Need to get rid of your timeshare? Luckily, you have many options! However, you may be tempted by the false promises of a “timeshare cancellation company.” Timeshare exit companies target owners looking for help but may end up causing more problems in the long run. There are many red flags to look out for before turning to this option. Thousands of owners have felt scammed by one of the many cancellation companies out there. Instead of taking the risk of working with untrustworthy cancellation companies, read about some legitimate timeshare exit solutions for owners.
Can You Cancel a Timeshare Contract?
Similar to buying a home, buying a timeshare is a legally binding process. This is especially true if you have a mortgage or deeded timeshare. Unfortunately, you cannot just cancel a timeshare contract after the rescission period.
Timeshare Recession Period
In the United States, timeshare buyers are able to rescind their purchase within a short period of time. The recession period varies from state to state. It can be anywhere from 3 to 10 days, but make sure to check with the state your resort is located.
When the rescission period is over, the best way to get out of your timeshare is by contacting your resort or developer, gifting your ownership, or selling it on the resale market. A timeshare exit company may promise to get you out, but the reality of their services leaves many owners in a worse position than before. A timeshare owner cannot simply cancel their contract.
What Are Timeshare Cancellation Companies?
You may have seen ads online or on TV from timeshare cancellation companies that promise to get you out of your contract. As a timeshare owner, it seems reasonable for a timeshare exit attorney to advocate for you, without loopholes or questionable practices. However, if you keep up with our blog Timeshare Wins Against Exit Companies, you may know by now that many promises that these companies make are rarely upheld.
Timeshare exit companies will offer a money-back guarantee, promising to get you out of your ownership. What this really entails is a letter sent to your resort to cease all communication with you, the owner. Timeshare exit attorneys normally advise owners to stop paying their timeshare maintenance fees. This is a big red flag within the timeshare industry.
In the meantime, they will work on getting you out of your ownership, which can take an indefinite amount of time. Not to mention, many of these companies require a large up-front fee, upwards of thousands of dollars in many cases. In extreme cases, the “timeshare salespeople” at the exit company will take your money and then disappear.
How Much Does Timeshare Cancellation Cost?
As we mentioned previously, timeshare exit companies can charge upwards of thousands of dollars up-front to cancel your timeshare. The BBB has a study on timeshare cancellation that goes in-depth with victims of cancellation attorneys.
If you are looking for a way to get rid of your timeshare, you should never pay exorbitant up-front fees to a timeshare exit company. Especially when there are safe and legal options in the timeshare industry.
How Much Does a Timeshare Attorney Cost?
In most cases, timeshare exit companies will establish credibility by calling their representatives’ attorneys. They may be licensed attorneys who claim to help owners cancel their timeshare contracts. Like any legal representation, timeshare attorneys can cost thousands of dollars. What’s more, you still may not receive the results you want.
Are Timeshare Cancellation Companies Legitimate?
Many timeshare exit companies are not legitimate and are not safe. If and when an attorney advises you to stop paying your maintenance fees or mortgage, take it as a red flag. These fees and dues are legally binding. If you stop paying your annual fees, your ownership will be foreclosed on and it will harm your credit.
When you read the fine print of one of these company’s contracts, a forfeit on your ownership is considered successful cancellation. This means that the company or attorney you used received a large payment, and you are stuck with poor credit and foreclosure.
How ARDA Can Help You Sell Your Timeshare
Luckily, timeshare owners have trustworthy resources to depend on. ARDA, the American Resort Development Association, is the timeshare industry advocacy group for owners, buyers, sellers, and developers. They have free resources and guidance that can point you in the right direction.
After contacting your timeshare company or resort, you should also check ResponsibleExit.com for help. This is the Coalition for Responsible Exit’s page that houses numerous resources, news updates, and guides for owners who need to get out of their timeshare.
You may notice that timeshare cancellation companies are not ARDA members, and they are not recommended by the Coalition. ARDA members and Coalition members adhere to a strict code of ethics, with safe exit solutions or programs for owners who are in need of a way out of their timeshare.
How Do Timeshare Cancellation Companies Work?
Timeshare exit companies advertise all over main outlets, like television, radio, social media, and search engines. They make promises to cancel your timeshare contract for a large sum of money, but they also advertise that they offer a full refund if their services cannot be delivered.
Unsuspecting timeshare owners assume that even though they are paying upfront, a money-back guarantee will safeguard their ownership and finances. When you need to get rid of a timeshare, you would hope these companies would want to help you.
Once you pay for their services, a timeshare cancellation attorney at these companies will advise you to cease all contact with your resort or developer, and to stop paying your timeshare maintenance fees (remember, these are legally binding!). They will then contact your timeshare company or developer on your behalf to attempt to cancel your contract. So, it may take months or, in some cases, years to resolve your case.
Most of the time, the contracts with these timeshare exit companies last years—meaning they don’t have to give you a refund at all if they are still “working” on your cancellation. Not to mention, a successful cancellation in their terms includes foreclosure. So, not only will this hurt your credit and stay on your credit report forever, you will also still not be eligible for a refund.
Timeshare Cancellation Scams
Out of all of the scams out there, timeshare cancellation is the industry’s latest scam that preys upon thousands of unsuspecting owners. Be aware of any of these red flags when you are looking for a way out of your timeshare:
“Stop paying your maintenance fees/dues.”
Any companies or representatives that advise you to stop paying your required payments are likely timeshare exit scams. Your maintenance fees or dues are legally binding and required while you still own your timeshare. It is much like paying for your mortgage, property taxes, or insurance. If you stop paying, you will foreclose on your ownership. This impacts your credit score and stays on your credit report.
Exorbitant upfront fees.
If you have to pay thousands upfront just to get out of your timeshare, think twice. It’s likely that your resort or developer has timeshare relief options for owners at no cost at all. Exit or cancellation companies charge thousands upfront, and are in deep scrutiny for not fulfilling their services and leaving their customers in the dark.
Unsolicited phone calls/cold calls.
A legitimate resale company or representative will never contact you without your permission. This is actually illegal! If you are called by one of these companies out of the blue, it’s a scam! Do not give out your personal information over the phone to a company you’ve never heard of, or weren’t expecting a call from.
Fake timeshare resale agents.
The timeshare exit scams of today are more tech-savvy, manipulating caller ID information to appear as a different number. So, they pose as employees of legitimate resale companies. It has been reported that a timeshare “representative” has reached out to some of our customers this way.
How To Look Out For Common Timeshare Resale Scams
Unfortunately, there are untrustworthy people out there looking to take advantage of timeshare owners who are in a bad place financially. Timeshare cancellation companies often prey on vulnerable owners looking for help. It’s hard enough for some people to keep up with paying their maintenance fees, but sadly it can get worse.
Sometimes, owners who weren’t even planning on selling their timeshare will receive a cold call from a representative with an “eager buyer.” Of course, this is typically a scam as we mentioned above.
We always advise timeshare owners to use caution with whom they work to sell their timeshare. When you receive an unsolicited call, never provide personal information such as credit card numbers, social security numbers, or bank accounts. Do your research – make sure the company is legitimate and the person who called actually works there – then you call them!
If anyone contacts you out of the blue claiming to be an employee at Timeshares Only, we urge you to contact us directly at 1-800-610-2734.
Selling a Timeshare
Before you decide on which route you will take, whether it’s timeshare cancellation or timeshare resale, make sure to research online. Of course, your best option is to call your timeshare developer or resort first.
In-house Timeshare Exit Solutions
Selling a Wyndham timeshare? Contact Wyndham Cares. Or maybe you’re looking to sell your Holiday Inn Club timeshare? Horizons by Holiday Inn is their in-house exit solution. Most brands will have options that are just for their owners, so you can exit your timeshare responsibly
Legitimate Timeshare Resale Companies
If you choose to sell your timeshare, there are many legitimate timeshare resale companies out there. Look for companies that are accredited by the Better Business Bureau and are backed by ARDA. We are not a timeshare cancellation company. Timeshares Only is a member of ARDA, with over 25 years of experience in timeshare sales.
Our specialists are experts in every brand and can help you post your vacation ownership for sale. You will be in control of your asking price, as well as what offers you accept. For more information on how to sell a timeshare, download our free timeshare sellers guide.
Sell Your Timeshare With Timeshares Only
You are in good hands selling your timeshare through us since we are a featured reseller for the Coalition for Responsible Exit. We also have an A+ rating on the Better Business Bureau. Our resale representatives can provide you with guidance and assistance at every stage of the selling process.
With our help, thousands of owners have successfully sold their timeshares. So, if you need help, we are here. Start the selling process today by calling 1-800-610-2734.
