Owning a timeshare can be an exciting prospect, but it can also become a burden when you find yourself no longer using it. Perhaps you enjoyed it for years while your family was growing up, but now that the kids are gone your vacation habits may have changed. And that’s perfectly ok. However, many timeshare owners find themselves stuck with the property due to the difficulty of selling or cancelling it.
Fortunately, timeshare cancellation companies can help owners cancel their timeshares and stop their maintenance fees. However, it is crucial to choose the right company to avoid falling victim to scams. The most important thing to look out for when selecting a company is whether they charge an up-front fee. The Better Business Bureau (BBB), the Federal Trade Commission (FTC), and other consumer advocacy websites recommend against paying an up-front fee to cancel your timeshare. Some timeshare exit companies will promise to cancel your timeshare, charge you up-front, and then disappear with your money. Avoid falling victim to these scams by never paying an up-front fee.
Instead, consider working with a timeshare cancellation company that offers a low up-front fee escrow payment option. Escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. By using escrow, you are protected from scams because the timeshare cancellation company will only receive payment once the cancellation is complete. This means that you can be confident that the company is not a scam and will work to cancel your timeshare.
Selling your timeshare on the secondary resale market is also an option, albeit a rare one. In some cases, you may be able to sell your timeshare on websites like Craigslist or Ebay. However, keep in mind that it is extremely difficult to sell most timeshares, and Disney Vacation Club and Marriott Aruba Surf Club are among the few exceptions. Selling your timeshare will always be cheaper than hiring a timeshare exit firm, and you may even get some cash from the sale.
It is essential to note that most states allow timeshare owners to rescind their purchase within one or two weeks after the purchase. This means that you may return the timeshare for a full refund. Timeshare developers in the USA are required by law to explain how to rescind the purchase within the documents you received when you purchased the timeshare. The process is relatively simple: follow the instructions provided in the documents you received and send the letter via certified or registered mail so that the resort must sign to receive it.
If you’ve passed the rescission period and still need to cancel your timeshare, consider working with a timeshare exit company that offers an escrow payment option to protect yourself from scams. Remember that it is always better to be safe than sorry.