Timeshares are a wonderful idea in principle. A home away from home with cheap rates – what’s not to like? The majority of Mexican resorts ask you to attend a timeshare meeting upon arrival on your vacation and it’s easy to be swept up in the dream and sign on the dotted line. However, the fantasy can quickly turn into a nightmare. If it doesn’t work out as planned it can be incredibly difficult to part ways with your timeshare company and get your money back. Read on for our advice on how to exit your timeshare without exorbitant fees or legal repercussions.
1.Contact A Timeshare Exit Company
Often the need to exit a timeshare agreement is perfectly reasonable. Maybe your income has changed, maybe you can never book or maybe you can’t travel due to the pandemic. Despite having a logical explanation to remove yourself from your timeshare, most developers will not want to let you go. This is where a timeshare exit company will be helpful. They specialize in helping people get out of their contracts without suffering huge fees or threats to financial credit scores. Look for a company that works on a ‘no win no fees’ basis to help keep costs in check. For example, if you are looking to get rid of a Royal Villas Timeshare – a hugely popular timeshare resort in Cabo, there are specific companies that have successfully won cases against its owners RCI, one of the world’s leading timeshare corporations.
2.Stop Paying Fees
A slightly riskier option is to stop paying your maintenance fees altogether. This comes at some possibility that you could have your credit rating interfered with. Many timeshare companies will threaten to report you for non-payment if you refuse to pay your annual fees. However, more and more timeshare owners are stopping their payments and finding that the timeshare companies are giving in and canceling their contracts after a few months with no issues. Before choosing this option, 3check if your contract has what is called a ‘Deed back’. This essentially means you can hand the deeds back if you no longer wish to pay the maintenance fees. Plenty of contracts include this option but your timeshare company is unlikely to inform you or assist you in going down this route as it does not benefit them to lose your hard earn cash.
3.Sell Your Timeshare
This is usually only a viable option if all of your fees have been paid out in full and there is no longer a mortgage on the property. Even in this eventuality, you will likely need to sell through a third party which can be complicated and expensive. Choosing to sell should be a last resort as most sellers find that they lose money on the deal. It’s not the same as a regular house that usually increases in value over time. If demand is low you could end up receiving a lot less than you paid for it.
Have you got a nightmare timeshare story to tell? Share it with us in the comments.
