When looking to cancel a Timeshare, consumers often find themselves fighting an uphill battle against the resorts. Debt collectors, threatened lawsuits, and false information overwhelms even the savviest of Timeshare owners, and it is easy to lose track of the most important details. The first and foremost among these being the Statute of Limitations, an absolute time limit on when one can challenge their contract in a court of law. It’s a race against the clock to litigate against the resorts, as a case can be dismissed if the Statute has passed the designated deadline.
Defining the Statute of Limitations
The statute of limitations dictates the maximum amount of time available to pursue a legal action, starting from the date of the alleged offense. In the context of Timeshares, the statute of limitations provides a timeframe by which an offended consumer can pursue litigation against their resort. The timeshare industry is well aware of these limitations, and will do everything in their power to stall, misdirect, and bait the consumer into missing this deadline. Each state has their own deadline on Statutes of Limitation, and the state in which the Timeshare was purchased can have a major impact on legal matters. Therefore, it is imperative to review your relevant State law carefully and understand exactly when this period begins and where it would end.
However, there can be certain claims that can be brought after the expiration under the Discovery Rule, but it is tricky, and should be discussed with an attorney who is knowledgeable in Timeshare law.
Not to be confused with the Statute of Limitations, there is often a short period of grace, or “cooling-off period” called the Timeshare Rescission Period, in which consumers have the right to rescind their timeshare contract for any reason. This period of time varies between state legislatures, but due to the high-pressure sales tactics favored by the Timeshare industry, this period often lasts between 5-10 days, enough to aid one who was unwittingly trapped into signing a contract during their vacation. If a consumer has been wronged or falsely led on by deceptive promises, invoking their rights during the Rescission period will refund all of their down payment, and save them many thousands of dollars in fees and mortgage debt. See the exact rescission time in your state where you made the timeshare purchase.
Steps to Take Towards Cancelation
If you are outside the Rescission period, and want to cancel your timeshare, the next step would be to contact a licensed Attorney specialized in timeshare divestment. The timeliness required by legal actions cannot be understated, as the average length of time one has across the States is between three and five years. During this period, the Timeshare industry will use every possible trick to force the owner into either continuing their contract or urging them to sell their Timeshare to break out of it. They will send Letters, make collection calls, or even threaten to impact one’s credit score, and they can sue you for everything you owe or will owe in the future depending on the lawsuit.
To learn more about Timeshare cancelation, visit https://thetimesharelawfirm.com/
To schedule a consultation, contact The Timeshare Law Firm at: 321-224-1111