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P. Simmons
P. Simmons, Attorney
Category: Legal
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Experience:  16 yrs. of trial experience
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We bought a timeshare - Hilton Grand Vacation Club on 9/18/13

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We bought a timeshare - Hilton Grand Vacation Club on 9/18/13 in Myrtle Beach, NC. We decided we do not want it. How can we back out of the purchase?
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

I am very sorry to have to bear bad news. You are a few days late. NC law provides

The contract of sale is voidable by the purchaser for five days after the execution of the contract.

So had you notified the seller, in writing, within 5 days? You could have walked away without recourse.

But since more than 5 days have passed? The law that allows you to void the contract no longer applies

If you have a contract with a timeshare company, your obligated to the contract.

The best way to "get out of this" is to either

1. Sell the interest to someone else so you can pay off the debt
2. negotiate with the company to cancel the contract...perhaps you can get them to take back your interest if you pay them...sometimes this is possible...but its up to the company to agree or not.

Short of that, you have limited options. You can stop paying...but if you do, then understand the company could sue you for breach of contract and take steps to garnish (take) your income or assets.

There is no "magic bullet" for these contracts...the timeshare companies are having as hard a time as anyone in this down economy...they are struggling to keep alive...and will do what they can to force you to pay this contract. The best way to resolve is to negotiate with them to resolve.

You can consider bankruptcy as well...though that is a fairly extreme step to deal with a would remove the debt.

Please let me know if you have more questions...happy to assist if I can

Customer: replied 4 years ago.

It has not been 5 days since 9/18/13. How should we proceed? math was wrong. you have the contract with you? If so take a look at it. Buy law they are required to put the address where you are to send your written cancellation of the contract. You send the written cancellation to that address. Send it via registered mail (so you can track receipt)

Keep a copy

Simple as that

The law is clear...if you give them notice within 5 days, you can cancel.

IF there is no address listed in the contract? Then you should contact the agent who sold you the timeshare and provide them the same (notice in writing of your intent to cancel under NC law)

The law that applies is Article 4 of Chapter 93A of the NC code

Let me know if you have more questions, and sorry for the confusion

P. Simmons and 5 other Legal Specialists are ready to help you