Thousands of people just like you have been lured into owning a timeshare with the promise of a free gift and a fabulous vacation. After hours of grueling sales pitches, you found yourself signing a contract. Now after spending a lot of money on fees, you want out of this contract but don’t see an easy way.
The good news is that it is possible to cancel your timeshare contract and break free from the endless fees. Here is what you can expect in the process of making a timeshare exit.
Deciding to Cancel
There are many reasons why someone would want to cancel a timeshare contract. Timeshare companies are notorious for leaving out the finer details before you sign your contract. Maintenance fees can be between $900-$3,000 and can grow up to 8% each year.
The primary reason most want out of their timeshare is that the cost of ownership has gotten too expensive. It may have seemed like a great idea at the time, but the maintenance fees proved too much to handle.
Others may find they didn’t use the timeshare as much as they had anticipated. There’s no reason to pay those fees for a timeshare that you’re not using. Even if you’ve enjoyed the timeshare for a while, you may want to let it go.
Ways to Cancel a Timeshare Contract
It is possible to cancel your timeshare contract, in spite of what the resorts may want you to believe. Most folks think their best option is to try to sell or rent the timeshare, but in truth, these properties have very little value.
You can always reach out to your resort yourself and ask if there is a way for you to terminate the contract. A select few resorts have programs for owners to surrender their timeshares, but this is handled at the discretion of the resort. The answer could be no, but it doesn’t hurt to ask.
Some folks choose to walk away and stop paying the maintenance fees altogether as a way to begin the cancellation process. However, this can severely impact your credit score. If you have a timeshare mortgage, this can also lead to collection calls and letters.
A reliable method of canceling your timeshare contract is going through a company that specializes in this field. A cancellation company knows all the ins and outs of the process and can deal with any issues that arise. Using a company also keeps you from having to deal with the resort yourself, relieving you of significant stress.
How Long is the Process?
Once you’ve decided to end your timeshare contract, you want it done as soon as possible. The process can be tedious and indeed takes time. If you realize you made a mistake within a few days after signing the contract, you are likely still within the “right of rescission” period and can cancel without too much hassle.
If it’s been months or years since you signed your contract, the process is going to take some time. Timeshare companies and resorts make their money from your maintenance fees and have little incentive to let you go. For most timeshare cancellations, it can take anywhere between 9 to 18 months.
If you choose to have a cancellation company represent you, it will handle all of the legwork. You will submit some paperwork, sign a limited power of attorney so they can negotiate on your behalf, and wait for regular updates.
Why can it take so long? There can be multiple contracts to negotiate if you’ve opted for upgrades or made any changes to your timeshare. It will take time to resolve each one to make sure you are completely free.
How Much Will It Cost?
You’ve already shelled out a lot of money on your timeshare, so you likely want to cancel the contract without further major hits to your wallet. Unfortunately, it’s improbable that you will get out of your timeshare without paying some additional fees.
Even if you are able to work with a more reasonable resort to surrender your timeshare, they may require you to pay the maintenance fees until the timeshare can be sold.
Hiring a professional cancellation company will mean that you don’t have to work directly with the resort yourself, and this service will come with a fee. Hiring a company to represent you in the cancellation process can cost between $5,000 to $6,000, with the average cost around $4,500.
How to Spot a Scam
When you’re ready to exit the timeshare, odds are you want it over as quickly as possible. Scammers know that you are eager to be free from this financial burden and will offer solutions that are too good to be true.
Most of the time, scammers will tell you your timeshare is very valuable and try to convince you that they can sell or rent the timeshare for a large sum. The unfortunate truth is that your timeshare has little to no value, so there is next to zero chance that it can be rented or sold.
It’s frustrating to hear that your options of timeshare termination are limited. The only way to definitively rid yourself of your timeshare is to cancel the contract legally. When handled in an official manner, you can be sure that you’re done with your timeshare for good.
Get Help With Your Timeshare Exit
If you’re in over your head with your timeshare, there is good news. You’re not alone. With the right help from folks who know what they’re doing, you can make a timeshare exit.
Here at Sapphire Cancellation, we not only understand the process but also how much better you’ll feel knowing the matter is in professional hands. Give us a call, and our friendly and helpful staff will get you started on the path to freedom.