Timeshare contract is not a new thing, but they have again become popular recently. The idea of a timeshare contract is that you share exclusive use of the amenities with other people who also own space at a vacation property for an agreed period. A beautiful vacation often comes with the option to purchase timeshare ownership, which locks in a yearly stay at one great destination.
However, there are times that you will experience timeshare regret and will want to get out of the timeshare contract immediately. But getting rid of a timeshare agreement is big trouble both financially and emotionally as salespeople would try to keep or upsell you once you want to cancel timeshare contracts. The process of timeshare cancellation will take time, however, it is possible! The first thing you need to do is to write a timeshare cancellation letter, and here are our learn tips to help you do it.
Learn the Rescission Period
When you sign your timeshare contract, there is a brief window of time where the purchase can be canceled with no penalty — this is called the rescission period. This period varies by state but it is important to know about this because if something does not feel right, then you have an option for a timeshare cancellation request.
The deadline for a rescission time period usually takes 5 to 7 days depending on which state you lived in. In some states, the deadline for filing will not include Sundays or holidays, while some count all days in the calendar.
5 Things You Need to Do to Write Your Timeshare Cancellation Letter
Before you decide to get rid of your timeshare, make sure that you are well aware of the necessary steps you are going to have to take. Once, you have done your homework, breath, and try to relax, so when writing your timeshare rescission letter it comes out sounding professional. Here are some things you should consider before sending off that timeshare cancellation letter.
1. Request A Cancellation in Writing
Your cancellation request must be in the form of a typed letter addressed to your timeshare provider. Keep one copy for yourself, and send this via certified mail so that it can reach them within ten days if not sooner.
2. Make Sure Your Request For Timeshare Cancellation Is Clear
Always be direct when writing to cancel your timeshare. Your subject line should have the words “Timeshare Cancellation Letter” or “Request to Cancel My Timeshare Contract” or similar. So that they know you are not asking for too much, and it is just a straight-up immediate cancellation letter of request instead of being indignant about something else with no relevance at all.
In the body, you must state your cancel request shortly in the first or second sentences of your first paragraph. You can start by saying “I am requesting to cancel my timeshare agreement”, or “I am writing to request a cancellation of my timeshare contract”. Remember that you may state that this is a formal notice for termination of the timeshare owners’ contract.
3. Ensure to List Down All Necessary Information
The person who receives your cancellation request will try their best to prevent it from being processed. They will be happy to see if you forget some key information because this will give them more time to ignore or stop the cancellation process.
It will be an opportunity for them to convince you that staying as a timeshare owner is better for both parties involved. Do not give them any opportunities by ensuring all details are included, so there is no hassle on either end during an already difficult process to cancel this timeshare contract.
Here’s the necessary information that you need to list down in your timeshare cancellation letter:
- The timeshare’s name is on the contract.
- The name of the timeshare company
- Names as seen on the timeshare contract
- Number of the contract
- Purchase date
- Cancellation Statement
- The paid amount, including a request for a full refund of those fees.
- Membership Identification
The information you give as input should be bolded, bullets pointed out the key points. And these important details should not just pop up in the middle of your sentence or paragraph, so be concise always.
4. Set An Assumption
Timeshare companies are known for making their money by strategically locking people into bad deals that depreciate faster than cars. When you want out, they try hard to keep you until the end.
Please do not be fooled by a timeshare company that tries to convince you that they can offer ownership opportunities. Make it clear in your cancellation letter, and state in no uncertain terms, “I do not want any part-ownership or resale agreements. I expect a response acknowledging receipt within 30 days.”
5. Submit Everything Through Verified Mail
To make sure you do not miss any important correspondence, submit everything through verified mail. It is also a good idea to keep copies of all communications in this cancellation process because you may need them later on when filing claims with your credit card company, or dealing directly with Visa/MasterCard if necessary.
Beyond the Rescission Period
If it is too late to send your timeshare cancellation letter, do not worry because you can still pursue a timeshare contract termination. Just ensure that you work with an experienced attorney who is familiar with the process of buying back properties from investors like yourself if needed, or even just negotiate on price before committing any further time and money towards this purchase.
Remember that you should not do it alone. When you do your cancellation letter, the timeshare provider will still want to keep selling the vacation property. That is why you should not count on this letter alone — get in touch with trusted experts who know all the tricks to take on these timeshare companies. You can ensure that they will never get away with canceling without giving a full refund or moving into another property under their brand name after the required cancellation period ends.