In search of getting out of timeshares, you might come across timeshare cancellation companies. These companies consist of lawyers who try to find a loophole to get you out of timeshare contracts. However, it is recommended to not go down this road, because many cancellation companies charge large amounts of money upfront. They might also have loopholes in their own contracts that state that they can keep the money even if they are unsuccessful.
Is It Possible To Cancel A Timeshare Contract?
Several existing owners looking to get rid of their timeshare are hopeful in cancelling their timeshare contracts. Just like buying and owning a house, timeshares are also legally binding. Many contracts in life just can’t be cancelled, and it is recommended to consider a timeshare contract in the same way.
Timeshare cancellation companies are a common scam that arrives in the form of resale which harms thousands of owners. For example, the rescission period for most timeshares in the United States lasts between 3-10 days. This time allows the new timeshare owner to reconsider their purchase and cancel the timeshare. If you have already passed that period, look into alternative routes of exiting. One example is selling with a legitimate timeshare resale company.
What is a Timeshare Scam?
Timeshare scams come in different types, which includes timeshare cancellation companies. Cancellation companies are associated with timeshare resale scams, the most common resale ones including calling out of the blue buyers, calling and saying that they have found someone to pay a large amount for the timeshare etc. However, most timeshares resell for little to nothing compared to what they were purchased for. Be cautious about calls like these.
Another common timeshare scam is the one that promises cancellation of the contract. Timeshare cancellation companies are hardly ever successful in cancelling the contracts of owners. Most of the time, the attorneys at such companies will charge you a large fee upfront and send a letter to the resort to stop contacting you. Most owners assume that after this, their timeshare is cancelled. However, this is not the case in reality.
In addition, the lawyers often tell owners to terminate their payments to the timeshare company. This should never be done until and unless you are absolutely sure that you are no longer the owner of that timeshare. If you stop paying them the annual maintenance credit all of a sudden, it can hurt your credit. If ready to exit the timeshare, we recommend calling the developer first. Some developers provide in-house exit solutions as well.
Best Way to Sell a Timeshare
Before selling the timeshare, make sure that the company is a member of the American Resort Development Association (ARDA) and check their rating with the BBB. Also, it will be helpful to read customer reviews and do research on a company in order to determine their reputation. This way, it is possible to feel comfortable working with them.