Cancel your timeshare after the rescission period

Published by Pamela Syrillus on

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Something you should know before canceling your timeshare

During the last few years, the companies of the hotel industry and timeshares have developed many methods of sale, supported by the growing popularity of services acquired on the Internet, this industry has been growing by leaps and bounds and produces millions of dollars a year in all the world. And as expected, vendors, lawyers, and entrepreneurs of all kinds who have already noticed this situation have begun to create strategies to maintain and increase this income at the place, unfortunately, these strategies are not concerned with ensuring that consumers are responsible for the economic commitments they assume.

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Canceling timeshares is not easy for nobody, but we can tell you what to do

The truth is that nobody can guarantee 100% the timeshare cancellation, resorts usually do not make this decision until they have exhausted all their retention strategies, even if the rescission period is over, the sellers give to guests days in spa, tours, dinners, and even monetary incentives in order to retain their contracts.

Although the laws are different in each state, on average the law stipulates that this type of contract must have an initial period of between 3 and 7 days in which you can request the cancellation of your timeshare without any complication or legal effect and the company you hired is obliged to grant it under the conditions signed.

To better assess your particular situation and evaluate the viability of your cancellation request, you should carefully evaluate the reasons why you are looking to rescind your timeshare contract, among which are:

  • He was convinced to buy the timeshare with fraudulent sales tactics.

  • The cancellation process of the contract is not specified properly.

  • You have been unable to use the service even if you have reserved it for a long time in advance

  • Maintenance fees increase extremely every year. Vijar on your own becomes a better option.

  • The timeshare was contracted with the wrong idea that this is a financial investment.

How to ensure the cancellation of your timeshare?

You will need to know absolutely all about your contract information, the knowledge of its stipulations is the strongest weapon you could have, so you should read it carefully and patiently analyze each clause it contains, especially where it describes the term of termination.

 

TimeshareCancellationLetter

If this period has not yet concluded the next step is to write a letter requesting the cancellation of your contract and the refund of your money before 15 days of receipt of the document which must contain your full name, address, phone, mail electronic, plus any other information pertinent to the case. Send it within the time limits established by law and keep a record where the document was received within the established time limit, such as a receipt delivered by the parcel or a copy of the email sent. Avoid using the fax or other means to communicate with the company since the data could be modified and invalidated.

What to do after the rescission period

Canceling your timeshare is difficult but not impossible, the more time has passed after ending the period of rescission, the harder it will be granted a cancellation besides the return of your money is no longer mandatory and assistance of the law to consumers is quite limited.

If after knowing all this you are convinced of wanting to end your contract, you should seek legal advice before taking any action that may harm your financial plans.

The next step is to contact a lawyer who has the experience and knowledge necessary to carry out your case, will help you determine if there is a likelihood of being released from your contract through litigation and will inform you of the responsibilities that must be taken before, during and after the process.

Selling your timeshare can also be a feasible option

 

You have to be very careful at this point because after investigating for a long time, our team has managed to identify some of the most important scams in this industry, and that is that a strong wave of companies has developed with the supposed purpose of helping you release your timeshare contract even after the rescission period but in reality the only thing they do is give false hope that they can solve it even in occasions when they know from the beginning that it will not be resolved.

 

Possibly one of the best options is to offer your timeshare through the same company that you hired if you have the resale service or on sites like Redweek or Ebay.

It is important to consider that a timeshare can be devalued due to many factors so it is not a good idea to bid for the same price you paid at the start. In case there is a charge of your timeshare higher than it can sell, ask your lender released timeshare to sell for less than the outstanding balance. This is known as a short sale.

To market your timeshare more quickly and efficiently you can rely on a real estate agent specializing in this type of sales, although you must pay a reasonable fee.

We do not recommend using a quote company in advance to sell your timeshare, they often charge very high initial rates and do not offer a guarantee of a sale.

 

You can also negotiate the sale of your timeshare yourself at sites dedicated especially to this problem, such as RCI and LTRBA that allow you to trade a few weeks at a time for another week to another person.

Some of these sites require payment of a fee to participate in a timeshare exchange program for which you will be charged taxes and fees for the timeshare you quote.

Liquidación-o-Finiquito

Donate the property to a third member is another useful exit strategies, although in recent times has ceased to be used due to exponential increases in annual maintenance fees. One of the main obstacles to take advantage of this option is that you have a debt with the resort, since it is difficult for anyone to assume all financial responsibilities in this situation, even more, if we talk about donating the property to a nonprofit organization that is more likely to go through financial difficulties, reason why lenders even come to prohibit this type of negotiation.

As you see, it is prudent to question and evaluate carefully the services and properties we acquire, to seek professional support if necessary, to help us maintain a healthy financial life and not make decisions that could harm our future economic well-being.

 


3 Comments

Rodrigo S. · March 22, 2019 at 7:10 pm

It happened to me, that I didn´t know I had just a few days after in case I wanted to cancel my contract. I wanted to cancel it after many weeks but I couldn’t.

Marcela k · March 27, 2019 at 9:49 pm

Thanks for the recommendations, I will think about everything before starting my process.

Paty Doss · April 17, 2019 at 4:40 pm

They promised us the “excellent vacation time” they obviously don’t want us to cancel the contract, and I think this is a difficult process.

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