A timeshare is a simple way to spend your holiday in a home away from home. However, many timeshare businesses enter the industry to deceive consumers. They entice ordinary people into timeshares, trapping them in a cycle of high maintenance costs and other annoyances. Thus, before you think of getting a timeshare, you should at least know the answer to one of the most common questions being asked: Are timeshare maintenance fees monthly or yearly?
Once you’ve signed it, it isn’t easy to back out of a contract. That isn’t to say that canceling a timeshare is difficult. The good news is that you can get out of a timeshare and avoid or decrease costly cancellation fees.
In these cases, the best choice is to exit such timeshares formally. To do so, you must first draft a proper timeshare cancellation letter. Certain things must be included in your timeshare cancellation letter.
A letter is the first step on the journey. It’s crucial to pay attention to how you write your letter and what you include. Continue reading to find out how to get out of Wyndham timeshare contract.
Why Is It Necessary To Terminate Your Timeshare?
You must understand your true motivation for canceling your timeshare. Only then can you choose your terms to describe your need to terminate your timeshare. The most prevalent cause of timeshare cancellations is the ever-increasing maintenance costs. Start an in-depth examination and write down all of your reasons about how to get out of Wyndham timeshare contract.
Make Sure You’re Aware Of Your Rescission Deadline
When purchasing a timeshare, you have a few days after signing the contract to reconsider your decision. The “cooling off” or “rescission” period is the name given to this period of time. According to the statutes in place, the number of days in the rescission period varies per state. Typically, the rescission period is 5-7 days. Some states allow you to cancel within three days, while others let you cancel within a week, including Sundays and holidays. As a result, do your homework to learn about the rescission period in the state where you’re buying a timeshare.
Step 1: Find Out How Long You Have To Exercise Your Right To Rescission
The first thing you should do is determine the length of your rescission period. In most states, it takes 3 to 15 days, so you won’t have much time to spare, even in ideal conditions. Check your contract to see how much time you have left.
If the rescission period hasn’t elapsed, the contract should inform you what you need to cancel your timeshare contract. Follow the contract’s instructions to the letter! You can complete and submit a timeshare cancellation form found in some contracts. It’s also possible that you’ll need to submit a timeshare rescission letter.
Step 2: Write A Letter Of Cancellation For Your Timeshare
If you need to send the resort/developer a timeshare rescission/cancellation letter, include the following information:
- On the timeshare contract, the names are listed.
- The contract number for your timeshare.
- The timeshare company’s name.
- The date on which you bought your timeshare.
You’re writing for a cause. (Inform them that the goal of your letter is to terminate your timeshare contract and that you have the legal authority to do so under your contract and state legislation.)
A request for any monies paid to be repaid, as well as the cancellation of your loan, if applicable.
The letter should be signed and dated.
Make sure you read everything in your contract and provide any essential details. Give them no excuse to turn down your request.
Because the deadline is ticking, send the letter as soon as possible as you’ve finished it. Send it to the address specified in the contract, which may or may not be the same as other addresses related to the timeshare. Also, send it certified mail so you can prove it was sent and received within the specified time frame.
Step 3: Confirm The Cancellation Of Your Timeshare
If you followed all of the steps correctly, you should get confirmation that your timeshare contract has been terminated. If you haven’t heard anything after a few weeks, call the resort to check if anything keeps you from canceling or rescinding your reservation.
You can create your own timeshare rescission/cancellation letter, but given how crucial it is to do it correctly, you should consider hiring an attorney to assist you.
Pay Attention To The Following Points
After you’ve sent the timeshare cancellation letter, your trouble isn’t over. Your letter will be easily rejected if it is not written according to approved standards. You can’t afford to make mistakes in your letter because the rescission time is so short. You should also make sure you have duplicate copies of all your documents with the correct dates. Otherwise, your plea to cancel your timeshare will be ruled void by the courts. As a result, double-check that your letter and supporting documentation are excellent and that your timeshare firm will accept them legally.
However, working with a competent best timeshare cancellation company throughout the rescission period and even after that can efficiently help you complete your entire cancellation process.