More than 4.4 million people each year dump their timeshares into the secondary markets. However, doing so without fully understanding all the risks can have disastrous consequences. Here are some of the pitfalls of not using proper timeshare exit services.
Damaged Credit
One of the most common issues people run into when it comes to getting out of their timeshare is damaged credit. Your credit will take a hit if you try to get out of your timeshare by simply skipping the payments. Timeshare exit services work to preserve your credit, so you don’t have to recover from the damage done by missing payments.
Feeling Stuck
Choosing to remain in a bad timeshare contract can leave you feeling stuck. Timeshare exit services work to remove you from a bad contract while keeping your credit intact. Remaining in your timeshare contract will only drain your finances more than taking the opportunity to exit with no obligation. The same goes for attempting to sell your timeshare – it’s often next to impossible to do and will leave you feeling trapped.
Exit Scams
While there are plenty of reputable timeshare exit services out there, there are also scam artists who claim to get you out of your timeshare for a hefty upfront fee. If you choose not to go with a reliable timeshare exit company, you risk running right into the hands of scammers. Scammers will often cause lasting damage to your credit if allowed to run where they please, so be skeptical of any offer that seems too good to be true.
The Bottom Line
In the end, the pitfalls of not using a timeshare exit company generally come down to finances. By using a reputable timeshare exit company, you work proactively to preserve your credit and remove yourself from a bad business contract, either signed or inherited, with no additional stress and hassle.
That said, a timeshare exit company is not the same as a law firm. It’s also illegal for them to advise that you stop making your timeshare payments until after the cancellation has been finalized. Your credit score can affect your personal and professional life in a variety of ways, so it’s best to be cautious, get everything in writing, and make sure the move you’re about to make is a financially sound one.
