your timeshare developer, which can help you surrender your timeshare. You will need to speak with your developer to see the options, but don’t be hesitant to reach out if this approach is the most applicable to you. You need to do what you can to cut ties with your contract.
Sell It For Cheap
You won’t get anywhere close to the amount you purchased it for, but you can sell your timeshare and part ways with it for good. If you’re open to selling your timeshare for cheap, you can quickly proceed with your timeshare cancellation. Some timeshares are more valuable, so look into how much you can get for yours beforehand.Keep in mind that many people have caught on to the red flags of timeshare contracts, so you may need to put more money into advertising to get it to sell. Even if it costs you more to initiate your timeshare cancellation, at least you know those charges will come to an end.
Hire Timeshare Assistance Companies
If hiring an attorney is too costly for you, you can also consider Timeshare Exit or Timeshare Transfer companies. The former teaches clients to dispute effectively with their timeshare companies so they can finally get their contracts cancelled. This may be your fastest option if you want to get your contract cancelled quickly.With a timeshare transfer company, you can quickly pay off your timeshare without going through the motions of the sales process. You’re more likely to win out with the right strategies and tactics in place. Either approach is worth a try!
Work With Third-Party Services
If you have money to spare, you can get your timeshare cancellation taken care of using a service that you pay on a monthly basis. The service will do all the hard work for you as long as you pay for the cancellation services. Check reviews to find reliable third-party companies with the skills to cancel your timeshare.Rent Your Timeshare
You can also rent out your timeshare, which may be more convenient for you. Many temporary stay sites allow timeshare owners to rent out their timeshares. If renting isn’t an option, trading in your timeshare might also be something to consider for a fast timeshare cancellation. Given how notoriously difficult it is to end a timeshare contract, if you get to pass off the responsibilities to someone else, you might as well call it a win.Make It Someone Else’s Problem
If nothing else is working, you can always give your timeshare to someone interested in travelling. If they have the means to pay for fees, it’s no longer your problem. Consider asking friends and family first to keep things simple.If your timeshare is paid off, you can give away or donate your timeshare. Just be sure you are working with legitimate non-profit organizations. There are timeshare cancellation scams out there!