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If 15 steps sounds like a lot to cancel a timeshare, that’s because it is – and the reality of the situation is that canceling a timeshare is not an easy thing to do. Countless people get into timeshare ownership only to find later that it isn’t working out as they had hoped and they want to cancel. Sadly, many feel like there is no way out, or they just give up because it’s too time-consuming and frustrating.
With this list of steps, we hope to encourage you to keep at it until the job is done. Not all of these steps will apply to your situation necessarily, so read through the list and start to formulate a plan in your mind for how to move forward.
Start with the Contract
The obvious starting point in this process is to bring out your contract and look over it carefully. This is going to be a little boring, of course, but it’s necessary to understand the details that govern the agreement between yourself and the developer. Within the contract, you should find information about cancelation and what that looks like. Don’t give up on this idea even if the contract language doesn’t sound promising – you still might be able to work out a reasonable deal later on, but it’s good to know what the terms are before going any further.
Is Rescission a Possibility?
If you have only recently purchased your timeshare and would like to get out quickly, the rescission period might still be in effect. This is also known as a “cooling-off” period, and it will vary in length from place to place. Generally, you have somewhere between 3-7 days to notify the timeshare officially that you would like to cancel the purchase. Follow all of the necessary steps to make sure you cancel properly and keep documentation of everything in case they come back to you later looking for money.
Have All Relevant Documents
Throughout the process of trying to cancel your timeshare, it’s important to have all of the relevant documentation for your account on hand and ready to go. This will allow you to produce any information that is needed and counter any issues that might come up along the way. For instance, if your developer says one thing but you don’t think it is true based on your contract or previous communications, you want to have everything you need available to prove your case.
Contact the Timeshare Company
With documentation collected, it’s now time to reach out directly to the timeshare company to ask about cancelation options. They might have a program available that allows you to give back your timeshare, or something along those lines. Be direct with your desire to cancel and don’t allow them to get into a sales pitch regarding the many benefits of timeshares and why you should stay.
Draft a Formal Letter
It’s likely that you will need to send a formal letter to the timeshare company that highlights your desire to cancel your membership. This letter should have all of the necessary details about your contract and any other specifics that are relevant. For example, if you were offered a specific cancelation opportunity by one of the employees of the timeshare, reference that person by name, state what you were offered, and even include any documentation you might have to back up that offer.
Send Your Letter
What you don’t want to do in this situation is just place the letter in a random mailbox where it could sit for some time without being picked up. Take it to the post office to have it mailed that day, and ask for a return receipt so you can prove later that the timeshare company received it. You can never be too careful in a situation like this where there is a significant amount of money on the line, so use tracking tools through the mail to make sure the information gets where it needs to go.
Maintain Detailed Records
Speaking of being careful, it’s a good practice to hold onto all documentation that you might acquire throughout this process. Whether you are going to try to cancel through the rescission period, or you are using a program that the developer offers to take back the timeshare, or whatever else you might try, documentation is your friend (in both physical and digital form). The better your record keeping is throughout the process, the more likely you are to arrive at a satisfactory conclusion when all is said and done.
Follow Up With the Timeshare Company
Once you have sent a letter and have received proof that the timeshare company got that letter, follow up with them directly to ask about what is next. If you requested cancelation under a program or offer that you were made, make sure they are going to honor that cancelation and find out what steps are coming next. Also, ask about the timeline for the process so you can follow up again if nothing happens when it is supposed to.
Inquire About State or Local Laws
If you aren’t getting anywhere by working with the timeshare company directly, consider looking at local and state laws regarding timeshares to see if anything is in place that could help you get out. Plenty of other consumers have had trouble with their timeshares, so many places have put laws into effect that help people deal with this type of matter successfully.
Work With an Exit Company
Speaking of other consumers who have had trouble with timeshares, many of them wind up contacting timeshare exit companies to find a way out of their contracts as soon as possible. There are many reputable exit companies available today and working with one could make your life a lot easier. Not only would you be putting someone on your side to fight this battle for you, but you’d be gaining access to a lot of industry knowledge and experience.
Retain an Attorney
While a timeshare exit company is a great option, sometimes your case might call for the use of a regular attorney. That’s particularly likely to be the case if you are having a contract dispute with the timeshare where they interpret the reading of the contract in a different manner than you do. Such issues often wind up being debated by attorneys, and you don’t want to go up against the timeshare’s legal team all on your own.
Don’t Book Any Trips
You don’t want to be sending mixed signals about your intentions with the timeshare while you are trying to cancel. If you are actively in the middle of the cancellation process, don’t book trips or go on any vacations utilizing your rights as an owner. This could be seen as an action that indicates your desire to keep the timeshare rather than cancel it. Just leave the account alone and follow along with the process you are using to attempt to get out of the situation once and for all.
Keep Your Payments Current
While it might not be fun to send payments on an account that you are trying to cancel, that’s exactly what you’ll need to do until this process is finished. After all, if you fall behind on payments for things like fees and assessments, you might not be eligible for cancelation programs any longer. Make these payments and look forward to the day when you won’t be on the hook for them any longer.
Beware of Scams
Sadly, there are plenty of people out there who are hoping to take advantage of people trying to get rid of their timeshares. These people might present themselves as timeshare exit companies or as potential partners to help you sell the timeshare. Before you work with anyone on this matter, be sure to independently confirm their qualifications and legitimacy. You have already spent enough money on the purchase and maintenance of your timeshare, you don’t need to see even more money go out the window by falling victim to a scam.
Confirm Cancelation and Retain Copies
If you finally reach the finish line and have your timeshare canceled, congratulations! It can be a long and winding road, but it is certainly worth it. While you are celebrating, make sure to retain copies of everything and confirm directly with the developer or timeshare company that the account has formally been canceled and you have no more responsibilities to it.
How Can We Help?
We love helping timeshare owners get out of this experience if it’s something they would like to be done with as soon as possible. In addition to reviewing the steps above, you can also call us at 833-416-8796 to get assistance or use our live chat feature to ask any questions you may have. Today is the day to start moving toward a future that is free from timeshare obligations. Don’t wait any longer!
