Everything You Need to Know About Timeshare Cancellation Services
Research by the American Resort Development Association showed that more than 9 million US citizens own timeshares. A study by the University of Central Florida showed around 85% of the people who own the timeshares regret the purchase. Various reasons make timeshare owners want to get rid of them. One of the primary reasons is the high maintenance cost. As a timeshare owner, you are most likely to spend hundreds, if not thousands of dollars in yearly maintenance costs. If you bought a timeshare to use it as a vacation spot year after year, the location might no longer hold the same allure after several visits, and this might prompt you to exit the timeshare plan.
There are numerous timeshare selling companies, which makes it easy to purchase them. However, you might be surprised by how complicated it is to get rid of one. There are also multiple timeshare exit companies, but you must be careful in selecting them as most are scams. If you encounter problems exiting a timeshare, you can use DoNotPay to help you cancel your timeshare agreement. The robot lawyer's products will enable you to contact the company that sold you the timeshare and quickly create a cancellation letter on your behalf.
How Long Does It Take To Cancel a Timeshare?
The period for timeshare cancellation varies state by state. For instance, the period allowed to cancel your timeshare contract in Florida may differ from that in Hawaii. It is therefore essential to know your state rescission period and act quickly before that period ends. It may take 12-18 months to cancel your timeshare agreement using a timeshare cancellation company.
You must also send a formal notice to your seller within that period to claim a full deposit. Ensure that you have thoroughly read your original purchase contract, as some of the cancellation policies are included in the contract.
How Much Does It Cost to Cancel a Timeshare?
The timeshare cancellation highly depends on your exit plan. Timeshare exit companies negotiate directly with your timeshare company to legally remove you from the timeshare agreement. In some cases, these companies may work closely with a law firm in the negotiations.
Attorney-backed exit plans are a bit more expensive than the non-attorney- backed process. Other significant costs that may be involved include:
- Timeshare cancellation company fees.
- Transfer fees.
- Settlement fees.
Here are the options available to you if you want to get out of a timeshare:
|Get out of a timeshare on your own.||You can attempt to sell or give away your timeshare, contact the timeshare company, and ask to cancel or stop payments to the timeshare.|
|Enlist the help of a timeshare exit company.||A timeshare exit company specializes in helping their customers out of their timeshare contracts but is a costly option.|
|Use DoNotPay to get out of your timeshare.||A quick, easy, and cost-effective process to get out of your timeshare contract.|
How to Cancel a Timeshare on Your Own?
You can cancel a timeshare agreement by yourself without the help of a timeshare exit company. The steps to follow when exiting a timeshare on your own are:
- Write your cancellation request. You can use your computer to draft a well-formatted request letter. You may then print, sign, and mail to your timeshare company. Make sure to keep a copy of the signed letter for your records.
- Include an explicit request that you want to exit your timeshare. Make it clear in your writing that you are requesting to cancel your timeshare plan. The letter should be formal and short with all the essential details. Avoid beating around the bush and state your request in the first one or two sentences.
- Add all the vital details. Some of the essential information to include in the letter are your membership ID, the contract number, the purchase date, your name or name of the contract holder, and your timeshare.
- Set expectations. Indicate your exit plan; state whether you are interested in making a resale, beneficiary benefit, or altogether cancel the program.
- Send all your requests via a certified mail provider. Follow up with your mailing company to ensure that the timeshare companies received the correspondence. If possible, you can contact the timeshare company staff to inquire whether they received your cancellation letter.
Next Steps if You Cannot Cancel a Timeshare by Yourself
There are other options if you are not able to cancel a timeshare within the agreed period. Never walk away from your timeshare, as the timeshare association could report you to the collection company and affect your credit score.
If you cannot do it yourself, you can either consider selling your timeshare or seek help from a timeshare exit company. You can use DoNotPay to help you cancel your agreement. You can easily access our platform using your regular browser and select timeshare cancellation services.
How to Cancel a Timeshare With the Help of DoNotPay?
If you want to cancel your timeshare agreement but don't know where to start, DoNotPay has you covered. Create your cancellation letter in 3 easy steps:
- Search "Cancel Timeshare Agreement" on DoNotPay.
- Tell us about the timeshare company, the contract name and number, the purchase date, and other details of your agreement.
- DoNotPay will generate a cancellation request letter on your behalf, leveraging all of the negotiation tactics mentioned above.
Why Use DoNotPay to Cancel a Timeshare Instead of a Timeshare Exit Company?
There are multiple benefits of using DoNotPay to cancel the timeshare plan. The application has a user-friendly interface, and this makes it easy to create a cancellation request letter. It is not easy to make errors while using our platform, which enhances your request's success.
DoNotPay helps with the termination of timeshares from many companies such as:
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