What Are Timeshare Cancellation Companies?
Timeshare cancellation companies are companies which promise to get you out of timeshare contracts. It may seem reasonable for a lawyer to advocate for you, without questionable practices and loopholes. However, if you keep up with blogs related to timeshares and timeshare cancellation companies, you will get to know that the promises that these companies make are hardly ever upheld. Timeshare cancellation companies offer a money-back guarantee, promising to rid you of your timeshare. What this actually results in is a letter sent to the resort or developer to end all communication with you, the owner of the timeshare. Cancellation attorneys usually advise owners to terminate their timeshare maintenance payments, which is a huge red flag. In the meantime, they work on getting you out of the ownership, which can be safely said as an indefinite amount of time. Many of these companies need a large fee up-front, upwards of thousands of dollars in several cases.
How Much Does Timeshare Cancellation Cost?
As mentioned earlier, timeshare cancellation companies can charge hundreds or even thousands of dollars upfront in order to cancel the timeshare. If you are looking for a way to exit your timeshare contract, it is advised never to pay exorbitant upfront fees, especially when there are several other legal, safe options.
Are Timeshare Cancellation Companies Legitimate?
Timeshare owners have lots of resources. For example, the ARDA, the American Resort Development Association, is the advocacy group for owners in the timeshare industry as well as buyers, developers and sellers. They have free guidance and resources that can point in the right direction. After contacting the developer or resort, check websites like ResponsibleExit.com for additional help. ResponsibleExit.com is the main Coalition page that houses several resources, guides and news updates for owners who are in desperate need to get out of their timeshare.
It is important to remember that timeshare cancellation companies are not ARDA members, and are not recommended by the Coalition. Coalition and ARDA members adhere to a strict code of ethics, with programs for owners needing a way out of their timeshare or safe in-house exit solutions. So several timeshare cancellation companies are not legitimate and hence, not safe.
If an attorney advises you to terminate your maintenance spending or mortgage, take it as a red flag and stop going to them for help. These dues or fees are legally binding, so if you stop paying the maintenance fees, the ownership will be foreclosed, and it will detrimentally affect your credit. When you read the fine print of these companies’ contracts, a forfeit on the ownership of a timeshare is considered successful cancellation. This means that the company or attorney receives a large payment, and you are stuck with foreclosure and poor credit on your record forever.