By some estimates, around half of new timeshare sales in the United States are never used by buyers at all. These people wind up stuck with a burden they don’t want and can’t afford.
However, getting out of this situation before it’s too late can be easier said than done.
One of the first things to know about cancelling a timeshare is that you should start the process far ahead. Depending on the kind of agreement you have, you may have to pay penalties and fees. There may even be significant early termination fees.
Read on to learn the steps you must take to get out of a timeshare cancellation once and for all.
1. Review Your Timeshare Contract
When considering to cancel a timeshare, the first step is to review your timeshare contract. This will help you understand the cancellation process and any applicable fees or penalties. Here are several vital points to look for, including:
Cancellation Policy
Look for the section of your contract that outlines the cancellation policy. This will include information about any deadlines for cancellation, fees that may apply, and any requirements for cancellation.
Maintenance Fees
Review the contract section outlining the maintenance fees associated with your timeshare. These fees can increase over time and can be a significant financial burden.
Ownership Details
Ensure you understand the ownership details of your timeshare, including the specific unit you own, the time of year you have access to it, and any restrictions on usage.
Resale or Transfer Options
Review the section of your contract that outlines any options for the resale or transfer of your timeshare. Some timeshare contracts may restrict these options or require approval from the timeshare company.
Financing Terms
The first step is to look into the financing terms of the timeshare. You should ask the timeshare company if there is a grace period regarding your financing obligations and if there is any refund policy. You should also review your loan documents to determine what specific terms apply to your account.
2. Contact Your Timeshare Company
Doing research ahead of time about the cancellation process and understanding any associated fees can help. When contacting the cancel my timeshare company, provide them with your timeshare contract and account information, and be sure to have your timeshare agreement in writing.
Being assertive but respectful when speaking to the company representative is essential. Once you have a representative on the phone, ask them questions to ensure they are familiar with the cancellation process.
Go over the details with them and confirm that you agree. Ask them to provide you with written confirmation of the cancellation and ensure that all parties involved know it. Finally, follow any steps the timeshare company requires you to complete to complete the process.
3. Hire a Timeshare Cancellation Company
Steps to timeshare cancellation can be done in a few weeks, depending on the individual’s situation and timeshare contracts. First, a person must determine whether they want to take advantage of the cancellation window in their contract if one exists.
If so, they must follow the cancellation instructions. Decide which timeshare cancellation company to use.
Research the company, read reviews, and get quotes before hiring. Once hired, the company will collect all required documentation to submit to the timeshare company.
They will also guide each step to ensure deadlines are met. They handle all communication and legal issues with the timeshare company. Following the notification, the person must contact the credit bureaus to make sure the timeshare is removed from the credit report.
Lastly, verification from the timeshare company must be received that the timeshare has been canceled.
4. File a Complaint
If you have a complaint about your timeshare, consider filing a complaint with the appropriate regulatory agency. Here are some steps you can follow to file a complaint:
Identify the Appropriate Agency
Depending on the nature of your complaint, there may be different agencies that you can contact. For example, you may want to get the Federal Trade Commission (FTC) if your complaint relates to a timeshare sales presentation.
If your complaint relates to a dispute with the timeshare company, contact the state Attorney General’s office or the Better Business Bureau (BBB).
Gather Information
Before filing a complaint, gather all the relevant information related to your complaint, including your timeshare contract, any communication with the timeshare company, and any documentation related to your complaint.
Follow Up
After filing your complaint, follow up with the agency to ensure they have received it and are taking appropriate action. You may need to provide additional information or documentation to support your complaint.
Consider Legal Action
Consider legal action if you cannot resolve your complaint through regulatory channels. This may involve hiring a timeshare attorney or filing a lawsuit against the company.
5. Keep Records
Following up and keeping records of your efforts to cancel a timeshare is an essential step in the cancellation process. Firstly, it is imperative that before beginning the cancellation process, all documents about the timeshare are located.
Once this is done, it is essential to document the steps taken to cancel timeshare. Copies of all correspondence, emails, and notes should be saved, along with the contact information of any persons involved.
Staying on top of any requests or paperwork needing to be completed by either yourself or the timeshare company is also essential. Keeping a schedule of when paperwork needs to be sent and when follow-up is necessary helps ensure the process is handled promptly.
Finally, keeping all documents filed in an organized and readily available manner will come in handy should the timeshare company not cancel the contract.
Consider a Timeshare Cancellation Now
Once all outstanding timeshare-related debt is taken care of, you will be free to say goodbye to your timeshare. Should you need the help of an expert timeshare cancellation attorney, call a professional now for a free consultation.
They will have the expertise to ensure a smooth and successful cancellation process.
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