You might´ve just purchased a timeshare in Mexico when reading this article. If you are not sure you want to "own" a piece of paradise in Mexico, you can cancel your timeshare contract and recover your money if you purchased with in five days.
If you have purchased a timeshare in Mexico but have cold feet, it is possible to cancel your contract and recover the monies you have paid so far.The cancellation of a timeshare is divided based on how long ago you purchased your membership; if you purchased within 5 business days, you should be entitled to the cancellation of the contract as well as a full refund of your deposit; if your purchase was more than 5 business days ago, do not dispair, there is also help you can receive to stop paying for your timeshare.
Timeshare cancellation within five business days
If you purchased the timeshare within five business days from today (Saturday and Sunday don´t count as business days), you can cancel your purchase by requesting so to the timeshare resort. First of all, you must submit a document requesting the cancellation of the contract and the refund of your money specifying that you will expect to receive the amount paid, 15 days after receiving the document. This document must include:
Body of the letter where you will be requesting the cancellation
Date of the purchase
It is important to send it during the time frame established by law and save the receipt, which endorses that the document was received within the time limit; it can be the receipt from the mailing company provided to you or a copy of a sent email.
The shipping methods NOT useful as evidence of your cancellation request are:
• When you hand deliver the letter and seller signs you a document accepting it (salesman or manager might claim the signature is not theirs).
• By fax, because the date that appears in the document can be modified.
• By phone, because everything was verbal and written evidence isn´t evidend of your cancellation request.
It is importantto keep all copies, to show that the document was sent during the period established by the timeshare law.
Another aspect to keep in mind is that many timeshare resorts will not answer back to your cancellation request and you can lose your opportunity to cancel your timeshare and recover your money. In our years of experience, it is very common that the timeshare salespeople lie to the clients and give them false information in order to never receive a cancellation request from them.
If you are reading this and you have a feeling that something is not right, or If you submitted your cancellation request more than 15 days ago and the resort is not answering back or denying the cancellation of the contract please contact us as soon as possible to get a free consultation and to have further detail about the cancellation process and recover of your money.
Timeshare cancellation after five business days
If your purchase was made more than five business day ago, the cancellation becomes more complicated but not impossible. The resorts will put obstacles and traps to avoid cancellation but the cancellation of a timeshare contract is achievable with the assistance of MTS
Another drawback for contracts that have passed the 5 days to cancel prescribed by law is that that if you don´t cancel your contract propertly you might be facing:
- Being sent to collections
- Having your credit rating affected
- Calls from debt collectors requesting money
- Lost of any chance of recupe any money given to the resort
If you are still convinced that you no longer want to continue with your timeshare we recommend you to use the legal path and not only stop making payments; failing to so, will definitively affect your credit score and ruin your plans prepared for the future.
The following are sample timeshare cancellation letter that can serve as a guide to send your letter requesting the cancellation of the contract:
Timeshare cancellation letter sample 1
Your Telephone number
Resort’s Telephone number
To whom it may concern:
Describe why you want to cancel your contract, include contract number in the drafting and likewise request the cancellation and a full refund, mentioning that you are within the 5-day cancellation period established by Mexican timeshare law.
Signature and Name
Timeshare cancellation letter sample 2
3652 South Ave.
July 1st, 2012
Subject: Cancellation of contract JLMK52396
To whom it may concern:
This letter is to inform you of my intention to cancel the timeshare contract number: JLMK52396 which was purchased by John Smith in accordance with article 56 of the Federal Consumer Protection by Mexican timeshare law. I request a full refund of my deposit and the cancellation of any future deposits found in the contract.
Please take a note in an event I do not hear anything from your company contrary within 15 days of reception I would assume that my contract is cancelled accordingly
Timeshare cancellation letter sample 3
6391 South Ave.
May 7, 2012
Regarding contract JLMK52396 for purchase of a timeshare at Mayan Palace resort. Which was purchased on 05/06/2012.We are exercising our legal right to cancel this contract, according to Mexican Consumer Protection Laws. We expect a full refund of our deposit of $30,000.Please do not make any additional charges to my credit card or any future payments. Please confirm that you have received this legal timeshare contract number: JLMK52396 rescission in writing.
If you already sent your cancellation letter within 5 days and have not received an answer from the resort after 15 days, don´t despair Contact us, at MTS we will offer a free consultation to advise you on your case, get your money refunded and cancel your contract.
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