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Getting Out of That Timeshare Property

Getting Out of That Timeshare Property

Whether you’re getting out of a timeshare property that you no longer want or can afford, or cancelling one that you’ve inherited from older parents, you need a water-tight plan that starts with a cancellation letter.

Understand the following before your make your plan to cancel:

  • Read the contract carefully and explore your options for renting out, selling, or gifting your timeshare property.
  • Weigh the monthly and yearly fees against any kind of larger fee you will have to pay just to get out of your contract.
  • Forgoing payment will simply mean that creditors will begin those dreaded calls. You will also have to deal with a lower credit score if you simply stop paying for your property.
  • Consult or hire a timeshare cancellation service to give you clear direction on all your options regarding what you can affordably pay to get out of your yearly dues.
  • There are always larger and hidden fees in cancelling any kind of purchase like timeshare properties, so carefully approach cancelling, knowing that the resort or hotel chain will always be looking to get as much as they can out of your cancellation.

It all starts with a letter. Search for a cancellation letter for your timeshare or write something simple to begin the process. Because so many people have cancelled their timeshares, the industry is evolving to better suit the vacationer, but it’s not free of unscrupulous sales tactics. Like most contracts, the more firm you are in your attempt get out of the agreement, the harder they will try to lock you in or make it seem easier to continue payments.

Hold firm, know your contract, and write that letter. The real journey begins when they respond with an offer or a fee to pay.

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by Brian Perry // Brian Perry is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.