Timeshare Termination
Timeshares are a huge investment. If you’re like most people, you probably purchased your timeshare with high hopes of spending wonderful family vacations in some of the world’s most beautiful destinations. But what if things don’t go as planned? What if you can’t use your timeshare or you find yourself stuck in a contract you want to get out of? In this article, we will provide a definitive guide to terminating your timeshare contract.
How do you terminate your timeshare contract?
The process of terminating your timeshare contract is quite intensive. Here is what you need to do;
First, you need to send a written notice to your timeshare company requesting the termination of your contract. Be sure to include your full name, address, and the specific details of your timeshare contract.
You will then need to wait for a response from the timeshare company. In most cases, the company will try to convince you to keep your timeshare. They may offer you a discount or a free vacation. If you’re firm in your decision to terminate the contract, then you will need to provide the company with written notice of your intent to cancel. You will also need to send a copy of your notice of cancellation to the resort where you purchased your timeshare.
The next thing you should do is contact an attorney who specializes in timeshare law. They will be able to advise you of your legal rights and help you navigate the process of terminating your contract.
You will also need to file a complaint with the Better Business Bureau (BBB) and the Federal Trade Commission (FTC). This will put pressure on the timeshare company to cancel your contract.
Something else you need to stops making payments on your timeshare. If you don’t, the company may take legal action against you.
Finally, you need to send a certified letter to the timeshare company demanding that they cancel your contract. Be sure to include a copy of your cancellation notice and a copy of your BBB complaint. You will then need to wait for the timeshare company to take action. In most cases, they will cancel your contract within 30 days.
What do you need to consider before you terminate your timeshare contract?
There are a few factors you need to consider before you terminate your timeshare contract;
The first thing you need to do is figure out if there are any penalties for terminating your contract. Some companies will charge you a fee for canceling your contract early. Others may require you to pay the balance of your contract in full. Be sure to read your contract carefully so you are aware of any penalties you may be required to pay.
The next thing you need to consider is whether or not you will be able to get your money back. In most cases, you will not be able to get a refund on your timeshare. However, you may be able to sell your timeshare or transfer it to someone else.
You also need to consider the impact terminating your contract will have on your credit score. If you default on your payments, it will likely have a negative impact on your credit score.
Conclusion
As you can see, terminating your timeshare contract is a complicated process. There are a lot of factors you need to consider before you decide to cancel your contract. Be sure to do your research and consult with an attorney before you take any action.