Timeshares are easy to sign up for and a nightmare to get out of. Whilst you may have been living the dream, sunning yourself poolside with a cocktail in hand in a post-pandemic world this dream has been shattered for most. With over 22 million American’s losing their jobs in the first few months of Covid-19’s reign there are many people with less money in their pockets. This unfortunately means any non-essential indulgences must be the first to go. With timeshares being an affordable way for the average-Joe to own a little slice of luxury, many Americans who have bought into the fantasy are now unable to afford their once marvellous Mexican getaway. If this sounds like you, read on for our top tips on how to escape your iron-clad contract.
- Seek Professional Help
There are plenty of timeshare exit companies out there but finding a reputable team of professionals to help you is not always easy. Look for a review site that can compile and compare your options and you can choose which you think will work best for you. You’ll want to find a company that has a proven track record of helping others out of their contracts. For example, if you want to get rid of a Playa Grande Timeshare, look for an organization that has gone up against RCI (one of the largest timeshare companies in the world) and had successes. Picking one that works by getting paid once they’ve won your case will help keep costs down.
- Speak To Your Developer
Most timeshare companies are not monsters. They understand that we are living in unprecedented times and being unable to travel means that you can’t use what you’re paying for. Try and speak to your developer and explain your situation to them. Many companies are offering loan holidays, meaning that you can have a break from paying your mortgage and fees until you’re over your hardship. If you want to ultimately keep your timeshare in the end, this is your best option.
- Resell Your Timeshare
This option is only right for you if you are relatively savvy about the timeshare industry. There are plenty of scams out there so do your research properly or ask for word-of-mouth recommendations from people you know and trust. Since the pandemic exploded there have been plenty of sharks taking advantage of desperate people trying to offload their timeshares. The industry is unregulated so be aware and only work with reputable third-party companies.
- Check Your Contract
If your contract has a ‘Deed back’ clause you are often able to give your timeshare back so long as you are up to date on fees. This is the easiest option, however, most timeshare companies will never advertise this as a possibility, as losing your money is the last thing they want.
Do you have any advice for exiting a timeshare aside from writing a timeshare cancellation letter? Let us know in the comments.
