Timeshare relief is the ability to exit a timeshare contract without losing your right to use the property. If you are experiencing financial, family or other issues that make it impossible to keep up with your timeshare obligations, a timeshare relief solution might be the best option for you.
There are many companies out there that claim to offer timeshare relief, but you should do your homework before choosing one to help you exit. Some of these companies are legitimate, but others may be a scam.
The American Resort Development Association, the industry trade organization, has created a program to protect owners looking for timeshare relief from fraudulent companies. It has also developed the Coalition for Responsible Exit to provide owners with safe, vetted solutions.
Several resorts, including Wyndham Destinations and Horizons by Holiday Inn, have also developed programs that allow owners to call for help or get certified exits from their timeshares.
Some of these are free, while some cost money to participate in. If you are concerned about the cost of a timeshare relief program, it is important to contact your developer and ask for assistance. The developer might be able to offer you loan deferrals or other financial assistance to make it easier for you to exit your timeshare.
Another option to consider is selling your timeshare for cash. This can be done on a number of online forums and websites, such as eBay. It is a good idea to consult an attorney before doing so, though.
While this can be an effective way to get rid of a timeshare, you should be aware that your credit may be damaged when you do so. This can lead to a negative impact on your credit report and you might be charged higher interest rates on new loans or mortgages in the future.
In addition, you should not sign a loan agreement that allows the timeshare company to collect fees and charges on your behalf, as this could lead to bank levies and wage garnishments. You should also make sure that the settlement agreement you sign doesn’t require you to pay back a percentage of your timeshare purchase price.
Some of the companies that offer timeshare relief services have a reputation for charging excessive up-front fees or failing to deliver what they promise. For example, the Better Business Bureau has listed a number of timeshare resale companies that have been found to overcharge and misrepresent their services.
You should also check with your state’s consumer protection agency to see if they have filed any complaints against these timeshare relief companies. Then, you should do your research to find a legitimate timeshare relief company that will work hard to help you.
AARP points out that third-party timeshare relief programs are more expensive and less effective than other options. They warn that some “relief” companies will only refund a fraction of the fees they charge, leaving you with no money left to get out.
