The reasons for canceling your timeshare keep piling up. You know you need to get out. But you’ve heard that the process is long and you may never be able to cancel your contract.
You can find a successful timeshare exit strategy. Avoiding common timeshare exit errors is key. Learn more about the 7 mistakes not to make and how to find freedom from your unwanted timeshare.
Table of Contents
- 1 1. Not Reading Your Contract Carefully
- 2 2. Trying to Cancel Your Timeshare via Email
- 3 3. Not Including Enough Details in Your Cancellation Request
- 4 4. Stopping Payments on Your Timeshare
- 5 5. Working with a Timeshare Exit Company that Cold Calls You
- 6 6. Paying a Large Upfront Fee to a Timeshare Exit Company
- 7 7. Giving Up Before You Successfully Exit Your Timeshare
- 8 Avoid These Common Timeshare Exit Errors
1. Not Reading Your Contract Carefully
The timeshare contract details are very important when you want to cancel the contract. Different timeshare companies have different cancellation policies.
The contract may prevent you from exiting unless you meet certain criteria. For example, you may need to file the cancellation notice a certain amount of time before the end of the year.
Understanding the legal jargon in the contract can be difficult, though. A reputable timeshare exit company can help. They have the expertise to ensure your timeshare cancellation follows the proper steps.
If you try to cancel your timeshare yourself, the first step is sending a cancellation letter to the timeshare company. You may be tempted to send an email. Emails are convenient and quick to send.
However, an email isn’t legally binding. Digital correspondence is more difficult to track.
You need to type or handwrite the letter and save a copy for yourself. Then, send the letter to the cancellation department at the headquarters of the timeshare organization. Be sure to send the letter via certified mail.
Certified mail gives you a mailing receipt to prove that you sent the letter. You’ll also get confirmation that the letter was delivered. You can request signature confirmation to have the delivery record mailed back to you.
3. Not Including Enough Details in Your Cancellation Request
The timeshare company doesn’t want you to cancel your contract. They will do whatever they can to prolong the process. Failing to include enough details in your cancellation request gives the timeshare company an excuse to delay.
Writing timeshare cancellation letters takes time and consideration. Your letter should include:
- The accurate timeshare address and contact person or office
- The name of the timeshare as listed on your contract
- Your full name and address, phone number, and email
- The full name of the titleholder
- The contract number and membership number
- The purchase date of the timeshare
- The date of requested cancellation and date of the letter
You can use bullet points and bold typeface to be sure this information stands out. You want to be as clear as possible.
As the cancellation process drags on, you may be tempted to stop making payments on your timeshare. You may think that you’re entitled to stop paying because you already gave your cancellation notice. Or you may think that stopping payments will make the timeshare company finish canceling your contract faster.
However, one of the worst timeshare exit errors is to stop making payments on your timeshare. Failing to pay your timeshare mortgage, annual maintenance fees, or other payments can seriously damage your credit.
The timeshare company can send the overdue bills to a collection agency. They can impose fines and penalties that you would also be responsible for paying.
Working with a timeshare exit company is often a good idea. However, you have to be aware of timeshare exit scams. One red flag is a company that cold calls you.
Scammers look at real estate records or online “timeshare for sale” ads to get lists of names. An agent calls you out of the blue and says they can help you get out of your timeshare. You were thinking of trying to get out, so this seems like a good idea.
Reputable companies won’t call you unsolicited, though.
Another red flag in these cold call solicitations is that the agent claims to have a buyer ready to buy your timeshare right away. In fact, selling a timeshare resale is very difficult. You’ll find hundreds of listings online trying to sell timeshares for little or nothing.
Timeshare exit scams often say you must make an upfront payment. Scammers require fees that can reach more than $25,000. This is a major red flag.
You can expect to pay a reasonable fee when you work with a reputable timeshare exit company. After all, the timeshare exit process can be time-consuming and labor-intensive. However, a reputable firm won’t try to scare you into making a large upfront payment.
Legitimate companies will have a transparent fee structure. When you work with a timeshare cancellation company, their team should help you understand how they’re using your money. You should have evidence of their work on your behalf.
The timeshare exit process can be long and frustrating. The timeshare association will try to convince you not to leave. However, giving up before you cancel your timeshare is a big mistake.
Working with a reputable timeshare exit company can help you successfully complete your timeshare cancellation. A timeshare exit company will use a variety of strategies to cancel or transfer your timeshare. The team may include a lawyer.
A timeshare exit firm will handle all correspondence with the timeshare company. Their team has the experience to find the best timeshare exit strategy for your situation. They have the time and resources to pursue your case through to the end.
Common timeshare exit errors can leave you stuck in your timeshare contract. However, you can avoid these problems and leave the timeshare behind you. Following the right procedures and being prepared for a long fight are essential.
A legitimate timeshare exit company can help you with a successful timeshare exit strategy. They can help ensure your case moves forward as quickly as possible. You can take the first steps to freedom from your timeshare today.
Keep reading for inspiration on what to do with the money you’ll save when you exit your timeshare!