How to Cancel a Timeshare: The Do's and Don'ts

Posted On Thursday, 27 January 2022 20:48

When you want to cancel a timeshare, you will find many options for doing this, and you need to be careful. If you cancel your timeshare incorrectly, you will have damaged your taxes, and it can also affect your credit. If you find this situation you want to avoid, you should know that you are not alone. Over seventy-five percent of people regret buying a timeshare and want to get out of it. Thankfully, some straightforward steps can help you to navigate this correctly. 

Another thing people should be aware of is that each of these options will cost a little or, in a variety of cases, quite a bit. However, if you pay a thousand or more on your timeshare a year, you will save far more in the long run by freeing yourself now. You also avoid the legal hiccups that can happen if you choose to ignore your share. 

You Must Write A Timeshare Cancellation Letter

One important thing to focus on is that you need to be courteous and professional. When you cancel your timeshare, it cannot be an email. You need a typed letter that you will need to be printed out and mailed to your provider. Keep a copy of everything for yourself! Remember that you need to be extremely clear that you are canceling your timeshare, but don't be rude. State your request clearly in the first sentence, and don't spend the entire letter beating around the bush. 

You must have every vital piece of information in the letter. Please include your name, the name of your contract holder, the contract number, when you purchased it, and your membership ID. You also need to explain that you aren't interested in a transfer, resale, or anything else that will make you the owner of the share again. You should also state that you want a response by certified mail to acknowledge your letter and that they received it within thirty days.

You Can Give Your Timeshare Back

Many people don't know this option, but you can return your timeshare to the company. You will find a long list of vital restrictions that you will have to follow to ensure that you don't get in trouble, but this is a good option for some. It depends on how much you want to deal with and how long you want to spend dealing with the company. 

You will find that you can't owe any taxes to the resort to do this option, and you will have a fee to pay. That may be more than you are willing to pay as it fluctuates so much. However, another thing worth noting is that companies can choose to reject your fee and make it impossible for you to give the timeshare back. You will find that many companies utilize this trick because they don't want you to get out of having to pay them. It is more beneficial for the company to keep it and pay them as long as possible. Companies of this sort can do this because the choice is ultimately up to the company. 

Don’t Attempt This Alone

Many timeshare agents will use tricks to attempt to get you to keep your share to keep paying them, and you don't manage to escape the hold they have upon you. You will find that they ask you to choose other options, offer deals, and try to confuse you so that you don't understand what is going on. The unfortunate truth is that the companies are so good that many people struggle for a year or more to try and gain freedom.

However, having experts in this field who are trusted and have the client's interests in mind instead of their own can help you navigate this process quickly and much more efficiently. While it will cost you a fee upfront, you will find that it is far less than if you continue to pay fees on your share throughout the year. They have inside knowledge of the business, so they can help you escape it without much difficulty. 

How To Cancel A Timeshare Includes An Exit Attorney

An Exit Attorney can tell you how to cancel timeshare more effectively, and they can represent you directly. The downside is that the refund may not happen the way you expect or be as much as you would like. However, this is still considered one of the most effective ways to do this as the lawyer deals with you directly, and they can help you with a first-person dispute cancellation company. 

These companies can cancel your timeshare by getting you an agreement, and as the attorney, they can take the case to court if need be. Research has shown that this is an effective option to cancel a timeshare. Most people don't know that in most cases, a timeshare specifies that you can't undo or cancel a timeshare, and you can find that clause in the fine print. 

Sell Your Timeshare To Someone Else 

When you wonder how to cancel a timeshare, you can always sell it to someone else. To do this, you need to see if you can sell the share in its entirety. If you have a loan on the timeshare, they will consider it encumbered, and you can't sell it. If you find that you can sell it, you should check with an agent in real estate to see how much it is worth. Remember, your timeshare may not be worth a lot. Therefore, this may be more work than you want to expend. However, the main goal is to free yourself from the timeshare. As a result, this can be a great way to do this quickly. 

Don’t Fight With Your Company And Pay The Exit Fee

Studies have shown that, on average, it can cost you at least seven thousand dollars and can take over a year to achieve. That makes this an expensive option that will take a long time. If you don't want to take a year out of your time to do this, the fastest way is to use an exit service or an agent. You may still have to pay fees, but you won't waste an entire year of your life waiting for your timeshare company to get back to you. You will find that each area in the contracts of your timeshare can have five or more hidden clauses that you have to get through first, and the entire time the company will be trying to keep you or make you pay an astronomical fee.

A Charity Won’t Always Take It

Many people have heard that you can get out of a timeshare by donating it to charity. That is true. You can do this anytime you wish, but it doesn’t always work out. The problem with this option is that the charity may not want it or they won’t be able to use it. That is particularly true if you still have fees on it and the issues they will have when they take it over. The charities that you will find that accept these options will ask that you pay fees for at least five or more years. That becomes problematic for you as you are trying to escape these fees.

Don’t Think That It Will Go Away

A common problem with people is that they think that it will go away. The problem with this is that it doesn't. Think about it like this. If you don't pay your phone bill, it gets shut off, and if you continue this issue, you will find that they send it to collections. When this happens, you will find that you get calls from people attempting to collect at all hours. By this time, you may not be able to come up with the payments, and the share goes into foreclosure in most cases. When this occurs, you could be taken to court and threatened with the ruin of your credit and lawsuits. The best thing to do is face the problem head-on and not fool yourself into thinking that this will become a problem later on because it will be. 

Are You Ready To Give Up Your Share?

When you are ready to give up the fees, the frustration, and you are prepared to gain freedom from your timeshare, try these methods. Knowing what you should and shouldn't do helps immensely. Remember you should never attempt to do this on your own as you can cost yourself twice (or three times) the money and effort. Gain the benefit of using someone who knows what they are doing and has the knowledge you need, and you will find that you take months off the process and save yourself from unnecessary frustration. Be more innovative and safer with your chosen method, and you will find that you have a far higher chance of ensuring that you will gain the freedom you seek.

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