Know the Whole Process of Timeshare Cancellation A timeshare may have seemed like a good investment at the time when it was being promoted and sold to you—until you realize that it can drain your finances in the long run, and that the timeshare lifestyle doesn’t really suit you. The good news is that you may still be able to cancel a timeshare contract. You may also consider cancelling your timeshare if you think that you might have been swayed by the salesperson to buy it using deceptive sales tactics. Regardless of your reasons, you should take the time to know this process of timeshare cancellation to ensure your success:
Know the right time to cancel a timeshare contract – You may have signed a socalled ‘legally binding contract’, but you are actually allowed to cancel it within the cooling off period, which occurs right after the sale. The duration of this period may differ, depending on where the property is located. For instance, if you bought a timeshare in Florida, you have the right to cancel the signed contract within 10 days, and when successful, the refund must be given to you in 20 days or within five days after fund are received from a check that has cleared, whichever occurs later. So, if you have just recently purchased a timeshare and you changed your mind, look into the cooling off period and cancel right away.
Cancel in writing – Timeshare cancellation is usually done by writing, even if you are not required to provide a written document or a letter. You can successfully cancel a timeshare contract through this method as long as you include the necessary information in the letter, particularly your name as it is on your contract, your phone number, email address, and address, name of the timeshare association or company, the date you bought the timeshare, the timeshare’s description, and a statement on rescinding the contract.
Make sure your letter is delivered on time – Your contract should provide details on how you must send your cancellation letter. It can either be by hand or by certified or registered mail. Just be sure to deliver it within your cancellation period.
Cancelling after the designated cancellation period – It is still possible to cancel a timeshare contract at this point, but you will need a timeshare attorney to help you out, as the process may involve suing the company. Be sure to hire someone who specializes in timeshare law, and with an excellent record in helping people cancel their contracts.