What is wrong with timeshares
What is wrong with the timeshares business? In this article we will discuss popular questions and doubts related to the timeshare sale industry: is a timeshare worth it? you may be wondering, and the truth is it depends on many factors. Usually the answer does not turn to be really positive. Here in this Forbes article the threats of being the owner of a timeshare are pointed put.
As wonderful as it sounds, owning a portion of a property in a small paradise area like Cancun or Los Cabos in Mexico can be really stressful to keep. We know salespeople will promise all high quality services, a luxurious unit, privacy or at least benefits for enrolling in a resort membership.
What really ends up annoying timeshare buyers is the timeshare monthly payments or annual fees. it is known such fees are necessary for the timeshare maintenance, but is it really worth the price?
This leaves future timeshare investors thinking is a timeshare worth it? and if anything, how much does i cost to cancel a timeshare? will it be expensive to get rid of it in case it becomes a burden?
To answer all this above we would say it is possible to rescind from a timeshare, but is not that easy. This is the kind of reputation timeshares had acquired now. We recommend you to keep reading in case you´re trying to figure out why are timeshares a scam, as people have come a lot with this question when they are not sure about investing in one.
Why are timeshares a scam
Although families have been recurring to this vacation method through the years, and they really enjoy owning a timeshare in Meaxican coasts, timeshares can be not only difficult to keep, but a subtle way to steal your money.
It is really common to be victim of a fraudulent business when you acquire a timeshare in a Mexican resort. A good idea to take a look at the potential scams you can avoid shared by travel scams if you´re planning on visiting Mexico soon.
Why are timeshares a scam? the truth about a timeshare ownership can be disappointing whe you think about how easily salespeople deceive buyers. This includes timeshare resales, another one of the fraudulent business timeshare owners tend to fall when trying to get rid of a timeshare property located in Mexico.
A side from keep up with the timeshare monthly payments, owners have stated an unfair treatment from the resort towards their rights to reserve their own timeshare.They can´t seem to find an available date and hace missed many holidays in their own property, wondering what is wrong with the timeshare resorts where they imagined wonderful vacations?
Is a timeshare worth it? Dissatisfaction and frustation are main feelinds buyers express in relation to timeshare investments, claiming they never received what they were promised before signing a contract, besides this, feeling like they were put under pressure to buy the timeshare.
Some of the owners even declared they just signed the contract to be left alone, thinking they could cancel afterwards and also wondering how much does it cos to cancel a timeshare since they did not even wanted it in the beginning.
The truth about the timeshare deals is, many timeshare when a timeshre is sold, buyers don´t know they are giving away their right to cancel it. Since salespeople have no good intentions in protecting your economy, in order to sell, they will simply tell lies. A common one is telling the buyer it is impossible to cancel after signing the deal.
Cancelling a timeshare
Like we said above, buyers are made to believe it is impossible to cancel a timeshare after signing a contract for acquiring one, so they will not be able to get their money back. It is really important to know your rights in a different country, as well as the truth about timeshare salespeople, so you can avoid having a hard time and getting into this type of legal mess.
In case you might be thinkibg about traveling to Mexico and owning a timeshare in a resort the following information can be valuable for you.
In Mexico, there is a recession law which protects Mexicans and foreigners equally, as it is stated by PROFECO (office of the federal prosecutor consumer) you have 5 business days to cancel a timeshare contract.
This could be a long process or not. It really depends on the situation. Normally you have to follow certain steps in order for the institution to address your case. It will be requested a cancellation letter, which has to include:
- Your contact information
- Date of purchase
- The name of your timeshare resort
- The contract number
- The names on the timehsare contract
- A statement of cancellation
- Request of the amount you paid, wich has to be reimbursed to you.
On the other hand, if you find you´re out of time, don´t worry, you still will be able to cancel your timeshare. Just know it will be tough. You have to always be alert on suibtle scam signs whenever paying of large amounts of money.
How Much does it cost to cancel a timeshare?
Another popular question we are often asked is how much does it cost to cancel a timeshare? it commonly depends on the following factors:
- The resort where you own the timeshare
- The country where the timeshare is located
- The type of membership you are enrolled with
Afterwards, you are charged with a percentage of your debt, which people feel like they better pay, instead of being doomed to the timeshare monthly payments the next many years.
Another way to answer what is wrong with timeshare are resale "companies". This is another approach of timeshare scammers to make their way to get people´s money illegally.
Getting help from a timeshares resale company is the first mistake owners make in attempt to sell their timeshare, since these companies claim they will help you buy or sell a secondhand timeshare for a deal that is just too good to be true.
If you are trying to sell yours, they basically show documents, emails, phones and addresses that look legitimate, when the fact is they are as fake as the buyers they connect you with.
In the end they will just steal your money convinging you to pay hundreds or thousands in cleaning or maintenance fees, only for you to find out the timeshares resale was never made. this is another reason why is timeshare a scam.
How to cancel your timeshare?
If you tried to cancel but your cancellation period has already experied, the best thing you can do is to hire a timeshare lawyer.
At Mexican Timeshare Solutions, we specialize in timeshare cancellations. We have a team of timeshare cancel professionals who are able to handle cases involved with the timeshare industry. It does not matter when your purchase, we can offer you help in fast. Contact us today for a free consultation and find out how to cancel your timeshare contract.
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