Timeshare Cancellation - What You Need to Know

Timeshare Cancellation – What You Need to Know

timeshare cancellation

When it comes to timeshare cancellation, the process can be tricky. Timeshare companies often try to keep customers by preventing them from exercising their rescission rights. The best way to avoid this is to have a reliable and trustworthy professional do the legwork for you. This can mean having an attorney or title company draft up the necessary documents and courier them to the timeshare management company. However, there are a number of other options as well.

The timeshare industry is notorious for phony and fraudulent activity, which is why you want to be extra careful when it comes to entrusting your hard-earned money to them. Some scams include claiming to be a legitimate business and slapping an up-front fee on you. In some cases, you may be legally obligated to pay these fees.

Another option is to use an escrow company. Escrow companies are more expensive, but they provide a peace of mind knowing you won’t lose your hard-earned cash. They also hold your payments until the timeshare cancellation is completed. These services can be used to avoid having your credit rating dragged down by the hassle of dealing with a timeshare company.

If you do decide to cancel your timeshare, you’ll need to follow the law. Many states have a specific timeshare cancellation law. Your state’s rescission law will tell you how long the right to cancel your agreement lasts. Most rescission periods are short, typically covering the first three to fifteen days after signing the contract. It’s important to read the fine print, though. For example, the rescission period may not include legal holidays.

One of the most common reasons for a timeshare cancellation is because you’ve had to live with a bad unit. Other reasons for a timeshare cancellation include lifestyle changes, rising maintenance fees, and inflexible dates. You may even wish to trade your week for a different one. But remember, you’ll have to act fast.

The most popular method to cancel your timeshare is to write a formal letter. The letter should be brief and clear. While there’s no exact formula, a few common elements are a clear, concise reason for your cancellation, a reputable contact and delivery instructions. Finally, don’t forget to request a return receipt.

It’s also important to remember that writing a good letter isn’t enough. Your letter needs to be delivered before the rescission period runs out. Sometimes, a timeshare contract will allow you to make your cancellation by phone. This is not a reliable method of rescinding your agreement.

The best way to avoid these scams is to have a reliable and trustworthy professional handle the task for you. Luckily, there are a number of reputable services you can trust to handle your timeshare exit. A free consultation will get you started on the right foot. From there, you’ll get guidance and an assessment of your situation. Once you have all the information you need, you’ll be on your way to a clean and stress-free exit.

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