Signing a new contract is often an exciting time for new timeshare owners. This excitement usually vanishes the first time the payment notice comes in. Suddenly, the financial obligations written in the contracts become clearer. Owners who did not understand these obligations when they signed the legal agreement may feel buyer’s remorse and hope that they can still undo their actions.
If you are in this situation, you only have a short time to request a cancellation of your timeshare contract. The first thing you need to do is to send your timeshare resort a cancellation letter. Make sure to print and mail it before the rescission period ends.
A proper timeshare contract should contain cancellation instructions and the rescission period. Consult this section of your contract when creating your cancellation letter to know what types of information to include in the letter.
This section may also contain the mailing instructions for your cancellation letter. Find the address where you’re supposed to send the letter.
Take note of the rescission period, also known as the cool-off period, when reading your contract and send your cancellation letter before this period ends. If you are no longer within the cool-off period, you may still have other options to exit your contract.
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A perfect termination letter doesn’t have to be complicated. It should be as transparent and straightforward as you can make it. A good timeshare exit letter provides everything that a company needs for them to cancel your contract.
When you begin writing your letter, outline all the topics that need to be included in it. Be sure to explain that you want to cancel the contract following the laws of your state. Defining the reason isn’t essential in every case. But be proactive in mentioning that you need the paid money reimbursed in full and stop making automatic payments on your card. If your timeshare is financed, your letter should say that any financing agreement needs to be void.
Refer to your contract for the list of information to be included in the letter. Ideally, you may want to have the following in the body of the letter:
You can find these details in the contract, receipts, and any other documents that came with the purchase.
When writing the cancellation letter, remember that this letter will probably pass through and be read by many people within the resort company. Avoid including sensitive personal information in the letter.
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You only have a short period to cancel your contract. If you’re sure that the letter contains all the necessary details, mail it immediately to the resort’s cancellation team.
Keep a copy of your printed letter on file together with the sending details. It also helps if you use a Certified Mail service of the USPS. The USPS will provide you with a receipt that you sent the letter. The receipt may come in handy if the resort denies receiving a letter from you. It proves that you sent your cancellation letter before the rescission period.
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The resort may contact you a few more times as they work on the cancellation process. Keep a copy of all correspondence between you and the resort’s cancellation team. In all communications, be adamant that you want to cancel your contract and do not want any alternative options.
Thorough documentation of your communications with the resort will help if the cancellation process becomes a legal matter.
Not all resort companies have programs set up for people who want to get out of their timeshare. If this is the case, they may recommend that you keep honoring your contract or sell your timeshare ownership to interested buyers.
The cancellation process can be quick and painless if the resort’s cancellation team works on it immediately. Some resorts, however, make it difficult for timeshare owners to cancel their contracts. If this happens to you, one of your options is to work with a professional timeshare exit team like Forza.
If you need help getting out of your timeshare contract, click one of the options below to contact us.
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