This is the most common question we receive at Timeshare Compliance. There are several ways that you may be able to cancel your timeshare contract. The first thing you will want to do is evaluate your contract and see if there are any grounds for rescission or cancellation such as fraud, misrepresentation of the product, or deceptive practices by the sales person. These rules differ from state to state, so it is important to look at the specific state regulations and laws governing your purchase. To get a refund for your timeshare, call The People’s Advocate.
If you have already passed your rescission period, then you should contact our offices to discuss options for canceling your timeshare contract. In some situations we are able to assist with a buyback program where we negotiate a lump sum payment for the buyer of the timeshare contract. This amount can range from $500-$3000 depending on the resort, location, and size of your property. You will be required to pay a retainer fee of $1500 once you agree to participate in this program and instruct us to start negotiations with your resort on your behalf. Once an agreement has been reached, we will contact you with a release form that must be signed prior to us completing the transaction. The funds will then be disbursed within 10 business days.
“Timeshares are a nightmare,” said Florida Attorney General Ashley Moody in a statement this week. “We must continue to do all we can to prevent timeshare fraud and help those who have been victimized by these scams.”
Florida is the No. 1 state in the U.S. for timeshare fraud complaints, according to Moody’s office. The most common scams involve fake companies that promise to sell or rent out your timeshare, but take your money and run, or companies that trick you into paying them for services they never provide.
Moody’s office received more than 500 consumer complaints about timeshares last year, totaling more than $1 million in losses.
If you are one of the many people who have been scammed into buying a timeshare, or even if you just have buyer’s remorse, there is still hope. There are some companies out there offering to help people get out of their timeshares. If you can find a legitimate company, they can help you cancel your timeshare contract and get you a timeshare refund.
You should know that this is not going to be easy. If it was easy to get rid of your timeshare, then the chances are that you wouldn’t have bought it in the first place. But if you are persistent and willing to do a little bit of legwork, then there is no reason why you shouldn’t be able to get your money back from those conmen.
If you’re ready to go ahead with your plan, then the first thing that you should do is take a look at the contract that you signed when purchasing the timeshare. Chances are that somewhere in it will be a clause stating how long after signing the contract that you can cancel it and receive a full refund.