How To Cancel a Timeshare

Purchasing your very own timeshare investment may seem a good decision at the time.  Well, how can you really blame yourself when the entire pitch was so appealing and exciting?  Yes, timeshare companies often invest a lot of their money and time in hardcore selling.  Now, once you make the purchase, you may seem so confident and excited similar to an all out high you get when achieving something that you worked hard for.  However, the feeling, for most people is temporary.  On this note, if you have made the decision and purchased your very own timeshare only to find yourself dwelling with remorse and regret a few days after, then here are some suggestions that you can enact to cancel the whole thing.

  • The rescission period.  You will be surprised to know that each timeshare contract is drafted and concretized with a stipulation or clause that provides for a rescission or remorse period.  This refers to a set timeframe wherein you can cancel the deal even after signing it.  Now, this clause may be hidden expertly in the contract and you will need eagle eyes to find it but know that it is there.  You will first need to know what the timeframe is from the day of signing.  Most contracts provide a 15-day cancellation grace period however; this may vary from region to region and country to country.  If you can still activate this clause within the timeframe, then you can request for the cancellation with relative ease.  You can now proceed to the actual cancellation process.
  • Inform them by phone.  One way to cancel the contract, which is probably the most effective way to do it, is by phone.  Dial up the timeshare company that sold you the investment and request to either talk to the sales person who sold you the timeshare, a customer service rep, or a manager.  State your intentions to cancel the contract and that the particular remorse or rescission clause is still valid.  Be wary though that once you mention the word "cancel" all kinds of sales talk may occur.  Disregard them if you are not interested and clearly state that you wish to be released from the contract.
  • Support it with a letter.  The cancellation call is not enough to ensure that the timeshare company enacts your request.  You will need to support it with a cancellation letter.  Address the letter to the timeshare company; particularly to the person you talked to.  Make sure to rush the mail in order to get the letter of request in at the fastest possible time.  Remember to indicate the reason you want to cancel and state the rescission clause.  Make sure to indicate that you already cancelled the purchase via phone on the particular date of the call well within the rescission timeframe.
  • Call your bank or credit card company.  After filing all the requests with the timeshare company, call your credit card company and bank and request for a refund on this particular transaction.  Normally, you are given 30 days from date of transaction to challenge it.  Support the request with your dated cancellation letter and the contract you signed with the stipulation that releases you from it.  Hopefully, you will get your funds back and the timeshare company cannot wiggle its way into your arms again.

Now, if all else fails, you may need to call in the big guns, a lawyer.  Have him discern the contract to see if any other loopholes can be found.  Most contracts have certain loopholes that a lawyer can leverage to cancel it.  Find these loopholes and have him do everything in his power to work with it.


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