Timeshare owners who wish to end their agreement usually lack the availability of sources! As most companies avoid taking timeshare back, they carry the ability to destroy the credits, which may have negative financial consequences for years. This is why the owners need to hire a professional company to help eliminate the timeshare agreement. Various timeshare cancellation companies target the owners, which seem promising to them but have several red flags you need to know. And to avoid being scammed, the best practice is to cancel their contracts legally. But as most people do not like indulging in courts or hirings, it becomes even more difficult to call off the agreement.
Thankfully, with the help of certified timeshare cancellation companies like – Wesley Financial Group, it’s easy to cancel your timeshare contract anytime. These timeshares exit companies work on a priority basis and attain full refunds without penalty. However, it’s important to note that – “cancellation must be executed within a certain period after purchase.” For better understanding, we have shared – Tips to Cancel the Timeshare Agreement.
Tips for cancelling Timeshare
Wesley Financial Group is amongst those certified companies that have been assisting the owners of timeshares and helping them eliminate maintenance fees and mortgages since 1993. To avoid falling prey to scams, read the tips for a transparent review of timeshare contract cancellation.
1. Read the contract
Ideally, you should read your contract before signing it. As is vital to know what you are getting into, what the clause is, and the terms & conditions of timeshare termination. Few timeshare contracts have set dates for getting terminated on their own, and some have exit policies. Some of the timeshare agreements have a ‘perpetuity clause.’ According to this clause – if any property owner passes away, he has to transfer the timeshare contract to someone else.
Each state has its time frame for the cancelation process, but according to the FTC rule, three days is the minimum. However, always be careful and connect with a certified timeshare cancellation company and take your Timeshare termination in writing.
2. Connect with the resort developer first
Before making any decision is to call your resort developer and ask him to terminate your timeshare contract. If you have a deed clause, the resort developer may buy your timeshare back at a vastly reduced cost. But this clause has eligibility criteria, depending upon the resort developer. Even if your contract has no deed clause, you can still contact your resort developer and ask him to take your week back.
3. Sell it privately
Do not fall for fixed prices. You can sell your timeshare contract privately, and if you own a sought-after week, you can get a great deal by selling it privately. But if you sell your week on the open market, avoid accepting a deposit or any payment plan. Instead, go for the cash option.
4. Avoid donating timeshare
If you do not require your timeshare week, there are fewer chances that your friends or family will require it. While avoiding donating a timeshare to a charity organization as they cannot afford the ongoing cost.
5. Beware of Fraudulent Exit Companies
Exit companies are designed to ease the timeshare cancelation process, but a few companies are running fraud in the name of timeshare cancellation company. Therefore, it’s extremely important to investigate timeshare cancellation companies and save yourself from unscrupulous agents preying on people who want to end their agreements. For your convenience, we have shared a few red flags that need to look out for –
- exit company calls you randomly
- exit company demands large front payment
- exit company seems ‘too good to be true.’
In the end, it’s your choice to hire a professional exit company, but we recommend you consider hiring a professional and certified exit company like Three Movers. If you are exiting your contract, remember there are a few legalities that can only be handled by a professional. In addition, firms like – Wesley Financial Group have years of experience dealing with timeshare termination. We recommend you refer to the guide above before making any decision.