How to get rid of a timeshare?
You will find the answers here. Which is actually the safest, most affordable and efficient way is to cancel your timeshare contract. The Answer that thousands of timeshare owners like yourself have been searching the internet feverishly have found is successful and simple “ Do it yourself.” Yes you heard me correctly ” Do it your self timeshare cancellation is the answer.” It’s amazing how many companies spend all their efforts to try to take advantage of a timeshare owners. Most timeshare owners have had their fair run in with the as I like to call it the pie in the sky approach. When every person wants to sell you on what they can do for you or how they are not like the other company that did them wrong. Truth of the matter is when most of the Timeshare owners I have spoken to over the past 5 – 10 years I have noticed that I would say 95% of the owners purchased their timeshare without hiring anybody! So let’s stay with that thought for just a moment and think about it.
why pay someone to get rid of your timeshare
I always believe in life we don’t give ourselves enough credit when it comes to making a choice that may or may not turn out as planned.But on the other side of the coin is, “Why not trust yourself to resolve the matter ?” So, I will re-ask the opening questions and you tell me the answer. OK, here we go.
I’m sure something just clicked
I can almost promise you the answer you came up with was the most overlooked answer of all! The answers to both questions are the same “ Do it Yourself “. Again, let’s circle the wagon as they say to get rid of the timeshare you purchased on your own is to cancel it on your own. I know before you say it, already every company or person I hired has assured me that the only way to cancel a timeshare is to hire somebody. Well let’s look at that response again in a clearer light, of course they are not going to tell you that you can do it yourself. Telling you that you could do it yourself would clearly not only make too much sense but also would take away the need of the person or company that says you need to hire them. One thing I have learned through the years is that people will always make things seem harder or more difficult to get you to not seek an interest to do something. Think about every time in life someone told you something you couldn’t do or was way out of your skill set and after finding out the hard way it wasn’t nearly as complicated as it was described.
Well guess what?
This is one of those things that you, a person without a law background, without passing the bar, without hiring someone, YOU can do yourself.
Typically most people get some use out of the timeshare to justify the cost.
In addition to the annual fees and or monthly payments at interest rate that can reach between 15% -45% in most cases. Owners couldn’t afford the vacation when they bought it let alone after they see the real cost to maintain a vacation they may or may not use. If you haven’t noticed most people that are making monthly payments on paper couldn’t afford the timeshare to start that’s why resorts hurry up to get potential buyers approved for a credit card to cover the down payment to push the deal through to the financing department to get approved. This is also why a rescission period typically (depending on the state in which you purchase) 3 – 7 days to cancel the sale before its final is put into place. Most timeshare owners either never were told or were handed a travel drive inside a flashlight or a big book of paperwork and never thought to read or open the travel drive on a computer before the cancel period expires.
- You justified the cost paid for the timeshare either upfront or payments as well as increasing maintenance fees annually and used the timeshare best you could.
- The mass majority either are still paying on the timeshare and have never used it or paying on the timeshare and had minimal use.
Truthfully there is a third group that are what I like to call the traveled veterans that bought their timeshare years ago some back in the 80’s or 90’s, back when the timeshare offered set weeks and unit sizes, 2 bedroom, 1 bedroom, or adjoining lockouts etc. This group of individual’s traveled the world in their timeshare and took their kids everywhere the timeshare had to offer before they became they went off to start their own families.
I’m saying all this to confirm.
The resort is not going to willingly tell you on a phone call that you can cancel your timeshare contract. If the resort went that far in most cases to get people into a contract in which the salesperson makes anywhere from 8% to 18% commission they are not going to willingly let you out. Let’s continue now that you are locked into a perpetuity contract one of two things happened
The problem is with the latter group.
They either have gotten up in age where they are unable to travel, the spouse has passed, adult kids don’t want to be responsible for the timeshare and the parents don’t want to leave it to the kids in a will or have it passed on by forfeit through the resort. Not to mention this group is typically on social security, fixed income, disability, retired a lot dealing with medical issues. Here is where timeshare owners take a not so favorable situation and create a snowball effect. Timeshare owners typically at this point are looking for help or searching for help or get solicited for help via phone or advertisement.
Most timeshare owners have never been in this situation.
This is all uncharted territory and the end result is to get out of the timeshare. There are normally three options that are presented:
- Try to sell the timeshare to recoup the money spent or lost, or whatever you want to justify it as in your mind.
- Totally be done with the timeshare, don’t care if you get a dime for as long as you don’t have to make another maintenance fee payment and or monthly payment !
- Not as popular anymore was renting the timeshare to try to offset the annual cost hoping somewhere down the road you will sell it or give it to the kids.
The first option is the worst option but it’s the one that everyone falls for the easiest because who doesn’t want to get money from their decision and the hope of getting a little bit more than what you paid sure drives a hard bargain to say no to. Most owners will pay a company to list, advertise, their timeshare on a website typically for a few hundred dollars with a guarantee to advertise until sold and they just sold one like yours yesterday! Yeah, unfortunately you forgot you didn’t buy your timeshare on the internet so don’t expect anyone to buy yours any way different than you purchased yours that’s the first mistake. If you don’t believe me then go to eBay and search “Timeshares for sale” you better sit down while looking because you are going to see thousands upon thousands of timeshares that are listed as low $1 and still can’t be bought. Unfortunately there is no market for a vacation that goes up in cost every year anywhere from %8 – %15 annually for the rest of your life and your kids lives. Most timeshare owners lose on an average $1000 – $3000 trying to sell the timeshare with not one offer or phone call.
Let's move on to the second group of timeshare owners.
They're fed up!
Just want the timeshare to go away and normally reach out to Timeshare attorneys and or Timeshare exit companies to just make the timeshare disappear. I do want to be clear before we proceed that most of these timeshare owners already lost money trying to sell, now they are doubling down on trying to hire someone to get this off their hands. Typically I have heard stories of timeshare owners that have spent in the upwards of $8000 per each timeshare contract as low as $2000 each. Some timeshare owners have multiple deeds, titles and or contracts so that cost would be for each separate contract, all the same resorts just call it different names! I will be fair some of these company’s I have heard cancelled the contract for a large sum of money, as well I have heard timeshare owners spend a ton and have zero result and the timeshare is now affecting their credit as they stopped paying the fees while supposedly cancelling their contract. I will tell you how unsettling it is to actually speak to a timeshare owners that have lost on trying to sell the timeshare , then to lose on hiring someone to get them out and to still have the timeshare and the fess either behind from not paying or about to go to foreclosure.
It all boils down to this!
Remember when you were on your favorite search engine a few minutes ago ? The questions you searched “ How to get out of a timeshare ?” or “ How to get rid of a timeshare?” Again the answer is simple “ Do it Yourself” I was always told as a young kid by my grandfather “ If you want something done right ? Do it yourself? “
That rule applies to a lot in life and this is no different!
This is no different concept from doing your own divorce, your own bankruptcy or filing your own living trust. Some point in life we all get knocked down physically, mentally , financially especially in this economic crisis as we search for a cure for COVID19. As it stands travel has come to a complete stop and the future of travel is still uncertain so with that being said “Why continue to pay for something that may or may not be used ?” Unfortunately, the resorts are sitting empty and millions of owners are paying for a place they can’t travel or visit!
With all the time you have spent reading this article you could have already mailed your cancellation letter to your resort to start the cancellation process. If we have learned anything from this Pandemic, Life is precious, time is valuable, and don’t let today be another day you could have changed tomorrow!
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