In short; yes! It is usual to have a timeshare rescission, or cooling off, a period in which you can cancel your contract with the timeshare providers without hassle or repercussion. This is a convention put in place to protect the consumer from regret after rash decision making as well as to protect companies for cancellations once commissions have been paid and your membership has been processed etc.
Protecting timeshare consumers
The first reason for creating a timeshare rescission period was to help clean up the image of timeshare. It was put in place to protect the consumer by allowing them time to reconsider their choice with a “cool” head for some time after the fact. This is really because the timeshare sales pitch is designed to build excitement through tours, visual stimuli, and the verbal presentation. The rescission period simply allows you to step back and assess the situation more calmly, and gives time to look over the contract again. Many countries across the world have enshrined this cooling off period in law, too!
How long is the rescission period?
Well, it really depends upon the country you’re in, and your contract; countries set the minimum, but sometimes companies will allow longer as a matter of protocol. The best way to find out for sure is to check your contract as it will be stated clearly there. The most common rescission period is between 5 and 14 days, though, and it is key to note that this means calendar, not working, days.
What rights do I have during the timeshare rescission period?
During the cooling off or timeshare rescission period you have the right to withdraw fully from the contract and get your money back. All you need to do is notify the company in writing, making use of the correct cancellation pro-formas. Any loans linked to this must also be cancelled within the cooling period, too.
After the rescission period you will find it very hard to cancel your contract unless you can prove the provider breached their end of the deal, so to speak. The best course of action when you are considering cancellation during the rescission period is to call your timeshare company as soon as you know you wish to cancel.
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