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How To Get Out Of A Timeshare

02/03/2021

Get Out Of A Timeshare

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If you dread watching a lot of money drain out of your bank account because of pesky maintenance fees and timeshare payments that are always due, it may be time to think about how to quickly get out of a timeshare.

This is understandable if the resort you enjoyed holidaying in before is starting to look like a guest overstaying their welcome by eating all the food and expecting you to keep funding them.

A timeshare exit can be tricky, but there are always ways to start saving money when there are cheaper ways to go on family vacations. Here are some helpful tips so you can finally get out of a timeshare you are no longer interested in.

Rescission Laws to Get Out of a Timeshare

You might have a rescission period window where you can go back on your buying decision to walk away from the timeshare. This is a short window of time right after signing the papers. It is best to hire the right timeshare exit team to determine if this option is still on the table.

In the United States, each state can decide how long their rescission period is for you to back out of a timeshare deal. The Federal Trade Commission sets a minimum of 3 days, but in places like Massachusetts, Alaska, or Indiana, this can extend up to 15 days.

The rescission laws depend on where your timeshare is located and not the state you live in, and it could start from the first day you buy into the deal. Contact our timeshare lawyers to find out how to use these rescission laws to cancel your contract.

Consider Writing Cancellation Letters

If you are still well within the rescission period and can easily cancel your timeshare, this is excellent news. You can then write a cancellation letter to the resort and mail it to the specified address to put your foot down.

However, these resorts are tricky and may hide this information to make it difficult for you to send your letter in time. They do this hoping to cause delays to prevent you from backing out.

If you cannot find the right channel to send your cancellation resort, do not take no for an answer and ask the resort for their address. In some states, the rescission period will not begin until you receive clear instructions with the cancellation terms and their proper address.

Some resorts may play dirty by pretending that they never received your cancellation letter in time. Therefore, you should use USPS’ certified mail with a tracker and keep extra copies on hand to call them out on their bluff.

Transfer Your Timeshare

Transferring your timeshare contract is another option to think about. If you have a friend or family member who fell in love with your timeshare during your last vacation together, you can transfer it to them.

If they are willing to pay the annual fees and will not be responsible for any loans under your name, this is a viable option. Get in touch to find out how timeshare exit companies can help you take care of the process. 

Can You Stop Paying Resorts?

Many people wonder if their timeshare will go away on its own if they stop paying for it. Although this is a beautiful pipe dream, you owe the resorts money, and they will not let anyone forget it. 

If you do not pay the dues on time, they will hand these unpaid bills to collection agencies. Then those agencies will manipulate and hound you with phone calls at all hours of the day. After that, your timeshare will go into foreclosure, like buying a house and not paying the mortgage. 

To avoid several months of heartaches and court battles, you should seek the best timeshare exit team to help you avoid filing for bankruptcy or getting a negative credit rating. They can help you get rid of all maintenance fees with a written guarantee. 

This way, you will be debt-free before needing to take such extreme measures, and your family will not be chased by debt collectors. Your timeshare lawyers will have your back to go up against these resorts. Then resorts can no longer drain your resources for a property that is not providing you with any value. 

Even though timeshare resorts may give you options to consolidate payments to keep you around a little longer, the best option is to cancel them altogether. Then you can move forward without that burden. 

Why You Should Use Timeshare Exit Companies

When you are dealing with a timeshare cancellation, the last thing you want is to waste more money and time. It is best to have an entire team take care of the whole process for you.

This is what timeshare exit companies do. The most reputable companies have a proven track record of helping clients get out of their contracts legally to avoid paying more fees.

You may find many companies on the internet that make big promises to help you get out of a timeshare for the lowest prices. Then they might disappear with your money and never get back to you.

There is also a risk of companies using dodgy sales tactics to lock you in with your credit card details. You should always avoid signing even more contracts with timeshare exit companies that cannot be trusted.

The right timeshare exit team will never rush you because they understand how draining this process has been. The best team will always listen to you and provide sound advice to reassure you that they are on your side to help you save the most money in the future. 

Say Goodbye to Losing Money on Timeshares

There is no need to keep holding onto a timeshare that does not make you happy or bring joy to your family vacations. No matter what resorts tell you, there is always a way to get out of a timeshare. Contact us for a free consultation, and we can help you with your timeshare cancellation. 

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There are approximately 9.9 million American families with timeshares. The agreement gives people a cost-effective way to own an asset. Many families have chosen timeshares instead of paying for a hotel during a vacation. However, despite its advantages, the agreement...