How can I get out of a time share contract?

Question

I was pressured to buy something that I liked but didnt really want, due to my financial situation plus It seemd to good to be true... I just counldnt afford it.

I sign this contract, but I felt pressure to do so.

From the the first month I got this, I decided to not continue with and cancel, I call'd to inform i was no longer intrested with my share I was told I would be receiving a call back for further asst. i never did, since these people didnt take money from my accnt I though it was over, so i I found out 2day they took 258 from my acct.... the point is that I spoke to someone from this place and was told that I HAVE to continue with the payments and CAN NOT cancel. I told them i was unemployed single mother of 2 and cant afford this share, I was told there is nothing I can do.

Answer 1

You are past the rescission period.  In most situations it is at most 5 days.

How every state is different and I have seen situation where you can still cancel as long as you have not used the unit.  You should check with:

Local authorities

Resort local authorities

Bank

Hopefully you can get a positive response.

Answer 2

Not sure what account they're taking the payments out of, but talk to the bank about canceling the payment.  That may be an option for you.

Not sure what state you're in, but you may have some consumer protection options there too.

Selling the timeshare is a longer and trickier thing...lots of people are trying to sell them.  You may have better luck donating it to a charity instead... but move quick because with today's economy, the market will be even more flooded.

Here's some info that might help:

http://www.bankrate.com/brm/news/real-es...

Answer 3

If you did not attempt to cancel within 3 days, your only recourse is to sell your share.