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Can I Legally Cancel My Timeshare?

Timeshare buyers everywhere are asking this very question right now. The timeshare industry is a disastrous place to be involved with and not only do they trick innocent people into purchasing these properties, but they also do everything in their power to keep them trapped there too with payments that never cease. This is why a new industry has emerged as a result, the timeshare cancellation industry. These new companies that are starting up specialize in timeshare termination and debt elimination for those who were deceived or lied to by their timeshare company during the sales process.

If you have bought a timeshare before then you have probably sought a way out yourself. With so many regretting their timeshare purchase, this has been a much-needed service for timeshare owners for years now. Timeshare companies are upset with this new industry and attempt to discredit them or keep them a secret, but if you are a timeshare owner then the arrival of this industry is good news.

How Do Timeshares Work?

Timeshares have been around for a while now, but their long history should not take away from their unethical methods and means of selling these vacation properties. Timeshare units are shared by multiple owners who divide up their time there and the expenses that come with ownership. In simplest terms, they are typically sold with ownership for one week a year, so there will be a specified week each year that can be spent at the unit for each owner and they will all pay their part of the ownership costs. Early on this was seen as a great innovation for the vacation industry, but over time, the reputation of timeshare companies have soiled as many disgruntled owners continue to look for ways out of their agreements.

Why Cancel A Timeshare?

More times than not, it seems that timeshare owners end up regretting the purchase of their vacation unit after it turns out not to be what was portrayed to them. Timeshare representatives are notorious for their misrepresentation and deceptive tactics when it comes to selling timeshares. Every year, families are swindled into timeshare agreements of which they know nothing about and are unaware of the financial consequences that come with it. Being such a large financial burden for many, it is no wonder so many seek a way out of their timeshares.

Dishonest & Misleading Salespeople

If you are already a timeshare owner then you may get a little nauseous when you hear the words 'timeshare presentation.' And this is completely understandable considering the dreadful experience that so many come across at what is actually a high-pressure sales pitch. To get people to attend these presentations, the timeshare companies have to bribe them with free stays at their resort or any number of other prizes they can come up with. What is supposed to then only be a 60-90 minute presentation, can then turn into an excruciating encounter where clients are constantly intimidated into purchasing a timeshare and feel there is not an option to leave until they do so. They can last for several hours and the longer they go for, the more lies that are told by the salespeople.

Maintenance Fees

What's that? The salespeople didn't tell you about the maintenance fees? You know, the ones that you have to pay for every year of your life and also increase intensely over that time. Considering what we already know about these salespeople, I guess it's not that shocking they would leave out this vital information to future owners. Maintenance fees are paid to the resort developer annually whether you use the property or not that year and tend to increase every year. If you did not leave the sales presentation already feeling scammed and regretting your timeshare purchase, then just give it a little time and you may eventually feel that way after paying these fees every year with no end in sight.

How To Cancel A Timeshare

Although they make it a simple process to sign up for a timeshare, canceling and getting out of one is a completely different story. If you currently feel trapped with a timeshare, do not let this get you down because there are still ways to get out. As always, it is best to catch a scam as soon as possible and the same goes for timeshares. The longer you wait to cancel, the more difficult it could eventually become.

Rescission Period

As a consumer, you have the right of rescission which allows you to cancel any contract or agreement you have with your timeshare company if exercised within the allotted time frame. This is also considered the cooling-off period right after a purchase, and this is the easiest way to cancel your timeshare. There is a problem though...

This period will usually only last for a couple of days, and with most timeshares being purchased while on vacation, chances are that the rescission period has expired by the time you return home after the trip. If you leave the sales presentation after purchasing a timeshare and know right away that it was a mistake, then you are in luck and only need to write a cancellation letter to the resort. In the case that some time has passed since the purchase date, you risk missing the rescission period which will result in more time and finances needed for the results you wish.

Cancellation Letter

Still being inside the cooling-off period truly makes a world of difference. If you find yourself in the situation of wanting out of your timeshare and still within the rescission duration, all you will have to do is write a cancellation letter to the resort. This should be a relatively smooth process, but do not put it past a timeshare company to make it more complicated than it should be. They may even try to say your letter was lost in the mail and now it's too late, so be aware of their conniving past going into this. It is best to have multiple copies of your letter and send it as certified mail so you can track it and the recipient will have to sign for it upon arrival. It is unfortunate that all these measures must be taken, but be grateful because this is considered the easy route. If the rescission period has expired, then the process will cost you more time and finances to be able to cancel.

Timeshare Cancellation Companies

In recent years, more light has been shed on the deceitful activity that takes place by timeshare salespeople and new solutions have come from this. Cancellation companies are a new industry that specializes in full termination of timeshare agreements and puts an end to any debt with the resort company. Sometimes also referred to as timeshare exit companies, they work directly with the client and do not outsource the work to a law firm or attempt to resell your property.

It is important to know you are working with a legitimate company with a strong background and proven track record. These cancellation companies are a bit of a godsend in this tattered industry and are helping thousands of families to relieve the financial burdens that were caused by timeshares.

Beware Of Scams

Since the cancellation industry is still new, there are risks when venturing into it. Many scammers will disguise themselves as timeshare resale companies and convince people to pay for their so-called services then disappear without hearing from them ever again. This is why it is so important to properly research any cancellation company that you are considering working with. These scam companies will encourage you to make a deal promptly by lying that they have a buyer for your timeshare on the other line and asking for an upfront payment to finalize the sale. Fall for this and you will be swindled into further debt and still stuck with your timeshare at that.

When looking for the right cancellation company for yourself, there are certain features you will want and should be considered indispensable. This includes:

  • 100% Money-Back Guarantee
  • Staffed With Industry Experts
  • Proven Success With Past Clients

The best way to find a cancellation company that meets these requirements is to ignore any that make unsolicited calls asking for payments and to instead read through the reviews or testimonials of cancellation companies. Work with someone who is well-trusted in the industry and is successful with their timeshare termination results.

Summary

Timeshares are nightmares for so many families with a great deal of owners feeling trapped within their purchase agreement and no way to get out of it. Now we have learned that it can be quite easy to cancel a timeshare if it is still during the cooling-off period, but we know there are still other ways also. The success of cancellation companies has justified them as reliable and legitimate options for timeshare buyers who were wrongfully misrepresented by salespeople. As always, beware of any deception when moving through the timeshare industry and find yourself a trustworthy, honest-living cancellation company.

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