A timeshare can be a wonderful thing that brings joy to your life. However, when you have decided that it is time to call it quits, you don’t want to waste your time and your hard earned money trying to make this happen. The problem with this is that you will find that the company will do everything in its power to get you to stay. Another issue that you will find is that there will be hidden clauses in your contract that can make it almost impossible to get out of it if you don’t have the proper help at the end of the day.
While you will find that you have many options for getting out of a timeshare, remember that the most important thing that you must avoid is doing this alone. You will need help to ensure that you never attempt these steps without professional service, as you don’t want to be stuck with your timeshare any longer than necessary. Studies have shown that without help, this process could take a year or longer.
Give Your Timeshare Away
When you want to cancel a timeshare effectively, you can find that one of the quickest ways is to give it away. While this works in many cases, you will find two issues. It would be best to give it away to family members because they will be stuck with the problems you are trying to escape, and you won’t be doing them any favors. We mean that if you still have fees on the share and you give it to a family member, you are hurrying your destructive issues to them. That causes problems for your family, which is the last thing you want.
If you decide to give your timeshare to a charity, you will find that while most take them, many don’t. When this happens, it is most often due to the fact that they have no use for it. Another issue is that if they take it, you will have to pay fees for several years because they won’t want to take that on. As a result, you get rid of the timeshare you wished to, but you don’t save money because you are still dealing with the fees you wanted to avoid. Another area that comes into play is that many people want to use this option to get a tax write-off. However, you will find that this is an issue that can become serious. Not everyone who donates a timeshare to a charity receives the write-off they want, and this is one of the reasons that you should choose to use a timeshare cancellation attorney.
A Timeshare Cancellation Can Be Made By Giving It Back To The Company
Another great option that many people take has restrictions that make it harder to perform. When you want to give your share back to the company, it is up to the business itself whether or not they will let you do this, and you shouldn’t be surprised if you are not allowed to do this. The list of restrictions here is not small, and the first thing you will deal with is taxes. If you still owe any surcharges on your share, the company won’t take it back.
You will also see that you will have to pay them if they decide that they don’t want to accept the exit fee. They won’t take it then either. While it isn’t fair, you will find that this happens far more often than you think. In addition to this, you will see that the company employs tricks to keep you in their clutches. For example, they may ask you if you want an additional resale option and confuse you with hidden areas of the contract. Because many people don’t know how to deal with this, you will see that it is easy to get confused, and they end up being stuck with the timeshare instead of ridding themselves of it.
A Timeshare Cancellation Can Be Made With An Exit Attorney
This is the most popular method of getting out of a timeshare, and it is also the quickest method. An exit attorney is someone who deals with you directly, and as such, they represent you the same way. This is so important because they will give you vital information about how to close your timeshare effectively. While they have the proper knowledge and the inside tips that you can use to their benefit, you may still find roadblocks that will come your way.
As a result, you will find that you may not get rid of your timeshare or refund money the way you think you should. Despite this, you will find that these companies will help you produce a cancellation contract and help you go to court if need be. In addition to this, you will find that they will help you understand the fine print that you can’t ignore. However, even with these issues, you will still find that this is considered the most effective choice, and the proper attorney can help you understand what is going on.
You Can’t Skip A Timeshare Cancellation Letter
The letter will need to be crafted carefully as there is a fine line that you will need to walk. It would be best in this instance if you were firm so that your message gets across, but you also need to be polite and calm so that you don’t irritate or upset the company. Be sure that you are not rude but present yourself as a professional. Do not make the mistake of doing this step by email. If you do, you will see that there is an extremely high chance that you won’t get a reply, you won’t get rid of your timeshare, and instead, you will find that it is harder to get rid of it as a result.
Instead, type a letter and craft it carefully. Ensure that there are no spelling issues to be found and that the grammar is professional, and print it out and immediately mail it to the company provider. You must keep at least one copy of all of this for yourself! That is a vital tip that cannot be ignored. If anything happens, you want to be protected and have proof that you have done what you were supposed to do. As we said above, you need to be clear about your message, but don’t be crass or rude. Instead, state that you want to cancel your timeshare in the first few sentences, never wait until the middle of the letter and get to the point quickly.
To make sure that you haven’t forgotten everything, re-read your letter and make sure that you have included the following pieces of information.
- Your name
- Your membership ID
- The contact number where they can reach you
- The name of your contract holder
- The exact date when you purchased the timeshare
Using an attorney here will help guide you on avoiding common tricks that the company will use to confuse you, such as these methods.
- Retaining ownership
The last thing that you will need to ensure that you have done is to request a response within thirty days. Not by email or regular mail. State explicitly that you want a certified mail option. That is the best way to ensure that this process goes as smoothly as possible.
You Can Attempt To Sell Your Timeshare To Someone Else
We say attempt here because while this is a method that can work, it’s not the most feasible option. If you still have fees that you need to pay on a timeshare or a loan, you will find that the company considers it to be what is known as encumbered. When this occurs, you can’t sell it or get rid of it. At least not this way. However, if the company says that you can sell it and get rid of it effectively, find a trusted real estate agent (not someone from the company that sold you the timeshare) to tell you how much the share is worth. While it may not be as much as you want, you will still get something out of it.
Getting Rid Of A Timeshare Isn’t As Hard As You Think
With the options that we have shown you here and enlisting the help of a timeshare cancellation attorney. Many people think that you can do this without one, but you will spend up to six thousand dollars more than you need to if you don’t utilize this option. Take the time and find trustworthy and has your best interests in mind. When you can do this, you will find that you rid yourself of your timeshare quickly and successfully. You should also remember that you should consider your options carefully to avoid getting caught up in tricks that the company will use to its advantage.