3 Options To Avoid When Considering Getting Rid Of Timeshares

There is plenty of advice on how to get rid of a timeshare on the internet nowadays, but be cautious about it. Many stupid ideas sound great at first until they blow up in your face later on. Try not to complicate your situation by involving in any of the above risky options.

Renting Out The Timeshare

Certain people, like self-proclaimed timeshare experts, say that it is smart to rent out a timeshare if you are not using it. The logic behind this is that at least some money will be earned for the trouble. However, even though this option might seem like a good idea, it most definitely isn’t for several reasons. First of all, many resorts do not allow this. It only takes just one lousy renter to wreck the place and leave you with a hefty repair project that can cost you more money and land you in trouble with the resort. Even if you find good renters, the money you make will not cover the costs. Timeshare rentals can be considered as a Band-Aid at best, and can potentially widen the cut at worst.

Giving Your Timeshare Away

Another idea coming from kind soft-hearted people who simply don’t understand how timeshares work is to give it away to charity or a loved one. This might sound like a good idea, but the thing is, most charities are not very receptive. Some people might be working too hard to afford the time to go on vacations. Also, they would not want the never-ending costs associated with it either. The people that do take holidays or off-site gatherings might accept it if you agree to pay the fees for many years, but that wasn’t the point of giving it away in the first place. Therefore, as far as giving it away is concerned, that cannot be considered a good answer either. If owning a timeshare has been difficult so far, it wouldn’t be fair putting that same hardship on a loved one.

Stopping Payments

This is the worst idea on the list, which states that if you close your eyes, ignore the payments and wish really hard, the timeshare will just magically go away.

Payments

This is the most stupid idea ever and highly advised against. Since you owe these people money, they are not going to let you forget it. If you refuse to pay, they will turn the unpaid dues over to collection agencies, which will then lead to daily manipulative phone calls at all hours. If you still refuse to pay, the timeshare will go into impound, just like in the case of a car or house. This might lead to long months of court battles, legal fees and monetary heartaches: all because you quit making your payments.