Everything You Need to Know about Exiting Timeshares

Timeshare companies often imply that the client's contract is not cancellable. While a timeshare contract is a legal document, it is incorrect to think that such a contract cannot be cancelled. Under general contract law, the truth is that contracts are cancellable for many reasons. 

Consumer Protection

If a person has been the victim of timeshare fraud, hassles and misrepresentations, attorneys can be contacted to find out how to cancel the timeshare permanently. Because of the nature of timeshare selling, most states have enacted laws that allow timeshare buyers to get rid of the timeshare if they act quickly. This means that if one has entered into a timeshare contract and is having second thoughts, then that person can cancel the contract in the prescribed manner.

Watch Out for Sketchy and Fraudulent Companies

Most timeshare owners have a hard time accepting the fact that a timeshare can have little or no tangible value. So when the timeshare eventually becomes a financial burden, their first inclination is to get rid of the timeshare. Unfortunately, hundreds of companies have sprouted up over the last several years to exploit the misconception that timeshares are easily sold. These companies fall into two categories, the sketchy type that claim they can get rid of the time share either by selling or renting timeshare, and the fraudulent type that claims to have a buyer waiting in the wings. Both types are fully aware that the odds of someone actually buying or renting the timeshare are extremely low. The terrible odds exist because of the glut of timeshares on the secondary market for only a dollar. 

Legal Cancellation of Timeshares

The only fool proof way to get rid of a timeshare is to legally cancel the contract. This means that the consumer must negotiate directly with the timeshare company and convince them to issue an official release. Timeshare cancellation companies do this by holding timeshares accountable for the misdeeds of their salespeople, which include FTC and FDCPA violations, omissions of fact, and outright exaggerations. Timeshare companies actually plan ahead for the possibility that the consumer will eventually cancel the contract. Here’s how they do it. Timeshares companies are fully aware that the customers will figure out how to cancel timeshares as cancellation companies are just a google search away from every customer they have. So they know that a certain percentage of customers will eventually figure out how to cancel timeshares. This is why they encourage the customers to open up a new credit card to fund the down payment. Once that is done, the timeshare is guaranteed to receive that money immediately, before the customer realizes the mistake and decide to contact a cancellation company. The customers can also expect a very high interest rate, regardless of their good credit, in the hope that they will secure a home equity loan at a lower rate, which pays them off before they figure out how to cancel the timeshare.

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Created on Aug 21st 2019 06:19. Viewed 301 times.

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