Timeshares are a popular way for people to vacation because it’s such a money saver. Although having a timeshare can save you money on your vacation, timeshares come with some recurring costs that can be problematic for some people. When these costs get to be burdensome, or your life situation changes and you no longer have the need or desire to continue with vacation home ownership, it’s important to know that you’re not shackled for life. It is possible to exit a timeshare, however there are some mistakes that are important to avoid when doing so.
1. Glossing Over the Fine Print
Legal Pathways to Timeshare Cancellation will always encourage you to read the fine print in detail. Giving your attention to the fine print is one way to avoid avoidable headaches. If you’re not sure what the timeshare contract is saying because of legal jargon, do not hesitate to bring it to an attorney. The last thing you want is for your contract to prohibit you from exiting your contract unless you meet specified conditions.
2. Lie About Why You’re Canceling
Once you’ve decided that you want to cancel your timeshare, it’s time to make your request. But when you’re explaining why you want to cancel, it’s in your best interest to tell the truth. If you tell the timeshare company that you’ve run into financial hardship or are hospitalized if in fact you are not. They can ask that you furnish proof. So if you do not have proof of the reasons you’re citing, honesty is your best bet. Remember, you are dealing with a legal contract, and being devious can hurt your case for cancellation.
3. Incorrect Correspondence
When corresponding with the timeshare company, make sure you’re using their specified method of correspondence. You don’t want to be sending emails when they require cancellation notices through the mail. Using certified or registered mail that requires a signature is the best option because it is traceable and legally binding. This will also keep the timeshare company from giving bogus excuses and employing evasive tactics.
4. Lack of Detail
As you’re drafting your cancellation letter, you want to be as detailed as you can be. Timeshares have millions of customers and it’s easy to get lost in the crowd. Foregoing vital information can stall your request or negate it altogether. Be sure to include the following:
- The timeshare’s correct address and the contact person for cancellations
- Your correct contact information, including email, phone, and residence
- The title holder’s full legal name
- Your membership or contract number
- The date of the correspondence
5. Incorrect Tone in Correspondence
Because you’re dealing with a legal matter, it’s important not to let your emotions enter the correspondence. Take a professional and even tone. State the facts clearly and concisely. Avoiding the drama will get you a lot further, and faster.
6. Scheduling a Face-to-Face Meeting
Timeshare employees are quite pursuassive and persistent. Agreeing to a face-to-face meeting, unless it’s part of your legally signed contract, is a bad idea. They’re going to do their best to keep you or get you to sign something else that completely locks you in.
7. Unrealistic Expectations
Be prepared for the red tape. Don’t think that it will be easy and stress-free to sell your timeshare. Sometimes it’s impossible to exit your contract, and the only thing you can do is sell it on the open market. And don’t expect to get your money back when you sell it. It may be advantageous to bring in a timeshare broker to help you sell your timeshare.
It’s usually easier to buy a timeshare than to get rid of it. If you’ve hit a rough patch, it may be a better idea to rent out your weeks to help pay your fees, or hand it over to a friend or family member for a couple of years, until you’re ready to resume payment. There are options.
