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Timeshare Recession Letter – A Simple Guide
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Timeshare Recession Letter – A Simple Guide
- December 8, 2021
Table of Contents
Timeshare Recession Letter
Avoid a Timeshare Headache
There are many other ways a person going on vacation can enjoy the vacation without getting a timeshare headache. In fact, most timeshare companies offer more than timeshare services for potential customers. Renting a vacation spot for a specific time period is always a better choice.
If you are traveling with family, you will have no trouble finding a plan that will serve you all. This short-term plan is not only going to give you freedom from the financial obligations of a timeshare, but will also allow you to spend your next vacation anywhere in the world.
Not all resort developers have resorts in all of your desired states or countries. With a timeshare, you are forced to spend your vacation the same way in the same place every year. Even if you are lucky enough to have a developer that still offers an expansive resort service, you may still want to change things up a bit. We should also mention that some resort developers do not give their customers the privilege to choose where to vacation every year.
For those timeshare companies, once you sign a contract for a resort in a country or state, that is where you will spend all of your vacations. Although we do not know whether a large percentage of timeshare companies offer “an extensive resort service” or limit their customers to only one location, what we do know is that all timeshare companies have a number of things in common, including charging expensive fees and annual or dues. You should avoid being forced into buying a timeshare–no matter how attractive the resort seems. Rather, you should try exploring other vacation options to see if you can find a less demanding, and shorter vacation plan.
If you already signed a contract with a timeshare company and you are looking to terimate the agreement, you will have to write a rescission letter if you are within the specific time frame allowed by state law. If you do not know how to write a rescission letter, don’t worry. We are going to give you the format of the letter. Before this, we should look at ways you can get out of your timeshare contract, including what rescission period is and how it works.
Ways Out of your Timeshare?
When a timeshare owner wants to get rid of their timeshare contract, there are many to do that. You can either hire a timeshare exit company, sell it through an auction, put it on resale market via platforms like Craigslist and eBay, or advertise it on your personal social media pages. Some timeshare companies even allow that their customers to advertise their timeshares on the company’s official websites.
By doing this, companies try to create their own marketplaces. Some timeshare companies even offer a Deedback program or “Take Back” program.
However,, not all timeshare owners can benefit from a take back program. All timeshare owners can sell through an agent, sell on platforms like eBay and Craigslist, or hire a timeshare exit company–but not all of them can use the “Deedback” option. The program is meant only for those owners who do not owe any outstanding dues or fees. That means that in order to benefit from this program, you cannot owe a mortgage or dues. And again, not all timeshare companies offer a Deedback program.
But while you will have to pay for exiting your timeshare contract through most of those options provided above, there is one option which is completely free. This is known as rescission. Unlike other options, rescission is a quick fix that will get you out of your timeshare contract. This option is not only the cheapest among all other options, but is also the easiest and the surest method of cancellation. All you will have to do is follow the required process, and in time you will be out of the worrying contract.
What then is a rescission period and how does it work?
If you are the new owner of a timeshare, the first few days after your purchase the timeshare is your rescission period. However, rescission days vary from timeshare companies to timeshare companies, and from state to states. This is because the rescission option is required under state law.
There are few modifications to the law depending on the state where you got your timeshare. While some states have as short as 3-4 days as their rescission window, some give up to 14 days to cancel.
You should make use of the window provided and act swiftly, as a longer delay could prevent you from being able to get out of your timeshare so easily. Any step you take after the rescission period has closed is not going to take you out of the contract. But if you follow the appropriate steps and do what your resort developer asks you to do, the company itself has no choice but to let you out of the contract.
This why we say the rescission option is the best way to go. This is the surest option, since no company can stop you once you complete the process. Again, this is the cheapest option, because the rescission option is completely free.
However, one of the steps you will have to take is writing a rescission letter. We have written this article to guide you through the writing format required to rescind your timeshare contract. The paragraphs below detail how best to write the letter.
How to Write a Timeshare Rescission Letter
Writing a timeshare cancellation letter has a format, and since the rescission period is very short, you have to get the letter right the first time and should make use of this format to avoid rejection. The letter will have a heading, an introduction, a body of one or two paragraphs, and a conclusion.
First, you will have to have a title or heading. The name of the resort together with salutation should be at the left corner of the page. After that, you will move to the body of the letter, where you will have two paragraphs to express your request to rescind the contract. You must include your name and your contract number (this is the number you will find on the first pages of your contract).
Then you will state your intention to cancel your contract. You must include the date of your purchase and the number of days the state provides to cancel the contract. This will show that you are still under the rescission period and have the authority to cancel the contract.
Having done all of this in a paragraph or two, you can then move to the last paragraph to state your right to a full refund. Then, you will include your contact information or email. You will then conclude the letter and put your name on the left corner of the page.
The following is a sample letter:
LETTER OF RESCISSION
Dear (Your Resort Name),
I am Morris Williams with the contract number (the number of your contract will be here). I want to cancel my timeshare contact, as I believe I am still within the rescission period allowed by law to do so. I bought my timeshare on (purchase date), and under the contract, I have (the number of days listed on the contract) to cancel my contract).
I want a full refund for the deposit I paid. The refund can be through check or automatic deposit (at this point, you should specify where you want the funds to be deposited. If there is need for further contact, please reach out to me via (drop your email and phone number here).
Sincerely,
Morris Williams.
Conclusion
Writing a rescission letter is important. You should write the letter in the format listed above so the letter is not rejected. The format above will help you write an acceptable rescission letter.
