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Steps to cancel a timeshare contract


A timeshare is a costly thing and it can offer you a great vacation experience. This can offer you the much-needed relaxation that you are looking for. But with the changing economical situation that we are facing today, almost everyone is looking for cost-cutting and many owners are looking for the right way to get out of their existing timeshare contract. With the option, they can go for the cheaper choice to enjoy vacation or can use their money for other important factors. But if you are looking for the right way to cancel a timeshare contract, it is better to do it during the recession period otherwise it can be very much difficult.

Right of the rescission

No matter where your vacation destination is, your timeshare contract surely comes up with a cooling off or rescission period. During this time, buyers can change their mind and cancel their existing contract without forfeiting any kind of money. Rescission period may vary one state to another. So you must check the time duration of the rescission period.

Know your contract

This is important to know your contract first. Check the contract for the clauses that come with the information about your recession period. You need to know the rules of the contract first. When you want to submit the rescission request, you need to look for all the specific details that tell about the deadline written in the contract. Make the note of the rescission deadline and also check the instructions that how to cancel the existing timeshare contract successfully.

Write your cancellation letter

Once you are up to date with the required information from the contract, you need to write a certified letter that stipulates your desire to cancel the timeshare agreement. When you are writing your cancellation letter, follow the right format. Keep it short and keep in mind that you don’t need to explain each and everything. The key thing is the company knows that you are working on your right to rescind the contract by the terms of the agreement. Don’t forget to include your name, your address, contact number and your date of timeshare purchase in the cancellation letter. You can request the return of your deposited money. Often the timeshare companies have the form available that can simplify your process.

Send the letter on time

The most important thing to keep in mind when you want to cancel a timeshare contract is sending your rescission letter before the written deadline. With this certified letter, you can ask for a signed receipt also that means you have to respond. Make copies of all your documents. Make sure that the letter is postmarked before the recession deadline so that you may have the proof that you have mailed it on time if there is any conflict.

Follow up

The company usually response within 30 days but if not, you need to follow up and inquire about their delay so that you can avail the facilities of the recession period.

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