In the event that you have already entered a timeshare contract but you soon decide that the deal isn’t all it appeared, it is possible to cancel the agreement providing you move fast. In some instances, holidaymakers will be enticed into a timeshare during a presentation with a free bottle of champagne dangled in front of them. But little do they know that by the time they have left the presentation they are saddled with a timeshare property completely unaware of the requirements. As you are up against the clock in this scenario, it’s important that you stick to the following cancellation procedures in order to avoid any unwanted charges.
When did you acquire the timeshare?
If you purchased your timeshare after the 23rd February 2011 and in an EU country that implemented the new Timeshare Directive, you are protected by the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010. This is only applicable to timeshares located in EU nations that signed up to the Directive and does not cover any country outside of the European Union.
Any timeshare purchaser is within their right to cancel the agreement within 14 days of signing the initial terms of the contract. In the event that your timeshare purchase involves a ‘linked’ loan from a bank, this loan must be cancelled separately with the bank in question.
Cancelling your timeshare in writing
It is essential that you cancel your timeshare agreement in writing within the 14-day cooling off period. An email will do, but a hard copy posted via Recorded Delivery is also highly recommended. If you do choose to hand-write a letter to cancel timeshare purchase agreements do not choose to hand deliver, as there will be no audit trail of it being posted.
In the event that you paid any money up front to secure the timeshare contract – which in itself is breaking the law – you should include within your letter that you wish for this to be returned ‘forthwith’.
Providing a reason for cancelling your timeshare contract
You do not need to worry about including a specific reason for ripping up your timeshare arrangement. A simple, concise letter stating: “We wish to cancel timeshare agreement number xxxxx signed on xxxxx date” will more than suffice.
Cancelling a timeshare purchase can be a stressful time for all concerned, especially with money at risk. The last thing you want is to be tied into an unsuitable long-term arrangement. To ensure a smooth cancellation, simply stick to the procedures above and you’ll soon reach a beneficial solution.