Trying to get out of a timeshare agreement isn't easy. While it's not always the case, it sure is the case most of the time. But why is that? Purchasing your timeshare was so easy. I mean sure you had to sit through an agonizing sales pitch for an unbearable amount of time, but at the end of the day, all you had to do was sign the dotted line on a stack of papers they probably didn't even allow you to read. So getting out of your timeshare shouldn't be too much more difficult than that right? Wrong! Thousands of individuals and families struggle every year to get out of their timeshare agreement and many times to no avail.
So first things first, we have to understand exactly why so many people are interested in terminating their timeshare agreements. Well, it's no secret that many timeshare owners are left displeased with their purchase. Poor customer reviews and complaints are more common than ever for these resort companies and a huge detriment to their reputation as well. But why is this happening so frequently within the timeshare industry? Let’s find out, here are the 7 things everyone should know about terminating a timeshare agreement.
It might just be the fact that most timeshare owners were never interested in owning a timeshare whatsoever before meeting with the salespeople of these resort companies. Nobody ever just wakes up one day and decides they want to purchase a timeshare and do so. Instead, it is a much more gruesome experience that far too many have had to endure.
Practically all timeshares are sold during their infamous timeshare sales presentations, of which they have to lure prospective clients through discounts and other forms of bribery. I'm sure you have had the experience of being on the receiving end of a cold-call offering you a free trip or a discounted vacation. Most just ignore these calls or hang up quickly, and truthfully, this is probably the best plan to have. Once they are able to rope you in, you will soon enough be sitting through a terrifying, nightmarish experience of a sales pitch. Thousands of people are sold on their dreams of traveling the world and saving a fortune in doing so, but most are only left with the rare opportunity of a vacation and a mountain's worth of debt.
If you are lucky, you changed your mind very early on or were just quick enough to realize what a terrible mistake you had made in purchasing a timeshare. You see, if you catch your mistake early enough, then you might have a chance of an easy exit out of the whole situation. Before we get deep into this subject, I want to go ahead and preface this by saying all states are different, and so the laws for each can vary throughout them all. If you are in a situation where you are trying to get out from under your timeshare agreement, then it is vital that you properly research your state laws prior to moving forward.
Just as many other high-priced purchases, a timeshare agreement comes with a rescission period which essentially allows for you to back out of the deal within a certain time frame, following the initial purchase. As we mentioned above, the time frame you have to work with can vary from state to state, but it will typically not last longer than two weeks. And that's if you're lucky. As many timeshares are purchased by families on vacation, it is quite common for this 'cooling-off' period to have expired by the time they return home from their trip. If you find yourself still within the rescission period, consider yourself lucky because now all you have to do is write and deliver a cancellation letter to your resort company. Typically, it is still required to cancel in writing for most timeshares. Once again, each state will vary with specific instructions for this. So, be sure to research your state laws beforehand.
When your right of rescission period is over, getting out of your timeshare agreement can become much trickier. But that is no reason to lose hope as there are other alternatives. Once the cooling-off period has ended, the process then becomes more expensive and time-consuming for the timeshare owner(s). Of course, this is all at the discretion of the timeshare company. Just as hard as they worked and fought to get you to purchase a timeshare, they will do the exact same to get you to stay.
Try to talk with a timeshare representative about canceling a timeshare and there's a good chance you leave that conversation in even more debt. Yes, you read that correctly. Just as the sales people prey on those in a weak moment into purchasing a timeshare, they will again take advantage of your position and attempt to sell you on something else, such as an upgrade to your timeshare unit. They will tell you how it will fix all the issues you've been having with the timeshare and you will be able to soon travel all over the globe. Sound familiar? That's because it's exactly what they sold you on the first time, which they failed to deliver on. So if you are adamant about terminating your timeshare agreement, do not fall for any of the nonsensical upgrades which will only cripple you more. If the resort is open and willing to buy the timeshare back from you then by all means go for it, but that would be an extremely rare occurrence.
So after not receiving any help from the timeshare company, you have decided to take things into your own hands to get out of the whole situation. When people try to do this alone, they usually come up with two options. One, sell their unit, or two, rent it out to other users. While these ideas may seem to make sense initially, when it comes to a financial standpoint they would only be another bad decision. However, neither route is profitable and neither will fully clear your name from the timeshare agreement.
Look at the secondary market right now and you can find timeshare being sold for as little as one dollar. Timeshare properties are often not worth a penny and have no resale value attached to them. Many companies will offer the service of selling your timeshare, but be wary of working with them, because as we mentioned it is nearly impossible to do so. Typically, they charge a monthly fee for listing your timeshare. This is how they make their money. Plus, even if it is ever sold, your name could still be listed on the agreement. This means if the new owners ever stop paying their fees, then it falls right back on your shoulders. Renting is another story because the timeshare companies themselves encourage owners to do so but at the same time, they make it very difficult to rent your timeshare. Remember how you got hooked into all this mess? It was probably when you had a free or discounted stay at the timeshare resort. They get their new customers through these discounts, so how can you ever expect to compete with that. The bottom line is, renting is not profitable whatsoever and selling can actually lead to more financial ruin. It is best to avoid both, but fortunately there is another way.
While still a relatively new industry, timeshare cancellation companies were started due to the public outcry and dissatisfaction many people were having with their timeshare companies. As timeshare resorts began to see a decline in their profits, they decided to make their contractual agreements much more difficult to get out of for future owners. Many families needed help as timeshare debt for many was climbing to unbelievable heights, while the resorts just stood by and watched. Luckily, others saw the problem at hand and acted on it. A perfect example of this would be Wesley Financial Group, LLC ("WFG") which was founded by a leader of this new industry, Chuck McDowell.
Mr. McDowell has fought against the titans of the timeshare industry in court and has won. Since then, his company has helped thousands of families and individuals to fully terminate their timeshare agreements. When hiring a timeshare cancellation company you want to make sure they have a reliable and trustworthy background. When it comes to WFG, the positive reviews keep piling up. With high ratings across platforms such as Google, Trustpilot & Best Company, it is safe to say you can count on them to have your back against the timeshare company. If that's not enough convincing, just hear it from the people themselves. Check out video testimonials from WFG's past clients here.
It is very unfortunate for us to say this, but there are potential scams out there in this new industry, and so we want to stress how careful you should be when moving through it. These scam artists see a new industry trying to build up its reputation and help others, but all they think about is how they can make money off of it. They will mask themselves as a cancellation company and cold call potential clients, such as those they find who have posted a listing to sell their timeshare. They will ask for an up-front payment, and if they receive one they will disappear and create a new name, new number, and a new scam.
It is better to avoid working with any company that cold-calls you selling their services, especially if they are asking for money right out of the gate. You need to take the proper time to research who you are working with and get an idea if they are credible or not. If your gut is telling you something, then it is probably best to listen. There are also a few signs to look for in a credible company. Positive customer reviews are a solid start. A group of industry professionals working within is a plus. And last but not least, make sure they offer a...
We hate to see people fall victim to scams, especially when those people are trying to get out of another scam they were caught in. The absolute best way to avoid any potential scam when working with companies like this is to always make sure they offer a 100% money-back guarantee. After going through the timeshare industry and trying to get out, you should not be forced to pay for something unless it absolutely works.
While a guarantee of timeshare cancellation is great to hear, having a 100% money-back guarantee just in case something goes wrong will help you sleep better at night. Remember, it is your time and money that is being invested, don't let it all go to waste.
Wesley Financial Group, LLC, and/or its affiliates, successors, or assigns are not lawyers and/or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and are not intended to be a substitute for professional advice, legal or otherwise.