Has your timeshare become a burden?
You are not alone -- many people likely share this feeling.
While you may have initially enjoyed some nice vacations, things in your life may have changed and you’re no longer traveling in the same way you used to.
With the COVID-19 pandemic, many individuals have found out that their financial situation has changed, making it more difficult to afford the costs associated with their timeshare.
To help families navigate through their timeshare contract, the Timeshare Termination Team has compiled seven key questions to ask your agent.
1) “What is your fee structure?”
It’s important to get a clear understanding of both how much this service will cost you and the way the fees are structured. Some companies charge a one-time upfront fee at the start of your case, while other firms will only take payment after successfully getting you out of your timeshare.
In addition, you should ask about how unexpected additional costs are handled during the process.
Will these charges be automatically added to your bill or will the timeshare cancellation company discuss these costs with you before moving forward?
2) “How long will the timeshare cancellation process take?”
It’s important to have realistic expectations for how long the exit process will take.
While the exact length of time varies based on the specifics of your case, the process typically takes anywhere from six months to more than a year to complete. Therefore, patience will be vital during this time period.
3) “What is your approach to timeshare exit strategies?”
Every timeshare contract is unique, and therefore, the exit process requires a unique strategy that addresses the specifics of your situation. That being said, there are several different approaches to the process. Two of the most common include:
- Selling your timeshare – Many companies will promise to sell your timeshare for you. Be wary of this approach. Timeshares have no resale value, and you’re unlikely to receive any significant money in return for your property. In addition, there are many companies that will charge you a monthly fee for listing your timeshare, yet they rarely find a buyer due to a lack of interest (most prospective timeshare owners prefer a new property, experts said).
- Legally canceling your timeshare contract – A more effective method is to use an attorney-driven approach that legally cancels your timeshare contract. However, you should always ask about the specifics of this process to make sure you will be permanently and legally free of all responsibilities associated with your timeshare.
4) “Will I be free of my timeshare obligation?”
The answer to this question should be “yes.” If you’re working with a company that is legally and permanently canceling your timeshare contract, you should have no remaining financial obligations once the process has been completed, provided you have continued making your mortgage and maintenance fee payments until the time the contract has officially been canceled.
5) “Do I need to continue paying my timeshare mortgage and maintenance fees?”
It’s important to have a clear understanding of what your financial obligations are during the exit process. You should always ask the timeshare cancellation company about this during your consultation.
In general, you will be responsible for all monthly mortgage payments and maintenance fees until your timeshare contract is officially canceled. Failure to do so may result in additional fees and potentially have a negative impact on your credit score.
6) “How will the timeshare exit process impact my credit?”
This may be one of the most important questions you ask during your consultation. When handled properly, the process shouldn’t negatively impact your credit score. However, if you fail to stay on top of your payments during the exit process or if you work with a disreputable timeshare cancellation company, it can have devastating consequences on your credit rating, which may take years to recover from.
Therefore, it’s crucial that you establish your desire for a solution that won’t impact your credit during your initial consultation.
7) “Can I have a written contract outlining the terms of our agreement?”
When working with a consultant, it’s important to have a contract detailing the terms of the services being provided, as well as the payments expected of you. Always work with a timeshare exit company that is willing to provide a written contract before initiating the cancellation process.
Read over the contract carefully and ask any questions regarding clauses that seem unclear to you.
If you’re looking for freedom from the hassles associated with timeshare ownership, the Timeshare Termination Team said it can help. The group uses an attorney-based process to safely, permanently and legally cancel your timeshare.
Timeshare Termination said it has helped thousands of people permanently get out of their timeshare. To learn more about Timeshare Termination, click or tap here.