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Can I Legally Cancel My Timeshare?

Timeshare buyers everywhere continue to ask: how can I go about canceling my timeshare agreement? The timeshare industry is a disastrous option for you to invest your time and money. Some timeshare developers have a reputation to trick innocent people into purchasing these properties and then do everything to keep them trapped with financial obligations that never cease. That is why a new industry has recently emerged, the timeshare cancellation industry. These new companies that are starting up specialize in timeshare termination and debt elimination for those 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 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 have an unwanted timeshare, then the arrival of this industry is good news.

How Do Timeshares Work?

Timeshares have been around for a while, but their long history should not take away from their unethical methods and means of selling these vacation properties. Here's how they work: one unit is shared by multiple owners who divide up their time there and the expenses that come with ownership. In simplest terms, timeshares come with the right to use for one week a year, so there will be a specified time each year that each owner can spend at the unit, and they will all pay their part of the ownership costs. Early on, this was an incredible innovation for the vacation industry. Yet, over time, the reputation of these resort companies has soiled as the number of disgruntled owners continues to rise.

Why Cancel A Timeshare?

More times than not, it seems that owners regret the purchase of their vacation unit after it turns out not to be what they expected. Resort sales representatives are notorious for their misrepresentation and use of deceptive sales tactics. Every year, families get tricked into timeshare agreements of which they know nothing about and are unaware of the financial consequences that come with it. Being such an enormous financial burden for many, it is no wonder so many seek a way out of their timeshares.

Dishonest & Misleading Salespeople

If you are already an owner, you may get nauseous when you hear the words 'timeshare presentation.' And this is understandable considering what a dreadful experience these high-pressure sales pitches are. To even get people to attend these presentations, timeshare companies have to bribe them with free resort stays or any other prizes they can come up with. What is supposed to be a 60-90 minute presentation then turns into an excruciating encounter where clients are constantly intimidated into purchasing a timeshare and feel there is no option to leave until they do so. They can last for several hours, and the longer they go, the more lies that the salespeople tell.

Timeshare Maintenance Fees

What's that? The salespeople didn't tell you about the maintenance fees? You know, those rather substantial fees you have to pay every year for the rest of your life? Oh, yes, and not to mention that they also increase intensely over time. If you fail to pay these fees, that information may get relayed to credit bureaus, and your credit score could suffer the consequences.

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. The annual maintenance fee is paid to the resort developer and tends to increase every year whether or not you use the property. If you do not leave the sales presentation feeling scammed and regretting your timeshare purchase, 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

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Although they make it simple to sign up and buy one, the timeshare cancellation process is an entirely different story. However, don't get too down on yourself if you feel trapped because there are still ways to get out. It's just always 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 to rescission, allowing you to cancel your agreement with the timeshare company if exercised within the allotted period of time. Right after purchasing is the cooling-off period, and this is the easiest way to cancel a timeshare. However, there's one problem.

This period will usually only last for a couple of days. And since most timeshares are purchased while on vacation, the chances are that the rescission period has expired by the time you return home after the trip. If you leave the sales presentation and instantly recognize that purchasing a timeshare was a mistake, you're in luck. You only need to write a cancellation letter to the resort. If 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

Being inside the cooling-off period truly makes a world of difference. If you want out of your timeshare and are still within the rescission duration, all you will have to do is write a cancellation letter to the resort. It should be a relatively smooth process, but do not put it past the resort staff to make it more complicated than it should be. They may even say your letter got lost in the mail and it's now too late. Needless to say, be aware of their conniving background 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. Unfortunately, all these measures must be met, 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 Company

In recent years, the rampant fraudulent activity of timeshare salespeople has come to light more or less, and new solutions have emerged as a result. Cancellation companies are a new industry that specializes in the complete termination of timeshare agreements and puts an end to any debt with the resort company. Sometimes referred to as a timeshare exit company, they work directly with you and do not outsource the work to a third-party timeshare cancellation lawyer or law firm.

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 relieve the financial burdens caused by timeshares.

Beware Of Scams

Since the cancellation industry is still new, there are risks when venturing into its secondary market. Many scammers will disguise themselves as resale companies and convince people to pay for their so-called services, then disappear without hearing from them ever again. That is why it is essential to research any cancellation company you consider working with properly. 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 tricked into further debt and still stuck with your timeshare.

When looking for the right cancellation company for yourself, there are certain features you will want and should be considered indispensable. Here's what to look for:

  • 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 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 many families, with owners feeling trapped within their purchase agreement and no way to get out of it. We have learned that it can be pretty easy to cancel if it is still during the cooling-off period, but we also know there are other ways. The success of cancellation companies has justified them as reliable and legitimate options for timeshare buyers who salespeople wrongfully misrepresented.

Yet, beware of any deception when moving through this industry and ensure you find yourself a trustworthy, honest-living cancellation company.

*Wesley Financial Group, LLC, and its affiliates, successors, or assigns are not lawyers or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and not intended to substitute for professional advice, legal or otherwise.

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