All You Need to Know How to Exit Timeshares

In the early part of the 21st century there started a trend called timeshares. As a financial product with a leisure base the offering was supposed to be aimed at up and coming middle class folks in America. The originators of this financial product came from the hospitality and travel industry. This scheme (in the 'verb' sense) became a marketer's dream. The sellers devised hard sell tactics and promotions that started with a tele-caller informing that you have won a vacation for two at a particular resort and that you and your spouse are invited to spend an evening and claim your reward. You would arrive at the venue (generally a middle-of-the-road restaurant) where you would be made to sit for over two hours listening to the hardest sell in marketing history of how a timeshare bought for $10,000 today would fetch double the amount of money in 7-8 years and in the meantime you could vacation in exotic locations in properties owned by the luxury chain promoting the timeshare units. They also waxed eloquent about how you could gift your week to others or sell at a higher price. The sales pitch became so hard that many people just to escape the syrupy once-in-a-lifetime offer agreed and later proceeded to the promised dinner which in most cases more often than not was an average offering.

 

Man’s vanity root cause

 

Most if not all sales marketing is driven by man's vanity and nothing illustrates this point better than the iphone. As a technology product it is better than average but the desire to own an iphone is what drives sales. There are many other phones that are better but it is the iphone that has captured the imagination of the people just because another person has it.

 

The same was the case with timeshare memberships and soon people who could not afford buying timeshare units were enticed and sales took off. The folks who were unable to invest in this product but also desired vacations and the likelihood of the investment coming good had no option other than to go for a timeshare mortgage product. This was a double whammy for the time share marketers. In a sweet deal they earned a commission for selling a timeshare unit and for selling a mortgage. There was a hidden cost sewn into the timeshare deal. It was called maintenance fees. There was a yearly payment that had to be made to keep the timeshare policy alive. And all of this was being sold without the buyer having any legal stake over equity in a property. Now the sweet deal is coming home to roost. The maintenance charges are climbing higher. There is no way a timeshare is coming up trumps and doubling even after 10-12 years. And it is becoming increasingly difficult for erstwhile buyers to perform a timeshare exit.

 

Scams in timeshare contract cancellation

 

Quite a few hospitality leaders are exiting the time share business. Instead there are multiple reports of scams taking place where fraudsters phone up people who have timeshare units and promise them that a buyer has been found and that for the deal to go through they need to fork out commissions and legal fees upfront. The fraudsters are using resort cancellation clauses that do not favor the buyer. It is rigmarole to go through the procedures that appear scary and seemingly impossible to get out of such a contract.

 

However help is at hand. There are quite a few resources that take the burden of the headache of contract cancellation. Though these organizations charge a fee for delivering this service you can be rest assured that it is not a recurring charge and once the contract gets cancelled you are free of the timeshare.