Most Effective Ways to Cancel a Timeshare Contract

Most people consider timeshare as a costly vacation experience. With the economic conditions that we are having today, almost everyone is tightening their budget and starts to be wiser on their spending ventures. Most timeshare owners, who have seen these extra expense a burden, are trying to get away from their contract. Besides, there are always cheaper vacation packages available in the market. However, if you have just recently bought the timeshare and want to get rid of such property without losing the initial payment, you can file rescission within a given period.

Almost all states in the US have a rule of recession. This is the time when the buyer can change his mind and may cancel the sales contract without losing the invested money over a timeshare. However, you can only apply this within the rescission period that is provided by the local state government, which varies from state to state.

When you want to cancel the contract, you have to make sure that before doing so, you already have reviewed the contract first. There are specific details concerning termination of the deal. There are also some instructions as to when the rescission deadline is and how to cancel your contract without any hassle.

After going through the instructions in your contract with regards to the termination, you can make a certified letter specifying that you want to cancel your timeshare agreement. The letter should be short and straight to the point – include your name, address, contact number and date of purchase in your cancellation letter. If you are lucky enough, some timeshare companies already have forms for such rescission, you will just have to fill them up and process some necessary documents.

You need to be alert on the schedules for the rescission period. These are the only chances that the local state government is giving. You must comply all necessary requirements including your letter before the deadline. Make copies of everything that you submitted so you can have extra documentation when the need arises. Plus, when sending your request, make sure you have it post marked as a proof that you really submitted before the set deadline.

Once you have submitted everything and haven’t heard from the company in 30 days, you need to make some follow ups and inquire on the delay. This will also help you assess if there is something wrong with what you have submitted or that you still have to make some changes on the documents you sent them.

As much as we want to enjoy a good holiday, sometimes we are trapped in a contract that we thought is desirable upfront. There are a few number of timeshare owners who are dying to get rid of their timeshares. Some would resort to trading or transferring. Whichever reason you have in mind, you need to be active on resolving such dilemma, like applying for a right of rescission. It only has a limited period that you should take note of or else you will never get away from the timeshare contract.

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