Timeshare relief is a process that can help you eliminate the burdens of a timeshare agreement. However, there are several things you should keep in mind before choosing a company to assist you with this process. These tips will help you make an informed decision and ensure that you are able to exit your timeshare with ease.
#1 – Research Your Options
Before choosing a timeshare relief company, it is important to research the laws in your state. This will allow you to determine the best course of action based on your unique situation. In addition, it will provide you with a better understanding of the entire process.
#2 – Be Very Wary of Exit Companies
It is important to be extremely wary of any company that you are considering using to assist with your timeshare exit. According to the Better Business Bureau, a growing number of people have reported that they have been scammed by companies that claim to be able to help them with their timeshare exits.
These firms often use fear-mongering, hard sell tactics and false promises in order to lure their clients into paying up front. This is a huge red flag, says Steve Rogers of the American Resort Development Association (ARDA).
#3 – Choose a One-on-One Relationship
When working with a timeshare exit company, it is important to choose a firm that treats you with the upmost care. This is to ensure that you are able to get the assistance that you need in an efficient and timely manner.
This will reduce your stress and allow you to focus on finding other ways to get out of a timeshare agreement that is not beneficial for you or your family. In addition, this will enable you to build a relationship with your client service representative that will be there to answer any questions or concerns that you may have.
#4 – Find Out What the Resort Developers Are Offering
A lot of timeshare developers have a program that will provide their owners with free exit options from their timeshares. This can include deferring payments or reducing the amount of ownership.
But these programs can be short-lived and can only help with your exit efforts for a limited amount of time. If your financial situation worsens, or if you find yourself unable to pay your bills, you will be in trouble.
#5 – Know How Timeshare Tax Deductions Work
As a timeshare owner, you have the right to take certain tax deductions on your vacation expenses. These can be very useful for getting out of a timeshare, but you need to be careful about which ones you are taking and how you claim them.
* Only use a reputable timeshare tax professional to guide you through the process and ensure that you are taking all of the deductions that you are entitled to take. This can be very helpful for getting out of a timeshare that is not worth the cost to you, but can also be detrimental if you are audited for improperly claiming your tax deductions.