Owning a timeshare is becoming unattractive. There are thousands of timeshare owners who purchased such property and they realized they need to get rid of it because they really don’t need it, or it is not what they were expecting. Learn the 7 steps to successfully rescind a timeshare.
Most people who attend a timeshare presentation end up signing a timeshare contract, and this happens because timeshare salesperson ask you to sign right away using hardcore sales tactics, and people don’t even know what they are getting into. That’s why these people want to rescind their timeshares.
Reasons to rescind a timeshare
There are a lot of reasons why timeshare owners want to rescind their timeshare purchase.
- You purchased the timeshare under hardcore sales practices. Besides, most of the verbal promises timeshare salespeople made are not written in the contract.
- Timeshare maintenance fees, most of the times, are extremely high, and they increase every year.
- Timeshare owners realize that own a timeshare is not a financial investment.
- The timeshare contract does not state clearly how to terminate the ownership of the timeshare.
- People have to make reservations a year earlier to be able to use the timeshare, and some people are never able to use it.
- Timeshare owners realize that they can travel for a cheaper rate on their own.
7 steps to successfully rescind a timeshare
Step 1: Know your contract
You have to read your contract very carefully and check for a clause about a rescission period. Timeshare salesperson won’t tell you about that clause, but everything you need to know is on your timeshare contract.
Step 2: Write a cancellation letter
Once you read your contract within your rescission period, the first thing you have to do is write a letter requesting the cancellation of your timeshare agreement.
You have to include your name, address, contract number and the date of purchase in the cancellation letter.
Step 3: Send your Rescission letter
You must send your rescission letter (via certified mail) within the rescission period stipulated in your timeshare contract. Sending a certified letter gives you the safety that they will receive your letter and they will have to respond. It is important to keep a copy of your letter.
Step 4: Make a call to the Timeshare Company
Once you send your timeshare cancellation letter, follow it up with a phone call to the timeshare company. It is important not to be aggressive, just state the reasons why you need to cancel your timeshare contract.
Step 5: Don’t take advice from timeshare resale companies
Most of timeshare resorts work with timeshare resale companies, and they will tell you they can sell your timeshare making unrealistic expectations trying to get money upfront to sell your timeshare property.
Be careful if a company calls you claiming they have a buyer for your timeshare property. If they ask you for fees in advance is probably a scam, that’s the way they operate; they ask you for an upfront and they you will discover that the buyer never existed.
Step 6: Follow up
If you don’t have notice from the company in a period of 30 days inquire about it. Make phone calls or send an e-mail to the company insisting about your situation.
Step 7: Contact a lawyer
If you haven’t been able to rescind your timeshare or you haven’t heard back from the timeshare company is time to get professional help. A timeshare lawyer can help you get out of the timeshare contract.
Outside the rescission period
Send a certified cancellation letter to the timeshare company and stipulate the reasons why you want to get out of the timeshare agreement. Sometimes timeshare companies agree to cancel your timeshare contract only if you pay a penalty, but in most cases they don’t agree. The best thing you can do if your rescission period has expired is to look for a timeshare attorney.
If you are stuck with a timeshare you no longer want or cannot afford and you already tried to rescind the timeshare but you have no answer from the timeshare company contact Mexican Timeshare Solutions, we can help you cancel your timeshare and you won’t have any more string attached to the timeshare company. At Mexican Timeshare Solutions, our goal is to assist timeshare purchasers that were taken advantage of by rude salespeople and deceptive sales practices.
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