Timeshare relief is an important issue for anyone who wants to escape the headaches associated with owning a timeshare property. With many consumers struggling to keep up with their maintenance fees and other obligations, timeshares can become a financial burden. However, it is possible to find a solution to the problem that will make the process less painful and more rewarding.
A timeshare is a long-term contract that allows the owner to purchase a vacation home for future use, usually over several years. It is often sold for a substantial amount of money, and it usually includes a number of annual maintenance fees that increase each year.
These fees add up quickly, and they can be hard to get rid of once you own the property. They can be a major financial burden to pay off, and they can also be confusing to understand.
As a result, timeshare owners are often misled into signing a timeshare contract by sales representatives who are not knowledgeable about the laws surrounding timeshares. They often are not aware that the contracts they signed can be canceled or even that they have the right to sell their interest at any time if they want to do so.
The first step in determining whether you are entitled to a timeshare termination or sale is to review your contract and its cancellation clauses. If you are unsure, seek legal advice from an attorney who is familiar with the law.
Another option for timeshare owners who are looking to get out of their timeshares is to use the services of a professional timeshare exit firm. These firms can provide assistance with the cancellation of your timeshare contract and other related issues, such as litigation or help to file for bankruptcy.
These companies typically charge a fee of up to a few thousand dollars, and they will usually require you to pay them upfront for the services they will be providing. In addition to this fee, they may ask for a percentage of the sales proceeds from any deal that you complete with them.
They may also offer a “money back guarantee” for the fees they charge, but this is not always true. In fact, the Better Business Bureau has reported several complaints of RSI charging for services that it never delivered. One customer, for example, paid RSI $12,000 to get out of two timeshare contracts but received only partial refunds.
It is also important to note that these relief firms can be very aggressive in their efforts. They will try to collect on any fees that are owed, and they will often send collection letters to the resorts. They will sometimes also contact the banks or lenders on your behalf, trying to wrangle them into paying off the debt.
In some cases, these companies will not honor their money-back guarantee, and they may refuse to grant a refund to those who wind up in foreclosure. These practices are a serious concern, and BBB has warned potential clients to be wary of these firms.