Contract CancellationWhen a person purchases a timeshare and realises that they don't really want it, the first question they ask is "How do I cancel my timeshare contract?" If you make the realization that you don't want the timeshare you just bought quickly enough, you can cancel your timeshare with a simple timeshare contract cancellation letter. This is what you need to know.
The first, and most important thing to know, is what the "cooling off period" is for the state where you purchased the timeshare. This period when you are allowed to rescind and cancel your timeshare contract is different for each state and varies from 3 to 15 days from the time you sign your timeshare contract. If you are still within the timeshare contract rescind period, then you need to move quickly to cancel the timeshare contract.
Immediately take out your timeshare contract with the related paperwork and read through everything. Somewhere in the timeshare contract there will be information on how to cancel your timeshare. The information on how to cancel your timeshare probably isn't easy to find. You'll likely have to read through all the papers you received when you purchased the contract, but there should be an explanation which spells out exactly what steps you need to take to get out of your timeshare contract.
When you locate the information explaining how to cancel the timeshare contract, your need to follow it precisely. Not following the instructions exactly as they are explained could invalidate your timeshare cancellation request. Many timeshare contracts will include a form that you will need to fill out to cancel the timeshare. If your timeshare contract doesn't come with a timeshare cancellation form, then you will need to write a timeshare cancellation letter to your timeshare resort.
How To Write A Timeshare Cancellation Letter
If there is not a specific form for you to fill out to cancel the timeshare, you will need to write a letter to cancel your timeshare. This letter to cancel the timeshare will need to include the following information:
- The exact name(s) written on the timeshare contract
- The timeshare contract number
- The date of purchase of the timeshare
Timeshare Cancellation Letter Example
Here is a possible example of a timeshare cancellation letter:
Today's Date: xx/xx/xxxx
Names on contract: (wife and/or husband)
Contract Number: xxxxxxx
Date of Purchase: xx/xx/xxxx
Subject: Cancellation letter for timeshare contract number: xxxxxxx
This letter is to inform you of my intention to cancel the timeshare contract number: xxxxxxx which was purchased on xx/xx/xxxx by (the exact name(s) written on the timeshare contract) in accordance with the laws of the state of (state where timeshare was purchased). I request a full refund of my deposit of (amount of deposit) and the cancellation of any future deposits found in the contract. The $xx,xxx in timeshare financing we requested should also immediately be cancelled. Please do not make any additional charges to my (debit card/credit card) or any future payments. Please confirm that you have received this legal timeshare contract number: xxxxxxx rescission in writing.
Date of signature
When you write your letter, be sure to explain you're cancelling the contract in accordance with the laws of your state. There is no requirement that you explain the details of why you no longer want the timeshare. Be sure to request that any money that you have paid be returned in full and that they do not take any future payments out of any accounts / credit cards that you have given them. If you financed the timeshare, be sure that the letter states that any financing agreement also needs to be cancelled. Don't forget to sign and date the letter.
Once the timeshare cancellation letter is complete, take it immediately to the post office to send. Since there are only a small number of days that you have to rescind the timeshare contract, the quicker you do this, the better. When you send the timeshare cancellation letter, send it "Certified Mail with a Return Signature and Receipt" so that you have proof that the letter was sent within the time period allotted and it was received by the timeshare company. Also make sure that the cancellation letter is mailed to the address specified in your contract and not to the sales center where the timeshare was purchased.
Be sure to keep the certified mail receipt in a safe place. There should be no issues if you followed the timeshare cancellation direction in the contract and sent the letter off in time. You should receive confirmation of your timeshare cancellation letter within a couple of weeks, 30 days at the latest. If you do not receive confirmation within this time period, contact the timeshare company to find out what issues have developed.
That's all there is to cancelling a timeshare if you do it within the timeshare contract rescind window given by the state where the timeshare is purchased. If you manage to do this, pat yourself on the back for a job well done. Once the contract rescind period is over, it's much more difficult to get rid of a timeshare.