If you’ve been stuck with a timeshare contract and you feel trapped, you might be wondering if it is possible to get a timeshare refund. While there are no guarantees, the answer is yes! To get a refund for your timeshare, call The People’s Advocate.
There are ways to cancel your timeshare contract in Florida and if you know how to navigate the process correctly, you can get your money back.
Before we dive into the details of how to get a timeshare refund, let’s look at exactly what a timeshare is and what it means to own one. If you have purchased a timeshare in the past year, you may be eligible for a timeshare refund.
Some companies offer full or partial refunds if you cancel within a certain period of time. Others don’t, but if you were pressured into buying or deceived about what you were getting, you may still be able to get your money back.
In Florida, timeshares are governed by Florida Statute 721, which offers protections to consumers who purchase a “vacation ownership plan.” That’s just another term for a timeshare. If a company violates that law when selling or marketing a timeshare, it can be required to provide rescission — meaning it must give your money back and let you out of the contract.
You don’t have to hire an attorney to pursue this. You can write a letter yourself. According to the Federal Trade Commission, the nation’s consumer protection agency, some timeshare companies advertise that you can get a refund if you change your mind within a certain period of time. You may not be able to get a refund or transfer your timeshare after that period ends, even if you haven’t used it. Some companies also advertise that they’ll rent or sell your timeshare for you, but they may not be able to do so.
If you’re having trouble making payments on your timeshare loan, contact your lender and ask if it has any special programs that would allow you to make lower payments. Know the difference between forbearance and forgiveness. With forbearance, the lender allows you to temporarily make smaller payments. But with forgiveness, the lender cancels part of what you owe. If you’ve decided to get out of a timeshare contract, you have options. These can range from trying to get a refund directly from the resort itself to hiring a third-party provider to help you. Here’s what you need to know about getting a timeshare refund in Florida.
Can I Get My Money Back?
To figure out how or if it’s possible to get a timeshare refund, consider how much time has passed since you signed the contract. If you signed within the last 10 days, Florida law gives consumers the right to cancel without penalty and receive a full refund. You’ll need to deliver or send a written notice of cancellation by midnight on the 10th day after signing the contract. To be on the safe side, request confirmation of receipt by certified mail.
If you’re past that 10-day window, your options are more limited. However, there are still some ways to potentially get money back from your timeshare company, including:
Requesting a refund from the developer: Some developers will voluntarily offer refunds for legitimate reasons such as health problems that prevent you from using the property or major financial setbacks that make it impossible for you to pay for your timeshare anymore. The only way to find out is to reach out directly and make.