You might've just purchased a timeshare in Mexico when reading this article. If you are not sure if you want to "own" a piece of paradise in Mexico, you can cancel your timeshare contract and recover your money if you purchase it within five days.
If you have purchased a timeshare in Mexico but have cold feet, it is possible to cancel your contract and recover the money you have paid so far. The cancellation of a timeshare is divided based on how long ago you purchased your membership; if you purchased within 5 business days, you should be entitled to the cancellation of the contract as well as a full refund of your deposit; if your purchase was more than 5 business days ago, do not despair, there is also help you can receive to stop paying for your timeshare.
Timeshare cancellation Letter Sample within five business days
If you purchased the timeshare within five business days from today (Saturday and Sunday don't count as business days), you can cancel your purchase by requesting it from the timeshare resort. First, you must submit a document requesting the cancellation of the contract and the refund of your money, specifying that you will expect to receive the amount paid 15 days after receiving the document. This document must include (you can find a timeshare cancellation letter sample below):
Address
Phone number
Email
Contract number
Full name
Contact information
Body of the letter where you will be requesting the cancellation
Date of the purchase
Your signature
It is important to send it during the time frame established by law and save the receipt, which endorses that the document was received within the time limit; it can be the receipt from the mailing company provided to you or a copy of a sent email.
The shipping methods that are NOT useful as evidence of your cancellation request are:
• When you hand-deliver the letter and the seller signs you a document accepting it (salesman or manager might claim the signature is not theirs).
• By fax, because the date that appears in the document can be modified.
• By phone, because everything was verbal and written evidence isn't evident of your cancellation request.
It is very important to keep all copies to show that the document was sent during the period established by the timeshare law.
Another aspect to keep in mind is that many timeshare resorts will not respond to your cancellation request, and you will, most likely, have to use the services of a lawyer or a company like Mexican Timeshare Solutions to assist you in recovering your down payment and also canceling your contract. If you submitted your cancellation request more than 15 days ago and the resort is not answering back or denying the cancellation of the contract, contact us now to explain to you how MTS can recover your deposit.
Timeshare cancellation after five business days
If your purchase was made more than five business days ago, the cancellation becomes more complicated but not impossible. The resorts will put obstacles and traps in place to avoid cancellation, but the cancellation of a timeshare contract is achievable with the assistance of MTS
Another drawback for contracts that have passed the 5-days to cancel prescribed by law is that if you don't cancel your contract property, you might be facing:
- Being sent to collections
- Having your credit rating affected
- Calls from debt collectors requesting money
- Lost any chance of recupe any money given to the resort
If you are still convinced that you no longer want to continue with your timeshare, we recommend you to use the legal path and not only stop making payments; failing to so, will definitively affect your credit score and ruin your plans prepared for the future.
The following is a sample timeshare cancellation letter that can serve as a guide to sending your letter requesting the cancellation of the contract:
Timeshare cancellation letter sample 1
Your Name
Your Address
Your Email
Your Telephone number
Resort’s Name
Resort’s Address
Resort’s Telephone number
Date
To whom it may concern:
Describe why you want to cancel your contract, include contract number in the drafting and likewise request the cancellation and a full refund, mentioning that you are within the 5-day cancellation period established by Mexican timeshare law.
Sincerely,
Signature and Name
Timeshare cancellation letter sample 2
3652 South Ave.
Lancaster, CA,46836
Jsmith@yahoo.com
639-766-3629
Royal Holiday
Resort’s Address
555-627-8800
July 1st, 2012
Subject: Cancellation of contract JLMK52396
To whom it may concern:
This letter is to inform you of my intention to cancel the timeshare contract number: JLMK52396 which was purchased by John Smith in accordance with article 56 of the Federal Consumer Protection by Mexican timeshare law. I request a full refund of my deposit and the cancellation of any future deposits found in the contract.
Please take a note in an event I do not hear anything from your company contrary within 15 days of reception I would assume that my contract is cancelled accordingly
Sincerely,
John Smith
Timeshare cancellation letter sample 3
6391 South Ave.
Lancaster, CA,52649
caroljames@hotmail.com
957-334-7614
Mayan Palace
Resort’s Address
744-469-6003
May 7, 2012
Regarding contract JLMK52396 for purchase of a timeshare at Mayan Palace resort. Which was purchased on 05/06/2012.We are exercising our legal right to cancel this contract, according to Mexican Consumer Protection Laws. We expect a full refund of our deposit of $30,000.Please do not make any additional charges to my credit card or any future payments. Please confirm that you have received this legal timeshare contract number: JLMK52396 rescission in writing.
Sincerely,
Carol James
We hope that this timeshare cancellation letter sample can help you. If you already sent your cancellation letter within 5 days and have not received an answer from the resort after 15 days, don't despair. Contact us. At MTS, we will offer a free consultation to advise you on your case, get your money refunded, and cancel your contract.
Contact Us
WhatsApp: +52 333 239 6589
Phone: +1 714 277 3662
Email: info@timesharescam.com
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Leave your comment below and share your opinion with us. To know more about timeshare scams go to: Timeshare Rental by owners
Fui a Cabo San lucas en el mes de mayo de este año y compre un tiempo compartido en Villa del Palmar al 3 dia regrese porque no queria seguir con la compra y ellos me dijieron que no podia cancelar mi contrato que la unica manera era que tenia que pagar todo el down payment y que entonces podia terminar mi contrato pero ellos se iban a quedar con todo ese dinero que serian como 2,500.- dlls. y entonces me dieron mejor precio y no quiero tener problemas con mi credito porque estoy tratando de mejorarlo y por ese motivo me tube que quedar con mi contrato. Me senti muy confundida porque me trataron de una forma muy agresiva y al fin se salieron con la suya. Que puedo hacer?
We were scammed too and we want out but don’t know how to get out. I wrote to AG office and explained how we were deceived, lied and high pressured into this thing. We can not afford it either, we would take the loss and donate it, but as you said that can be a scam too…..If you’ve found any help….I’d appreciate knowing how to get out.
My husband and I bought a timeshare on March 12th. On March 13th we went back to the resort conference centre and spoke to the salesman we bought from. I wanted to cancel the sale because we felt there was misrepresentation of the facts. However, my husband did not help me follow through at that time. Now the 7 days of ‘cooling off’ are over and he agrees that we should have sent a registered letter and rescinded. Is there any point to sending a registered letter now?
We were 5 1/2 hours at the presentation and our daughter-in-law was waiting for us to return so all we wanted was to get out of there, a card for owners giving us discounts was misrepresented, our ‘free’ week won’t start for a year because it is week 11 which was just over for 2012. We were told we were buying a week someone else had paid part of and they had to take it back so all we had to do was pay the balance. We are retired and find medical insurance out of country (Canada) more and more expensive. Is there anything we can do.
My 90 minute presentation with Silverleaf turned into 7 hours. I finally signed just to leave. I was hungry, tired and wanted to go home. after I got home and read the packet, I realized they signed me up for a timeshare in Illinois. I live in Texas and was told I could use my week at any Silverleaf resort. I am still within my 5 day recind period however, who do I send the certified letters to?? He Dallas office that I went to the presentation at or the Illinois resort they signed me up for? Or both? Any suggestions are appreciated.
Why should I rescind?
1) The main reason to rescind from a developer purchase is that you can usually buy the exact same timeshare on the resale market for 50% - 95% less than what the developer is asking!
Other reasons for rescinding:
2) You may have felt pressured into making a large purchase without having time to do any research.
3) You may have made a bigger financial commitment than you are comfortable with.
4) You may not really understand exactly what you bought and how it works.
5) You may have financed your purchase through the developer at a high interest rate.
6) You may have buyer's remorse.
Why should I rescind?
1) The main reason to rescind from a developer purchase is that you can usually buy the exact same timeshare on the resale market for 50% - 95% less than what the developer is asking!
Other reasons for rescinding:
2) You may have felt pressured into making a large purchase without having time to do any research.
3) You may have made a bigger financial commitment than you are comfortable with.
4) You may not really understand exactly what you bought and how it works.
5) You may have financed your purchase through the developer at a high interest rate.
6) You may have buyer's remorse.
I just read your article. Thank you. I am in Cancun now and purchased yesterday a timeshare but seems like we should cancel since our purchased was based on the free airfare we were to received.
I will send the cancellation letter today and will inform you on the outcome.
Thanks for exposing timeshare fraud.
Thank you in advance for your response.
We got 5 days to rescind based on the contract below...This is what the contract says:
"You may cancel a contract to purchase a time-share interval withing (5) days from the date of the contract, where you have made an on-site inspection of the time-share project before signing the contract, and, if you have not made such an inspection, you may do so by hand delivering notice to the seller within the designated period. Or by mailing notice to the seller (or his agent for service of process) by prepaid United States mail postmarked anytime within the designated period. Notices from purchaser to seller shall be sent. The rescission rights set forth herein may not be waived by either the purchaser or developer."
that means i have to drive to Vallarta early morning to mail the rescind letter using USPS.
I couldn't seem to understand what the contract's last sentence means.
Thanks.
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