5 Mistakes to Avoid When Cancelling a Timeshare Contract

Everyone needs a vacation at some point in their lives. You can only work so much before you need time off from the daily grind. Investing in a timeshare makes going on vacation easier since you’re guaranteed a unit every year.

However, the same vacation year after year can get boring. You may end up missing out if you’re sick or decide to travel somewhere else. When those situations become the norm, you should consider ending your contract.

Here are five mistakes to avoid when cancelling a timeshare contract and some tips for exiting a timeshare.

1. Not Reading the Fine Print

It’s important that you read through the fine print on any contract you plan on signing. Your timeshare contract should have been no different. There may be certain clauses you agreed to that can hamper the cancellation process.

Worst comes to worst, you should reach out to a legal expert to navigate your timeshare canceling policy.

2. Not Telling the Truth

Be honest about why you’re cancelling a timeshare contract.

Don’t try to come up with excuses about why you’re canceling your timeshare in an attempt to speed up the process. They could ask for proof to verify your excuse which can lead to legal issues.

3. Ignoring Recission Laws

Recission refers to the nullification of a contract so it isn’t legally binding anymore. There are certain laws regarding recission that can help you get out of a timeshare contract.

For example, you can cancel a resort timeshare purchase within five to 15 days after purchase. Even if the contract you signed doesn’t allow for an out, state law may allow you to rescind it.

4. Not Paying for It

One mistake people might make is thinking their contract will get canceled if they stop paying it. What will actually happen is that your account will get sent over to collections who will then hunt you down to repay that debt.

It’ll make it really difficult to cancel your timeshare if you owe them money. Even if you sell your timeshare to someone on eBay, you’re still responsible if that person fails to pay.

5. Trying to Cancel Over the Phone

Sadly, timeshare contract cancelation cannot be done over the phone or online. It must be done through a letter terminating your timeshare that details your contract number, date of purchase, and more. Your letter should be brief and to the point so that all the information is readily available.

If you’re wondering how to cancel a timeshare contract, make sure to look online for everything you’ll need to include in your letter.

Cancelling a Timeshare Contract Without Error

Terminating a timeshare shouldn’t be difficult. As long as you read the fine print and follow their requirements, you should be able to opt out of your contract at some point. If you need help cancelling a timeshare contract, reach out to a lawyer for help.

Check out our other articles about lifestyle and business for more information on making the best financial decisions.