Locked In A Timeshare? Learn The Steps To Get Out

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A Timeshare

Timeshares can be tricky. They sound good in theory, but you think maybe you want out after a while. Unfortunately, it’s not that easy. When you are ready to move on from your timeshare finally, it won’t be a direct experience, but it is possible. You’ll need to be careful about the methods you use. If you cancel your timeshare incorrectly, you risk damaging your taxes and having issues later on with your credit. The options we are about to present to you will also cost money. However, when you want to know how to cancel a timeshare, you will see there is no way around it.

The Cancellation Letter Is The First Step

To get out of your timeshare successfully, you must write a cancellation letter. You need to type it out as a letter, email won’t always work. The typed letter needs to be professional and polite. They will not work with you if you are rude. However, don’t be passive either. Get to the point and state that you want to cancel your timeshare. When finished, print it out and mail it to the provider while keeping a copy for yourself. 

When writing the letter, you must also remember to include your name, your contract holder’s name, when you purchased the timeshare, your membership identification, and the contract number. Explain that you don’t want to resale, transfer, or do anything else with the timeshare that makes you retain the title as owner. Request a response by certified mail to prove that they have acknowledged your letter and received it within a month.

Hiring An Exit Attorney To Educate You On How To Cancel A Timeshare

When you want to know how to cancel timeshare, an exit attorney can help. They will represent you directly and fight for you to get your timeshare canceled and your money as best they can. The problem is that the refund will not happen as quickly as you like, and the funds may not be as much as you were hoping for. Still, this is the most effective way to get out of a timeshare without wasting your time. 

The attorney can help you with two things: giving you access to a first-person dispute cancellation company and the second being your direct representation. The company that they put you in contact with will cancel your timeshare by having an agreement for you, and then the attorney presents it. If necessary, this will end up in court. However, you should be aware that many timeshares will tie your hands by stating in their contract that you originally signed that you couldn’t undo or cancel a timeshare. This is something that your attorney will have to look over. 

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Paying The Company The Exit Fee

This is an option no one likes because it is expensive. However, it is one way to ensure that you are done, and you won’t have to deal with this anymore if the company decides to work with you and be fair. You will have to face the only issue is that your timeshare company might drag this out for months or a year. They had to fight even longer because the company dragged their feet in some cases. In addition to that, it can cost you between five and ten thousand dollars to cancel it too.

In many cases, depending on the payment schedule and issues with the timeshare, that fee goes up to twelve hundred or more. Most people don’t prefer this method as they don’t have time to waste playing with the company, and it can be exhausting getting the run around as the company keeps revealing hidden clauses in the contract. The company will fight because they want to keep you, and if they can’t, they intend to make you pay for it. 

Selling Your Timeshare To Another Person

You can offload it to someone else when you need to get out of a timeshare. This option isn’t as easy as you might think either. If this is the option you want to take, you ultimately need to sell the share. If you have taken a loan on your claim, it is entitled as encumbered, and you can’t sell it. If you aren’t sure if you can sell it or not, the best thing to do is to consult with a real estate agent to see how much it is worth and if you can offload it. 

The share that you want to get rid of isn’t’ going to be worth a lot. Think about your timeshare like a car. When you drive your car off that lot, you know it loses its value. When you try to sell it, you lose out in some cases because you can’t get what you want for it. Unfortunately, in cases like this, you won’t get back what you put into it, but you will get out of having issues in the future, which is better than nothing. It would be best if you remembered that though you may not have the ideal situation, the ultimate goal is to get out of the share, and this will let you do it faster than other options on this list. 

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You Have The Option Of Giving Your Timeshare Back

This is an option that is hush-hush. Not many know that you can do this. There is an extremely long list of restrictions that you will have to deal with. If you meet these requirements, you may be able to offload it reasonably quickly. It depends on how much you ultimately want to spend and how long you will feel comfortable trying to deal with the company. 

If you owe any taxes to the resort, they will not take it back. If you don’t, you can give it before, but you will have to pay a fee. Now bear in mind this is going to be a hefty fee. The cost fluctuates in many cases, and the company has the right to reject and refuse your payment. That may seem unfair, but unfortunately, they are allowed to do this. The company will employ this tactic to try and get you to stay with them because they don’t want you to give the share back. If you do, you don’t have to pay them anymore. For the company, it is worth it for them to keep you under their thumb so that you continue making them money. 

You Need To Know What Not To Do

When you want to know how to cancel a timeshare, you need to know what you can’t do. This is important because people will tell you that you can do things that you can’t do, and it will get you into trouble. For example, you can’t rent your timeshare to someone else. Companies (in more than ninety-five percent of the cases) won’t allow it. Another reason this is a horrible idea? One renter could trash the entire area, and now you are stuck with the bill because the timeshare is still in your name. 

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Other people might advise you to give it to charity. The problem here is the charity might not want it. If you still have costs on it, they don’t want them. In addition to that, there isn’t much they can do with it because if they can’t find someone who wants to go on vacation, they’ve become stuck with it. If the charity has an offsite retreat, they might take it, but you still have to pay the fees. There is no point in that option as it only hurts you.

However, the worst advice you could follow is to think that stopping all your payments will make the company take it back. This never works, and you need to tell people that that’s not a viable option. What happens here is your unpaid dues hit the collection agency, then your credit is ruined, and your timeshare can go into foreclosure. Your phone will begin ringing night and day, and the worst is that you can end up in court. As none of these options will work out for you, take advice from seasoned professionals and hire an attorney. The money you spend now is nothing compared to what you may have to pay later.

Learning How To Cancel A Timeshare Isn’t Easy

The companies that sell timeshares are innovative. They know that eventually, you might want out, and as a result, they make it almost impossible to do so. The critical thing to note here, though, is practically impossible. You can still get out of it if you want to. It just takes some hard work and a vast amount of patience. However, once you get out of it, you have the overwhelming relief of knowing that you never have to talk with these people again. Be smart and get people who know what to do, and you will be accessible sooner than you think.

 

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