Timeshare Attorney Las Vegas
AS SEEN IN
VACATION VILLAGE TIMESHARE CANCELLATION: A BRIEF GUIDE
The Timeshare Defense Attorneys offer information and resources on various topics like this guide about Vacation Village Timeshare Cancellations. Call now!
What Is Timeshare Cancellation?
Vacation Village Resorts is a popular timeshare company that offers timeshare properties to the public at resorts in several locations. However, some people who have invested in Vacation Village timeshares have quickly discovered that timeshares are not for everybody. As a matter of fact, several online reviews show that owning Vacation Village timeshares has turned out to be an unpleasant experience for many.
Many timeshare sales pitches are developed around appealing to potential customers’ impulse buying weaknesses. Slick salespeople with even smoother sales presentations lure customers into timeshare purchases with promises of various freebies and then apply pressure on their sales leads to convert them into paying customers.
However, upon making the purchase, many customers soon discover that the so-called freebies cannot be accessed. Some others experience buyer’s remorse since they made the purchase impulsively. Either way, they often begin to wonder how they can cancel their timeshare purchase.
You’ll need to act fast if you’re in such a position and need to get rid of your timeshare and get your money back. A timeshare agreement is a legally binding contract. When you sign the contract, you are legally bound to the terms of that contract, as one-sided as it may be. Therefore, it could be tough to extricate yourself from the contract and other obligations.
However, timeshare transactions are regulated by law, and if you wish to cancel your purchase, several options are legally available to you for a short time. Keep reading to learn about your Vacation Village timeshare cancellation options and how Timeshare Defense Attorneys can help you.
How to Cancel Vacation Village Timeshares
While there are several ways to get rid of your timeshare ownership, there is only one way to cancel a timeshare: notifying the timeshare company that you’re canceling your purchase during the rescission period.
The rescission period is a legally permitted timeframe for timeshare purchasers to cancel their purchase without penalties. While the time limit is usually stated in the timeshare contract, rescission periods are a product of statutory provisions across the states and usually range from 4 to 14 days.
For instance, under Florida law, a timeshare purchaser can cancel their contract within ten days from the day the contract was executed or the day the purchaser received all the necessary documents, whichever comes last.
Under the law, the right to cancellation within the provided period is solid and cannot be waived by the purchaser or anyone acting on their behalf. Any attempt by the timeshare company to obtain a waiver of the right to cancellation or to close the sale before the period expires is unlawful. In such cases, the purchaser can reject the contract within one year after the expiration of the rescission period.
Procedure for Cancellation
To cancel your timeshare in Florida, you need to send a written notice of cancellation to the timeshare developer or their escrow agent.
The method of transmitting the cancellation notice to the company is also important under the law, as that could determine whether or not it was delivered in time. The rule is that if you send the notice by mail or telegram, it is considered delivered on the date it was sent, as long as the company or their escrow agent receives it. This means that even if the notice gets to the company after the ten days have passed, they need to honor it as long as the postmarked date shows the notice was sent within time. If any other method is used, the company can only act on it if they receive it within the stipulated time.
Once the company receives your cancellation notice, they are bound to refund you any payments you’ve made under the contract, minus the cost of any benefits you may have enjoyed under the contract.
Note that this procedure, as stated here, is specific to timeshares purchased in Florida. If you purchased your timeshare elsewhere, you could contact your attorney immediately to get help with your cancellation.
Once the rescission period has passed, it is much more difficult to extricate yourself from a timeshare contract and get your money back. However, other options may be available for you if you intend to get rid of your timeshare. You can consult your attorney or a timeshare exit company for advice on this.
Getting Rid of a Timeshare After the Rescission Period
If you missed your opportunity to cancel your Vacation Village timeshares during the rescission period, the likelihood of getting your money back in full is quite slim.
However, you could explore certain strategies, including the following:
-
Check your contract to see if Vacation Village offers a timeshare buy-back policy. If they do, then you can contact them in that regard. However, buy-back policies generally come at a cost, and you may only be entitled to recover a fraction of your initial purchase amount.
-
You can also sell the timeshare to a third-party buyer. However, as many previous timeshare owners will confirm, timeshare resale is not particularly a lucrative business. Your timeshare loses value significantly once you buy it, so you will likely lose heavily and will be lucky to sell at 30% of the amount you paid. For many timeshare owners, this is still worth it as they are no longer burdened with the annual maintenance fees.
-
Consider giving your timeshare to a family member or close friend who might need it. However, be sure they can afford the maintenance costs and are willing to do so before giving such a gift. You might also need a timeshare attorney to help you determine the legal aspects of such a transfer.
Can You Cancel a Timeshare By Refusing to Pay Maintenance Fees?
It is a bad idea to stop paying your maintenance fees just because you’re no longer interested in the timeshare ownership. Not only is this approach ineffective, but it could also affect your credit rating negatively, and you could face creditor action from collection agents.
Can I Cancel My Timeshare Myself?
You can cancel your timeshare contract yourself. However, once you are past the rescission period, any action to negate the timeshare agreement becomes much more complex.
Before canceling your Vacation Village timeshares, consult with an attorney to ensure that you do not worsen your situation.
Consequences of not Canceling a Timeshare
Not canceling a timeshare certainly brings consequences. If you do not cancel vacation village timeshares, here are the possible consequences you will face.
-
You’ll continue to be responsible for paying maintenance fees, property taxes, and other associated costs as long as you own the timeshare exit company.
-
The cost can add up over time and become a burden on your finances, especially when you are using the timeshare regularly.
-
Timeshare can be difficult to sell or transfer, particularly if you are located in a less popular destination. If there are a lot of similar timeshares on the market, it will be more difficult.
-
If you decide to stop making payments on your timeshare, it can have a negative impact on your credit score. It will make it harder to obtain credit in the future.
This is why it is important to consult with a knowledgeable attorney who has ample info on timeshare exit companies, vacation village resorts, timeshare, and resale markets and offers timeshare cancellation services for vacation village timeshare owners.
How Timeshare Attorneys Can Help
If you need to cancel your Vacation Village timeshare purchased in Florida, consider contacting an experienced attorney for help. Your timeshare attorney in Florida can fight your case, especially when the timeshare company tries to prove difficult. They can also assess your case if you’ve passed the rescission period and help you find a suitable strategy to avoid your timeshare obligations.
For further information on timeshare cancellation, contact Timeshare Defense Attorneys. We have years of experience dealing with uncooperative timeshare companies and unraveling our clients’ timeshare obligations.
Armed with the knowledge of the industry’s nuances, our timeshare attorneys have all it takes to fight for you and represent you throughout the cancellation process.
Contact us if you have questions about how it works or if you need aggressive representation.