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Cancelling Timeshare Contract

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CapeCaper | 10 Sep 2014, 10:31 AM Agree 0
About 10 years ago we inherited a timeshare week for 30 year old property in Florida about 15 miles from our home. Since we felt we would not use it, we put our week into an exchange company. The downside of the "weeks" program is that in addition to paying the exchange fee, you need to exchange the entire week, even if you only want to use a few days for a get away. In April we exchanged our week and stayed on Hilton Head, SC. We went to the timeshare presentation and decided to exchange our "weeks" program for a "points" program which provided us more flexibility, was in a brand new facility, and had a lower maintenance fee than our current unit. The new unit is also part of the same exchange company. The price to exchange and upgrade was $6900.00. We put $200.00 down and have made five payments of $150.00. In October the remaining balance, plus a $400 closing fee, is due. We have the option of financing the balance, but would opt to pay it off. Since signing the contract, my spouses health has declined, which will impact our ability to travel and use our vacation points. Since no transfer of title of our existing "weeks" timeshare has been made, we are wondering what our options are as far as terminating our contract. We understand we are way past the 5 day cancellation period and realize we will most likely forfeit the money we have paid. We would like to terminate the deal and retain our "weeks" property and either sell or donate it to our church. Could you please tell us if we have a possibility of terminating the contract and, if so, tell us how to go about doing so and what type of fines or fees we might expect to pay. Thank you.
  • williamrachea | | 12 Nov 2014, 04:13 AM Agree 0
    If you buy a timeshare or holiday club membership on a credit agreement, this will be automatically cancelled if you withdraw from the agreement during the cooling-off period. You won't owe any interest as long as you pay back any credit within one month, or by the date the first installment is due.

    However, if you arranged your own credit agreement which was not linked to your timeshare or holiday club agreement, you must cancel this separately.
  • Beachbum65 | | 20 Nov 2015, 02:32 PM Agree 0
    My wife and I purchased a timeshare with Diamond Resorts. On our first visit at Grande Villas Resort we fairly happy with the place but the room was not much better than a moderately priced hotel room. Definitely felt like I paid too much. Unfortunately I got laid off after our trip. After my unemployment I ran into issues with being late on a payment. I was only a few days late and so I asked if they could work sometime out with me in my current situation. They didnt want to hear it, were pretty rude and just kept telling me I signed the contract now I have to deal with it. I asked them for many ways to work out lower payments while attempting to keep it. There people kept being rude and never seemed to care that with me not working for a year I was only a few days late on payments seeking to make some type of arrangement. They said all sorts of insulting statements making it sound like I was a dead beat and didn't care about my bills. It wasn't until this massive rude lack of customer service did I realize how poor this company is. Here I am wanting to make payments and they didn't care. We tried to everything we knew to do to cancel. I found some stories about timeshare cancellation online and decided to do some research of my own. I came across Finn law group and Aaronson law group and gave them a call to tell them my situation and see what they could do. Aaronson seemed to have a better plan to get my timeshare cancelled. We hired them and it didnt take but a few months and they had got my timeshare rescinded! Definitely saved me some money. Im not exactly sure of other ways to get out of timeshares effectively but a lawyer worked for us!
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