Making an Informed Decision Regarding Entering into Timeshare Contracts

Posted by WeCancel Timeshares on November 8th, 2019

Timeshares are bought with great expectations but it may not be everybody’s cup of tea. Owning a timeshare comes at a cost. There are monthly or annual payments that have to be made irrespective of your financial situation. If you are able to meet this, there are additional payments too for travelling to and from the destination every year and other incidental expenses. Timeshares may also restrict you to the same holiday spot year after year unless there is an exchange program which allows you to access different holiday spots owned by the resort. Timeshares may not always be available when you need it because it could have been booked by someone else. Owners therefore often wish to cancel their timeshare contracts to be free from all these frustrations.

Choosing The Right Timeshare Cancellation Company

There are plenty of timeshare cancellation companies who offer their services to those who wish to cancel their timeshare contracts. Since there are plenty of scammers just waiting to get their claws into these helpless timeshare owners, you have to exercise great caution when choosing your timeshare cancellation company. Owners should understand that timeshares cannot be legally cancelled by just stopping the maintenance fees. This will lead to a situation where the resort owner will foreclose on your timeshare leading to a dip in your credit score. Timeshares can only be cancelled legally by the resort owner. It is always better to seek the help of licensed timeshare brokerages who will take care of the entire process legally.

Intervention of The State to Help Timeshare Owners

Timeshare owners who are wondering how to legally cancel their timeshare contract should know that they can do so if they are within the rescission period. It has been observed that there are a lot of timeshare owners in distress, who signed the timeshare contract, and then realized that they are unable to cancel their contract nor are they able to pay their dues correctly. The state therefore intervened and allowed timeshare owners who cancelled their ownership within the rescission period to claim a full refund from the resort owner. The rescission period varies from a week to two weeks. It however so happens that many owners are unaware of this law and timeshare salesmen are also careful not to give them this information.

The Process of Legal Cancellation of Timeshare Contract

People often get into a timeshare contract thinking of it as an investment. When they realize their mistake, they want to know how to legally cancel a timeshare contract. If the attempt to cancel the timeshare contract is within the rescission period, you can cancel in writing giving details of your name as it appears in the contract as well as other details such as address, phone number, name of the timeshare company, the description of the timeshare, date of purchase, and a statement indicating your intention to cancel within the rescission period. This letter has to be sent by registered mail. All instructions regarding cancellation has to be followed to ensure it is legal. If the rescission period is over, then the timeshare owner has to seek legal recourse.