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How to Write a Timeshare Cancellation Letter | Timeshare Cancellation

Sep 23

How to Write a Timeshare Cancellation Letter

If you follow the majority of people who've bought a timeshare, then you will likely regret your purchase. 85% percent of people who have bought a timeshare regret their decision.

What is timeshare cancellation?

The high cost of a timeshare purchase and the annual maintenance fees associated with ownership are what drives most buyers to want to exit their contracts as soon as possible. If they want to sell, timeshare depreciation can be sudden and the margin is most significant.

Cancelling a timeshare purchase protects the buyer by refunding their full purchase price and absolving them of any penalties. Cancelling a timeshare and receiving a refund is possible, but it is rarely easy. The purchaser must take action within a short window of time, and this can be difficult to do.

The Do’s: How to Write a Timeshare Cancellation Letter

If you are fed up with your timeshare, it is time to take action. But before you write a long letter, STOP. Take a deep breath, collect your thoughts, and then when you are feeling calm, write your letter. Here is how to do it.

1.  Make sure your cancellation request is in writing.

You must complete this step in order to cancel your timeshare. (It would be helpful to create a folder where you can keep all your timeshare cancellation-related records. You’re going to need it. To cancel your timeshare, you need to send a typed letter, not an email. Print out the letter and mail it to your timeshare provider, and keep a copy for your own records.

2.  Be sure to include a statement requesting the cancellation of your timeshare contract.

You need to make it very clear that you want to cancel your timeshare when writing. You don't have to be rude, but you do need to be assertive. Your subject line should say something like Request to Cancel Timeshare or Timeshare Cancellation Request. 

Be direct in your request and state it early on in the letter. Keep in mind that this process may take some time, so try to make it as easy as possible on yourself. Get to the point and don’t beat around the bush. You can cancel your timeshare contract by saying, “I am writing to request immediate cancellation of my timeshare contract,” or “This letter is a formal request to immediately terminate my timeshare contract.

3.  Please provide a list of significant details.

The goal of the person who receives your timeshare cancellation letter is to make it so that you cannot cancel your timeshare. Your job is to include every relevant detail in your letter so that they can successfully do this. If you forget to include key information, they will be very happy because it gives them more time to ignore you or convince you to stay. Don't give them that opportunity!

In order to best assist you, they will need some information regarding your timeshare contract. Provide them with the following details: 
-The name of the timeshare as listed on your contract
-The name of the contract holder
-The contract number
-The purchase date
-Your membership ID

Organize your information using lists, bolding, and other typographical features to make it easy to find and understand. Don't bury key details in long blocks of text.

4.  Make sure everyone is on the same page.

Timeshare companies make their money by luring people into bad deals with the promise of easy ownership, but the truth is that these deals depreciate faster than cars. When people realize they've been scammed and want out, the company's goal is to keep them locked in.

In your letter, you should say that you are not interested in a resale, beneficiary transfer, or any other ownership opportunity. You should also say that you expect a response from the company within 30 days, by certified mail.

5. All letters should be sent by certified mail.

It is important to send any future correspondence required for the cancellation process through certified mail so that you can be certain that the company received your request.

Can I cancel my timeshare contract through email?

You can cancel the contract by writing a letter that cites the law allowing you to do so.

Does a timeshare cancellation letter need to be notarized?

The note should include your personal information as well as the name of the resort. Writers should also acknowledge the grace period and state their reason for canceling. Finally, make sure that the letter is notarized before you send it off. You'll have to contact a notary to do this for you.

Delivering Your Cancellation Notice to the Timeshare Company

When writing your timeshare cancellation letter, be sure to follow the specific instructions given by your timeshare company. You should also research any state laws that may apply to your situation. You may be able to deliver the notice in person, but mailing is usually the preferred method.

It's important to remember that timeshare companies make their money by trapping people into contracts they can't get out of. So, when they hear that you want to cancel, they'll do everything they can to convince you to stay. They may even say they never got your cancellation letter.  Using registered or certified mail will provide you with a delivery receipt and prevent any deceptive tactics.

How to Terminate a Timeshare Agreement?

It is very difficult for people who own timeshares to cancel their agreements, which has given rise to an industry dedicated to cancelling timeshares.

Cancellation companies are experts in helping people find a way out when they're feeling hopeless. The cancellation experts working for these companies specialize in helping people in difficult situations. They can also help you if you failed to cancel within the specified time period.

How Much Does It Cost to Get Out of a Timeshare Contract?

If you don't cancel your timeshare during the grace period, you'll have a much harder and more expensive time trying to get out of the contract. The cost varies, but most contracts have heavy penalties that can be 10 to 30 percent of the purchase price, or even more.

The amount you'll pay in the end also varies depending on the policies of your particular timeshare developer, with some of the bigger names being Holiday Inn Club, Diamond Resorts, Westgate, Bluegreen, and Wyndham.

Many people who own timeshares and are unhappy with them will hire a company specializing in timeshare exits to handle their paperwork, which can add thousands of dollars in legal fees.

What to Do If You're Unable to Cancel Your Timeshare Contract Independently

Many timeshare owners attempt to cancel their contract by hiring a timeshare exit company. These businesses are legal firms which specialize in the paperwork and process of cancelling a timeshare contract with a developer. Although a timeshare exit company can help clients lower the cancellation penalty for breaking their contract, they also charge costly legal fees, making their services essentially a wash. In addition, there is the problem of fraudulent timeshare exit companies which are prevalent in timeshare hubs like Florida. These companies charge upfront costs but have no intention of actually helping their customers resolve their situation.