Timeshares make up a billion-dollar industry in the United States, with thousands of resorts and hundreds of thousands of units available within those resorts. Investing in a timeshare is unlike other types of property ownership. Because of this, if you’re thinking of a timeshare investment, you should be careful throughout the process and be sure it’s right for your needs. Otherwise, you might end up needing to cancel your timeshare. This is because a timeshare isn’t really a real estate investment; instead, it should be thought of as an investment in future vacations.
There are plenty of great things about investing in a timeshare. Individuals get the chance to enjoy ownership of a great property in a beautiful location at a fraction of the cost. Additionally, individuals do not have to keep up with the maintenance of the property themselves, though they will typically have to pay a small maintenance fee annually. Those who invest in a timeshare will get a certain amount of time per year to enjoy their property. However, this is where many difficulties can arise.
Often, people do not learn until after investing in a timeshare how difficult it is to use their allotted time. Many people believe making the arrangements is a simple matter and often feel lied to when booking their own timeshare is difficult. Timeshares have even been known to get people in the door to their presentations through bait and switch operations, with promises of discounted tickets to special events or free meals among other offers. Overall, many individuals who end up purchasing a timeshare come out of the process feeling they have been pressured into making their investment. Presenters make timeshares sound like an incredible deal, but investing in one can truly be a life-altering decision, especially with how expensive a timeshare investment can be.
While a timeshare can be useful for many people, it is most certainly not for everyone. This is why it is important for those who do end up investing in a timeshare to know the best way to cancel. Fortunately, there are ways to cancel your timeshare. The process of canceling a timeshare may be slightly different for everyone, but understanding the various steps you can take will allow you to get everything done much more efficiently and effectively. Here’s what you can do if you need to cancel your timeshare, no matter what kind of situation you find yourself in.
DIY Timeshare Cancellation
When you set out to cancel your timeshare, you may attempt to do it on your own. While people can cancel their timeshares effectively without outside help, it can be an especially challenging process, especially if you don’t have any experience working with timeshare companies and do not know the ins and outs of the timeshare industry.
Among the many things to note is how much persistence it can take to cancel your timeshare if you attempt to do it on your own. Fortunately, a period of a few days exists after you initially sign up. This is called the rescission period and usually lasts for 3 to 5 days after signing your contract. If you’ve begun to realize you’ve made a mistake after that big presentation, you can read the contract carefully and get in touch with the company. However, it should be noted that companies typically make it a challenge to contact them so you can actually cancel your timeshare.
Canceling a timeshare after that rescission period can take upwards of two years or even more, and many people still find themselves taking “no” for an answer and walking away even after several attempts to cancel. You must realize when you set out to cancel your timeshare these businesses will do everything they can to keep from losing customers. For example, they may outright tell you there is no way for you to cancel your timeshare. However, this is simply not true. There are always ways to cancel your timeshare.
Additionally, even after it seems you have found a way to cancel your timeshare and begin the process of negotiating a cancellation, timeshares often have last-minute bait and switch tactics in which they attempt to draw customers back in. It’s unfortunate, but many individuals fall for these tactics and find themselves in even worse financial situations than before. It’s vital to remember not to take anything a company says as true until you have it in writing.
While some individuals can cancel their timeshares on their own, this is not recommended for most people, and if you’re trying to cancel your timeshare, it might be best for you to find someone who can help. This is especially true if you’re trying to cancel your timeshare quickly and efficiently.
Hiring a Lawyer to Cancel Your Timeshare
The next logical step for many individuals looking to cancel a timeshare is getting someone with legal experience to help them in the process. For many, this means hiring a lawyer to help them. However, there are many things to remember if you’re thinking about hiring a lawyer to help you cancel your timeshare. One of the most important things to consider if thinking about hiring a lawyer is that not all lawyers are well-versed in this type of law. While many lawyers may offer their services and say they can help you cancel your timeshare, if they do not have extensive experience in timeshare cancellation, they will be much less likely to help you through the process.
Another of the major issues you face when working with a lawyer, especially a lawyer without a tremendous amount of experience working with timeshares, is they may not be aware of the many trends occurring within the timeshare industry. The timeshare industry is regularly changing. Knowing the changes taking place and understanding trends in the industry can often be vital to your success when you set out to cancel your timeshare or make any other changes to your contract.
Selling or Renting Your Timeshare
Individuals who find themselves unable to cancel their timeshare may consider selling or renting their timeshare as an alternative solution. This is possible, but it can still be an incredibly challenging prospect. One of the first things to think about is how much effort it takes companies to get individuals to purchase a timeshare in the first place. The presentations used to get people to show up are large affairs, and presenters use many pressure and sales tactics to make sales happen. Selling or renting a timeshare typically ends up being a lot of work, and the dates are generally still difficult to determine, which only makes things more challenging for everyone involved.
Other people may consider attempting to sell their timeshare through the company itself, as some timeshare companies offer this option. However, individuals should never really expect their timeshare to sell if they are going this route. This is often a tactic timeshare companies use, saying they will list a timeshare for sale only to have it sit there while they continue to collect money from you.
Finally, remember if you are attempting to sell or rent a timeshare, there can be numerous legal issues involved if you are selling or renting to a third party. While this is not always the case, it is a possibility and can lead to complications. Always pay attention to what’s in your contract and be prepared for any issues if this is the route you’re taking.
Walking Away From Your Timeshare
In the process of trying to cancel your timeshare, you may find everything so overwhelming you simply end up walking away. This means you simply stop making payments and leave the situation entirely. This is obviously not an ideal scenario. There can be numerous potential repercussions if you end up walking away from a timeshare, no matter how much paying for a timeshare affects you currently.
Among the biggest problems with walking away from a timeshare is the multitude of financial issues following this decision. Think about walking away from a timeshare like walking away from a mortgage. When you do so, you could be subjected to foreclosure proceedings. You may also take a significant hit to your credit and potentially find yourself subject to years of harassment from debt collectors seeking repayment for the money owed to the timeshare company.
Though it can be a difficult and stressful process to cancel your timeshare, the ramifications can be much more difficult and stressful and can lead to numerous challenges. Because of this, walking away from a timeshare is never ideal, and individuals are urged to find a solution able to meet their needs. In many cases, working with a timeshare cancellation company can be a great way to get the job done, though it’s crucial to find the right company.
When (and How) to Find a Timeshare Cancellation Company
Many people do not consider working with timeshare cancellation companies until they have exhausted all other options. Many other people do not even know timeshare cancellation companies even exist! However, working with one of these companies is often the most efficient and effective way to cancel your timeshare and ensure you’re able to get everything done with as few problems as possible. Of course, there are still several things to watch out for if you are considering working with a timeshare cancellation company to cancel your timeshare.
Because of the notorious issues with individuals being lied to when purchasing timeshares and being pressured into purchasing timeshares, an entire industry of timeshare cancellation companies has sprung up. When you conduct a simple search seeking information on how to cancel your timeshare, you can typically find hundreds of companies offering their assistance to help in this process. However, it is vital for any individuals looking to cancel their timeshare to note these companies are not always looking out for their best interests.
Many timeshare cancellation companies can be just as problematic as the timeshare companies themselves. In fact, many companies representing themselves as being able to help cancel your timeshare are, in fact, scams. There are many ways these companies mislead customers. For example, they may hire lawyers to do the work for them – something an individual could do on their own, and an ineffective strategy in many cases. They may spend their time attempting to sell or rent a timeshare on your behalf, which can be a lengthy process and end up costing you a lot of money. Some measures they may take can even be illegal.
To avoid potential scams if you’re interested in working with a timeshare cancellation company, it is always a good idea to start the process by looking at the reviews and references for the company you’re interested in. Timeshare cancellation companies often use the same high-pressure sales tactics as the timeshare companies themselves to get individuals to work with them. However, the best way to know whether a company is worth working with is to look at the results they are getting. Taking the time to see what people are saying about that company will let you know whether they are someone you can actually depend on to help you in your situation.
When you have finally decided to work with a company to cancel your timeshare, you should always get everything in writing, including the fees you will need to pay and all guarantees. Be sure you look everything over and know what you are getting yourself into. Signing a contract without understanding it fully is typically what gets people when they invest in a timeshare in the first place. Understanding the contract when you sign up with a timeshare cancellation company before you sign on the dotted line ensures you know what you’re getting into and prevents any possible problems. Fortunately, there are great companies out there able to help you cancel your timeshare and get the freedom you need and deserve.