We have all been there. You are enjoying your vacation, when you are roped into a timeshare presentation with the promise of a free dinner or water activity. The salesperson is extremely pushy and encouraging you that you just have to have this timeshare and that you have to have it now. Currently in the vacation mindset, you agree that more vacations would be useful. You sign up for a small initial payment and then you go about the rest of your vacation.
Months later, after the warm ocean water and daily relaxation has been forgotten, you receive your first bill. You look at the calendar, only to realize that it is simply impossible to plan more than one vacation a year. If you were to pay your monthly timeshare costs and only visit once per year, you would be wasting a significant amount of money. Now what? What are your options? Can you even get rid of timeshares?
Read your contract carefully
While you should have read the contract carefully before signing, many people get caught up in the idea of owning a piece of their favorite vacation destination. If you have decided that a timeshare is simply not realistic for you, it is time to go back through the contract. Specifically, pay attention to the cancellation terms. There should be an entire section on cancelling a timeshare. While you do not need to take this information word for word, it can give you a better idea of what type of a cancellation policy you are working with. You may need to consult with a timeshare attorney.
You are not alone
It can be relaxing to know that you are not alone. You are not the only person who was talked into purchasing a timeshare that won?t work for you. In fact, according to the 2016 U.S. Shared Vacation Ownership Consolidated Owners Report, nearly 7% of U.S. households (9.2 million) own one or more types of a shared vacation ownership product. A large percentage of these people do not actually use the timeshare but are unaware of their timeshare cancellation options.
Contact the timeshare directly
The timeshare may work with you to cancel timeshares. However, if they are not willing to work with you, it can be useful to consult with a timeshare attorney. A timeshare attorney can thoroughly go through the contract and look for any discrepancies that could help you cancel. The timeshare attorney can also act as a negotiator, working with the company on coming to a cancellation agreement. In many cases, you will find that simply working with a timeshare attorney will encourage the company to work with you on a cancellation agreement.
Continue to monitor your credit
Even if you come to an agreement with the timeshare company, it is important to monitor your credit and ensure that they actually cancel it. Once it hits your credit, it can be very difficult to get it removed completely. Also, you don?t want to have to pay timeshare attorney fees to remove it from your credit after you have already paid them for handling the cancellation negotiations. The average price of a new timeshare is $20,040. That amount of debt can have a huge affect on your credit.
Many Americans are pressured into timeshare sales. In fact, approximately 85% of timeshare buyers regret their purchase, citing money, fear, confusion, intimidation, and distrust as their main reasons. Although it may seem impossible to cancel a timeshare, it is possible. You might have to carefully go over your sales contract and work with a timeshare attorney, but with the right amount of research, you can get out of that purchase that you never wanted to make in the first place.