Steps to Free Yourself from the Financial Burden of Your Timeshare
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We all dream of the perfect vacation from time to time, whether on the beach or the mountain, with family or on our own. Planning a vacation trip is no easy task, and so, many opt for hiring the services of a resort and purchasing a timeshare plan instead of planning from scratch. This however, is not a foolproof plan. What happens if I don’t enjoy my timeshare plan? What should I do if I were to be scammed? Should I just try to push the issue to the side and try to enjoy myself either way? Should I ask the resort for a refund? Worry not, dear reader. In this article, we’ll share with you some tips on what to do if you find yourself in a situation in which you wanted to cancel your timeshare contract.
- What’s a timeshare plan?
- Nullifying a timeshare contract
- When can I cancel a timeshare contract?
- How do I cancel a timeshare contract?
- What can I do in case of timeshare fraud?
What’s a timeshare plan?
Just to make sure that we’re all on the same page here, a timeshare is a type of contract made with a resort in which a client purchases a property to use it for a few weeks a year as a vacation spot, there are many types of plans, all giving the client different shares and amenities of the property, some of them last a few years some of them last for a lifetime.
Nullifying a timeshare contract
Timeshares are designed to facilitate the process of planning a vacation trip; however, they are not perfect and do not guarantee a hassle-free vacation.
When can I cancel a timeshare contract?
Before going on, it’s important to note that most timeshare contracts can be nullified in a window of 5 business days after being signed, so if you notice any inconvenience with the contract or the property, this is the best moment to reach out to a timeshare cancellation agency to help you undo the contract. It should be noted that contracts can be nullified even after this 5-day window, but the process is longer and more complicated. The most common reasons for a timeshare contract cancellation are:
- Fraud: The client feels like the property does not live up to the expectations set by the resort, or that they were lured and pressured into purchasing the plan.
- Payment-related issues: The client may not be able to keep up with the monthly payment anymore.
- Reservation-related issues: Some clients may lose interest in the property if reservations become too difficult or inconvenient.
- Loss of interest: As time goes on, clients may lose interest in the destination the property is located on.
It is very common for resorts to try and pull a few tricks to stop us from canceling our plans. The most common method is offering one of the next alternatives to canceling:
- Timeshare downgrade: The resort will offer a less expensive alternative to your current plan, making the deal appear more appealing.
- Stopping charges: Resorts may try to entice you into not canceling your contract by stopping charges for a few months.
- Asking for a percentage of the payment of the plan: with less of an alternative and more of a cancellation fee, resorts may try to discourage you from canceling your contract by charging you anything from 35% to 50% of the original price of your plan.
These are the most common alternatives offered by resorts when trying to cancel a plan, but they are definitely not the only ones.
There are many ways to get rid of your timeshare plan that don’t involve canceling it, and while they are still worth knowing, they are not as time-or money-efficient as getting a timeshare cancellation agency’s help.
- Selling the timeshare plan: This is the worst option of the bunch; the timeshare plan's offer is higher than the demand, and the properties have no real value as investments.
- Donating the timeshare: Some charities accept timeshare properties, but most of them are not particularly inclined to actually take them due to the low value of the properties and high maintenance costs.
- Renting the timeshare: While it is possible to rent our timeshare, it's difficult to do it by ourselves, and so many sign contracts with fraudulent companies that promise to help by handling the more complex aspects of renting, but in reality, these companies will only take as much money from you in an upfront charge. It is important to remember that timeshares have no value in the market and are not investments
- Transferring the plan: This option will often take lots of time and require us to pay more for the procedure than we would’ve paid for the timeshare itself.
In general, canceling a contract is the best option when trying to get rid of a timeshare. While at first sight it may appear as a slower and more expensive alternative, the truth is that in the long run we’ll see results more quickly and lose less money. It is important to always remember that there will always be people out there willing to use our misery for profit, and not all timeshare cancellation agencies will have our best interest in mind, some good advice, not only for canceling your timeshare contracts, but generally useful is to distrust services and service providers that demand upfront payment.
What can I do in the case of timeshare fraud?
The most common type of fraud in timeshare contracts is, by far, rent-related scams. As mentioned before, timeshares are not investments and have no value in the property market. Most timeshare properties’ real value is around 500 dollars, and that value halves when put on sale. This is summed up by the fact that the timeshare market is relatively small and that the offer for timeshare properties is higher than the demand, and so we’re left with a property with little to no value, real or otherwise. Just in case it isn’t clear yet: Timeshares are not investments; they are, essentially, vacation homes. With all this information in mind, we can easily and confidently say that any kind of timeshare plan that advertises itself as a good investment or highlights the properties resell or rent value has a 100% chance of being a scam. If we were to find ourselves prey to any scammer, our best option is to go directly with a timeshare cancellation agency, as scammers will try to use an average person’s ignorance in legal matters to get away with their scams.
In conclusion, a timeshare has the potential to be a wonderful experience and is generally less expensive than planning a vacation from scratch. Timeshare plans, however, are not perfect, and we may find ourselves dissatisfied with our contract, in which case the best course of action is to contact a timeshare cancellation agency.
To receive more information about steps to free yourself from the financial burden of your timeshare, send a WhatsApp to +52 1 333 239 6589, contact us or call us u at +1 714 277 3662