Ever since the whole timeshare concept was created, the industry has been known for being very susceptible for scams. Timeshare ownership, however, can be a good purchase for people who enjoy traveling to the same vacation spot every year, but the truth is, that timeshares are not for most people, nor an financial investment either.
Unfortunately, most timeshares are sold in a high-pressure environment. Timeshare salespeople take advantage of vacationers, especially of those who are less able to resist hard and misleading sales practices. If you, or someone you know, happen to be a victim of a timeshare scam, read this article to know how to cancel a timeshare contract properly.
Reasons to cancel
There are several reasons to cancel a timeshare, these are the most common:
- You may have realized you will not be able to afford your annual timeshare fees
- You may have felt you were pressured into buying the timeshare
- You may have realized you don’t know how timeshares work
- You may have realized most of the verbal promises made by the timeshare salesperson are not written in the contract
- You were told your timeshare property would be a good investment
- You may have tried to sell your timeshare with no success
- You have realized that you can travel for a cheaper rate on your own
How to cancel a timeshare
To know how to cancel a timeshare properly, these are the most important factors to take into consideration:
- The date of purchase
- The city where the purchase was made
- The brand of the resort
Within the rescission period
Every timeshare contract has a rescission period, which will depend on the timeshare regulations of the place where the vacation property was bought. When purchasing a timeshare in Mexico, you have 5 calendar days to cancel your contract. When buying in the US; the rescission period will depend on the State where the purchase was made.
If you buy a timeshare, and you regret your purchase within your rescission period, the first thing you need to do is to write a letter (via certified mail) or an email to the resort requesting the cancellation of your contract. It is very important that you keep a copy of the letter as evidence that you cancelled on time.
After you send the letter, you should receive a prompt response from the resort, as well as a full refund of your upfront payment. If the company refuses to accept your cancellation request, contact the government consumer protection agency of the country where the purchase was made. Before you buy a timeshare, it is important to know your timeshare cancellation rights
When the rescission period has expired
Once the rescission period has expired, it becomes more difficult to cancel your timeshare agreement, but not impossible. Timeshare cancellation requires lots of time and negotiations with your timeshare resort and, and because of this, very few people can accomplish the whole process on their own, which usually takes from 3 to 6 months.
There are many timeshare cancellation companies that claim to get you out of your contract but after you pay an upfront fee, but this is only an extension of the original scam. Therefore, it is very important that whether you contact a timeshare lawyer or timeshare cancel professionals to assist you with your issue, that you do an internet research and investigate the company before making any formal deal with it.
Timeshare cancellation, your best option
Without a doubt, timeshare cancellation is the best option to get rid of an unwanted timeshare. Once the timeshare contract is properly cancelled, there are no further financial obligations attached to the resort, which means:
- No more calls
- No more timeshare maintenance fees
- No more timeshare debt
- No more special assessment fees
At Mexican Timeshare Solutions we strive to give back freedom to people who purchased timeshare under the wrong reasons such as the financial investment spiel. Contact us for a free consultation on how we can help you cancel your timeshare contract.
Remember, our service is risk free as we work based on results so you do not waste any money paid up front. If you liked this article, please help us to share this information to more people in order to avoid more timeshare scams victims, how?
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