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So you attended a fancy presentation on timeshare ownership, registered and are now a proud owner of a contract. But what happens if you want to cancel this ownership? You’ll be surprised to know that as much as it was easy to commit to the contract with its numerous benefits, it can be incredibly difficult to exit.
Thousands of people who have previously purchased timeshare contracts and want to exit owing to various reasons like lifestyle changes, wasting vacation days due to health reasons, increasing maintenance fees or just plain boredom of site, find themselves in a whirlwind of never-ending paperwork.
If you are someone looking to get out of a timeshare, there are a few factors that you must consider before the process starts. For example, the type of contract taken, location of your timeshare and when you bought it. Here are a few ways to cancel a timeshare:
Make use of Rescission period
If you have purchased the contract recently and want to cancel the contract, you may be eligible as you would fit in the rescission period. Tiffany Wells from Square One says that many people regret buying timeshares, and after a year or two would rather spend money going to a new place for vacation. Many countries allow users to withdraw their contract within a certain period of time from the day of purchase. Send a letter to the resort giving the order to cancel the contract if you fit within the rescission period. This can be checked in the terms and conditions of the contract. Beware, some resorts have this period only for up to two to five days. Act promptly in order to have a seamless cancellation.
Exit through other means
Don’t worry if you didn’t make it in the rescission period to cancel your timeshare. A lot of resorts participating in timeshare now offer the option to take back their timeshares. This has increasingly become a go-to option ever since timeshare has earned a negative reputation in the market for its inflexible and never-ending ways. These programs allow the consumer to return their timeshares to the developer. Ask your resort if they have this program in place and will allow for a take-back.
Dedicated companies to cancel timeshare contracts
The easiest and safest route if all else fails. Approach dedicated professional companies who understand the age of old trapping techniques of timeshares. Exit timeshare contracts safely, legally and most importantly permanently with the help of these companies that specialize in exit strategies. Some of these companies are so confident, they even promise a 100% return in fee if they are unable to terminate the contract. Book a consultation with their specialists to discuss concerns and for exit preparations. Exit preparations include plenty of paperwork which is important to get the full picture for an exit strategy.
One of the benefits of choosing a consulting company for exiting timeshare is the exit management part. It can be relieving to know that you don’t need to chase the exit and the company will do it for you. Typically, an exit takes place between 3 to 6 months.