Buyer’s remorse is a real thing. Many of us may be initially excited to purchase something only to regret it later. Did you know about 90% of people who buy a timeshare wish they didn’t do it?
Once you sign a contract, it’s tough to get out of the agreement. Still, that doesn’t mean timeshare cancellation is impossible. The good news is you can be free from a timeshare and reduce or eliminate paying crazy cancellation fees.
The process to get there starts with a letter. How you write your letter and what you include is important. Keep reading to learn what to add and what to omit when making one.
How to Cancel a Timeshare Contract
There’s a right time to cancel a timeshare contract. The best time you will be able to cancel it is by acting quickly. Don’t waste time getting started on canceling a timeshare you just bought.
There is a rescission period, depending on the state you reside in, that allows you to cancel a timeshare within the first few days. Sellers may make you believe there’s no way out of a contract you sign, but it’s nothing more than a false statement they may feed you.
Most US states give timeshare buyers a right to go back on a contract anywhere between 3-15 days. You must look at your state laws to determine how long you have. You can do this by yourself or work with a timeshare lawyer.
What to Include in a Timeshare Cancellation Letter
The first thing you should do when you decide you do not plan on keeping the purchase is to create a timeshare cancellation letter. You need a written statement to truly cancel your timeshare. Verbal cancellation alone will not do it.
It’s best to keep a folder including all records, so you have easy access to anything you need to find whenever you need it. Do keep in mind you must type, print, and mail the letter to the timeshare seller and retain a copy.
You cannot email it. Here are a few things you want to make sure you have in your letter:
- The date you start the letter
- your address, email, and phone number
- Your name as it is on the contract
- A clear statement that you wish to cancel the contract
- The timeshare business name and description (you can find this looking at the timeshare paperwork)
- Your contract number and membership ID
- The date you bought the timeshare
Do not be afraid to use bullets or bold important content within your letter. These additions will help you be more transparent.
When you send out your letter, be sure it’s certified, and you can track it. Every correspondence should be sent via certified letter too. This way, you will have proof and see when the timeshare seller receives your documents.
Be sure to include that you aren’t interested in any form of resale, beneficiary transfer, or any ownership options. The timeshare seller will do what they can to attempt to dissuade you from your decision to cancel.
This is another bait you do not want to bite. Timeshare sellers make their profit by locking people in poor deals. Understand they are putting their best interest in mind, not yours.
It is not always necessary to state the reason you wish to cancel. You need to be clear you mention you want to cancel and you are within the recession period. Mention in the letter that you expect to receive a timely response (via certified mail) within the next 30 days as an acknowledgment of the letter.
What Not to Do When Creating a Timeshare Cancellation Letter
There are things you are better off omitting when writing a letter. You may end up saying more than you need to. This can be bad, especially if you are saying the wrong things.
Your letter should be professional and concise. Be sure to follow these tips to stay on the bandwagon.
Don’t Hesitate: Be Firm and Certain
Sharks bite those who hesitate. Don’t be meek and “ask” or “request” a cancellation to see if it’s possible. You want to be confident in your works and be firm. You need to say you want to terminate your contract now.
This doesn’t make you sound mean or aggressive. It’s direct. If you fail to take this approach, timeshare sellers won’t take you seriously and attempt to lure you to keep the contract or find other options. Refrain from using words like wondering, hoping, maybe, or perhaps whenever possible.
Don’t Get Emotional
One thing you don’t want to do is let your emotions get the best of you. When we are sad or upset, we may feel the need to say more. This is a bad road to take as our communication skills tend to fall when we are overly-excited.
You need to write your letter in detail, but you also want to be short and to the point. You’re not making a novel. Any added emotional text will not strengthen your letter. Make it a point to take a break from writing if you notice you are upset.
This doesn’t mean you can’t mention things that upset you. If you’re not happy about rigid dates or certain fees, bring it up. Just keep it to a minimum.
Don’t Work Alone: Get Help
It’s great to take the initiative to write your letter, but it may not be something you want to do alone throughout the finish line. It’s a good idea to reach out to others and get a trusted expert’s aid to relieve your letter. A timeshare lawyer can help you write or edit your letter to the best version it can be.
Getting Out of a Timeshare Purchase
Requesting a timeshare cancellation is far from an easy process. Writing the letter does not mean everything is over. The first letter you make is often just the first of many steps. It may take weeks to months to complete the process after a few backs and forths.
Contact us to help you during this time. We can help with the letters you make and decipher those you receive. It may be a process, but we can help you get out of the timeshare you don’t want.
