If you were unfortunate enough to buy timeshare as a result of high pressure sales techniques or misrepresentation of information you do have options. Even though you have signed a legally binding contract there are protections in place for timeshare buyers that change their minds during the “cooling off” period that follows a sale. An unhappy or misdirected timeshare buyer should be able to file for a rescission of timeshare property purchased given that the following 10 steps are followed:
- Take time to record the details of the timeshare presentation you attended. Important features to note are: location, time of day, date, names of those present, misrepresentation of facts, and ways/instances you were pressured.
- Use the information you recall and have recorded to write a detailed and concise letter specifically asking for the rescission of your timeshare contract. Be sure to make a copy for yourself, your lawyer, your credit card company/bank (depending on method of payment), and the Federal Trade Commission.
- State in the letter that you will be contacting the timeshare resort company in two days to confirm receipt and to provide credit card info for a full refund.
- Mail copies of your letter to the customer service manager, sales manager, and owner of the resort/organization in question. If you do not have this information readily available you may be able to search their website for it (if they have one ) or you can call the customer service hot line provided with your purchasing information.
- Send your rescission request via registered mail with confirmation receipt, by email, and by fax. This assures it will be received by the desired parties.
- Call the customer service manager in charge two days after sending out your letter. Do not speak to anyone other than the customer service manager unless they are of a higher position in the resort/organization. Continue to call back until you are able to speak with someone with authority and at this point request a full refund, including your initial deposit.
- Remember to keep calm throughout this process. Be persistent, but remain polite – getting worked up or arguing will most likely delay the process.
- Try to stay focused on the rescission and avoid a lengthly discussion of how you feel you were wronged. Getting into such a negative discourse will tear your focus from the rescission and refund process and ultimately delay the progress.
- A company or resort will want your contract back once a refund and rescission is made final. Make sure to keep a copy of the contract for your records and when the contract is sent back, attach a letter stating that it is being returned on the condition of rescission.
- Upon resolution of your rescission, contact the authorities and anyone involved with your visit to the resort presentation.
Unsure if you are still in the timeshare rescission window? Read Timeshare Rescission Laws for Each US State to find out.