Timeshare relief companies claim to be able to get rid of people’s unwanted timeshare contracts. Sadly, however, many of these firms are scams. If you want to avoid becoming a victim, here are some things to keep in mind.
It’s not hard to understand why so many timeshare owners are desperate for a way out. They often signed up for these agreements in a moment of excitement or desperation. They were sold a dream that was quickly followed by years of increasing maintenance fees and expenses, leaving them feeling trapped. In this economy, it’s even more important to find a way to escape from a timeshare contract that doesn’t make sense anymore.
Despite this, there are no quick fixes or easy answers when it comes to getting out of a timeshare contract. Those who choose to take the time to educate themselves on the process and how it works are more likely to be successful. They can also save themselves a lot of headaches, stress, and money in the long run.
There are a number of ways to get out of a timeshare, but there are some approaches that are better than others. For example, people should never pay upfront fees to a company or law firm that promises to help them cancel their timeshare. These kinds of scams are all too common. It’s always wise to check with a trusted resort or developer to see what options are available for getting out of a timeshare. Many of these organizations are members of the American Resort Development Association (ARDA), an industry trade group that advocates for legislation and works to ensure that all parties are protected in timeshare transactions: timeshare owners, resorts, developers, and more.
Another common approach is for timeshare owners to stop paying their maintenance fees, hoping that this will prompt their resorts to offer some kind of forgiveness or deal to let them out of their contracts. This strategy may work, but it’s important to remember that the resort will report the unpaid maintenance fee to a credit bureau, which can damage a person’s credit rating.
Other methods for getting out of a timeshare include selling their interest in the property, hiring a lawyer to sue the developer or resort, or working with a legitimate timeshare resale company. People should be wary of anyone who asks for exorbitant upfront fees, usually upwards of thousands of dollars. Cold-calls or out-of-the-blue offers from “investors” or brokers are also red flags.
Those who are seeking a way to get out of their timeshare should consult with a reputable company that is a member of ARDA and follows a strict Code of Ethics. It’s important to note that a person can get out of a timeshare through the resale or cancellation process, but they must comply with all requirements, including upholding their mortgage and maintenance fee payments. In addition, they should not try to sell the property in a short period of time or use it to pay for a loan, as this could be considered fraud.