Are you feeling that your timeshare is a burden on your shoulders? You may have just made the purchase and lost interest in keeping it. You might want to cancel the agreement but need help figuring out how to do it. Guess what? This article explains some of the effective and practical solutions you require.
Usually, timeshare owners who want to exit their agreement do so for various reasons. While some timeshare owners might desire to quit their leases owing to particular personal problems, others could want to do so because they were duped or cheated.
Timeshare cancellation has become an essential topic in the market because there are more unhappy owners than pleased ones. It is crucial to remember that some timeshare owners might still be content with their possession. So, if you’re hoping to leave your timeshare securely, know that you have taken a step in the right direction.
Should You Abandon Your Timeshare Property Like That Only?
There are some timeshare owners who are happy with their ownership, but there are more angry timeshare owners. Thus, timeshare cancellation has become a hot topic in the industry. So, if you’re one of the owners wishing to exit your timeshare safely, know that you have made a good move. You would typically be in a tense situation of developing a low credit score. You know how unpleasant that can be, but the resort can send a collection agency after you or report you to the credit bureaus.
Different Methods of Cancelling Your Timeshare Ownership
As per Timeshare Compliance BBB (One of the top timeshare exit companies), a rescission or cancellation letter is the quickest and most frequently effective method for terminating a timeshare. This is a letter sent to a developer of timeshares shortly after you sign a contract, typically within three to five days. You should focus on following three specific areas because this is a more difficult task than it appears.
Know All the Laws You Need to Follow
If you want to cancel your timeshare ownership, it is usually advised that you should do it within the cooling-off period. This timeframe may differ by the laws of the state or potential country where you executed the agreement. North Dakota, for example, does not have a specific law on the subject.
Some timeshare exit companies suggest that for the same reason, reading your contract and determining which set of laws applies is the most crucial aspect of cancellation letters. If you follow your state’s law when the contract says Nevada’s is the correct one; you could lose your chance to exit your timeshare ownership.
Write a Timeshare Cancellation Letter Properly
When composing one of these letters, you must ensure that your language is exact and leaves no room for interpretation for the timeshare developer. When you sign the contract, you must refer to the specifics of your purchase including the exact date. You are also required to refer to your letter to the specific language used by the contract to cancel your timeshare contract.
For instance, if the timeshare cancellation clause is in paragraph 38, mention it. Timeshare Compliance BBB suggests that using the contract’s language in your letter; and detailing your adherence to it is also a good idea.
What if the Developers Lets You Exit the Ownership?
There are several developers that offers its own timeshare owners’ exit programs. The specifics of these programs can vary significantly from company to company. There are programs known as “resale assistance,” in which the resort will let you list your timeshare for sale but will charge you a lot of money.
You can also participate in “deed-back” programs, which return the timeshare interest to the resort. Even though you might not find that appealing right now, many people who own timeshares become; so desperate to sell their units that they would be happy to do so.
A Final Note
Contacting your timeshare resort should be your first step if you want to cancel your timeshare. If you have recently bought the timeshare ownership, rush to use the rescission time frame on the off chance. If that is no longer available, see if your resort has a program for deed back. Instead of trying to resell your contract, you could choose to terminate it with a reputable exit company.