Although there is a great deal of negative media surrounding the difficulties of cancelling timeshare contracts, the answer is, that in some circumstances it is possible to cancel your contract.
Why Would I Wish to Cancel?
Many reasons may see you wanting to offload the burden of your timeshare contract. These reasons vary from person to person but generally include money and finance issues, personal health issues, initial mis-selling of the timeshare or a growing lack of use and interest. You may have also purchased the timeshare contract with a partner or spouse who has since passed away, leaving you with little or no desire in continuing with the timeshare in the future. In this circumstance the contract would no longer be valid, and you will be within your rights to legally cancel. If you need advice on any element of cancelling a timeshare contract, then speak with a timeshare specialist solicitor today.
Before the Cooling-Off Period has Expired
All timeshare contracts should be issued with a fourteen-day cooling off period. This is to give you time to reflect and consider your purchase and to ensure you are entirely comfortable with the contract. However, if within this cooling off period you feel you no longer wish to proceed with the purchase, then by following the rules and guidelines within your contract you can cancel. In this situation there are no requirements to provide an explanation or reason for wishing to cancel.
It is recommended that any cancellation should be sent by recorded delivery and be put in the post no later than day 14 (with day 1 counted as the day you signed). You can of course email your cancellation within the same timeframe. If you paid any monies, you have the right to demand these to be refunded to you immediately (it is however against the law for a company to have taken any monies at this early stage of the process).
After the Cooling-Off Period has Expired
If you are wanting to cancel your timeshare contract after the cooling off period has expired then you will find this almost possible, unless of course there is a reason that may legally allow you to exit the contract i.e. the death of a partner, mis-selling of the timeshare product or breach of contract. If you are looking to exit your timeshare contract after the cooling off period it is imperative you seek legal advice from a timeshare solicitor.
I Can no Longer Afford my Timeshare
If you can no longer afford your timeshare due to specific changes to your financial situation then you may be able to exit your timeshare contract. For example, if you have been made redundant, have been declared bankrupt or your financial situation has dramatically changed, then you may have grounds for termination.
My Timeshare was Mis-sold
If you feel the timeshare holiday you are experiencing is not living up to the expectation of what you were sold, and you can provide evidence of this, then you may also have a right to exit your contract on the grounds of mis-selling. For example, are the resort facilities as described in the presentation? is the accommodation kept well maintained, repaired and looking as good as in the brochure? and have the maintenance fees been in line with what you were expecting?
Who can Provide Advice or Submit my Timeshare Claim?
If you find you need or want to exit your timeshare contract, then it is imperative you utilise the services of a timeshare solicitor. There are many claims management companies and unregulated providers on the market who will offer to submit a claim on your behalf, but beware. Many of these companies are unregulated and do not use the services of a timeshare solicitor. This unscrupulous practice can leave you out of pocket and with a claim that has no legal substance, which will be rejected. This will unfortunately leave you having to continue with your unwanted timeshare contract.