How to Cancel Timeshare Contracts
Timeshare ownership can be a great way to get access to vacation properties and expensive amenities, but it can also be a financial burden. If you’ve gotten into a timeshare that doesn’t fit your current lifestyle, it’s important to understand how to cancel it. The process is complicated, but it’s not impossible. With the right guidance, it can be easy to get out of your timeshare.
First, read your contract carefully to see if there are any deadlines or penalties associated with cancellation. If there are, be sure to include that information in your letter. Then, find the name of the person or department who handles cancellations at your resort and address your letter to them.
Send your letter via certified mail, and make sure you have a copy to keep on file. You will also want to call the developer or seller to ensure that they have received your cancellation notification. If you don’t receive a confirmation within 30 days, contact them and follow up with them.
Ask them about their success rates in cancelling timeshare contracts. This will help you know whether or not they are a good choice for you. If they have a low success rate, you may want to look elsewhere.
Firm Reputation: Check their online reviews, the Better Business Bureau, and service testimonials. A reputable company will have a strong reputation and be willing to answer questions without pressure.
Do They Offer a Money-Back Guarantee?
A reputable timeshare exit company will offer a 100% money-back guarantee. This is a sign of confidence that they can provide you with the services that you need at a fair price.
Do They Charge By The Hour or by the Package?
Depending on your situation, a good timeshare exit company will either charge by the hour or they can package it into a comprehensive plan that suits your needs. This will save you time and money in the long run.
Do They Charge Settlement Fees?
If you’re in debt or behind on your maintenance fees, it is a common practice for resorts to demand settlement fees. These fees are used to offset the losses they incur because of your early termination.
The most effective way to avoid these fees is to read your contract carefully and compare prices from different companies. Many will offer free initial consultations and can explain how to cancel timeshare in an understandable manner.
Beware of Timeshare Exit Scams and Resale Scams
Many timeshare scams are centered around the sale of re-sale certificates. These fraudulent companies will misrepresent the value of your timeshare and convince you to buy them for a fraction of its worth. They will then collect the funds and claim that they’re selling the timeshare to a buyer who backs out. They then disappear with your money.
When a company asks for money upfront, it’s a red flag that they are not legitimate and that you need to be more wary of them. Be sure to check with the Better Business Bureau and your local chamber of commerce for a list of reputable companies.