Timeshare contracts are legally binding, but that doesn’t mean that it’s impossible to get out of them.
Because there are more people wanting to sell their timeshares than there are people wanting to buy timeshares, consumers are likely to find themselves between a rock and a hard place when trying to rid themselves of their timeshare.
If you can relate to this, read up on these three ways to legally exit your timeshare contract so that you can finally cut your ties.
Walking away from your timeshare contract simply involves ceasing all payments towards it. This method does have the potential to be effective, but it is also highly likely to trigger a bad reaction from whichever timeshare company you’re involved with.
In order to carry out this method effectively, it’s definitely a good idea to seek legal advice first. We spoke to Timeshare Consumer Association who said: “It’s highly likely that you’ll receive some kind of threat from your timeshare company if you stop making payments.
“However, there have been plenty of cases of consumers winning court battles against timeshare companies on the grounds of misrepresentation and even being compensated by the timeshare company. It must be said, though, that seeking legitimate legal advice prior to walking away is essential to pull this method off.”
One of the easiest ways to exit your timeshare contract is to donate it to organisations such as Donate My Timeshare. A lot of timeshare holders are put off by this option as they will not get any financial gain from donating their property but, because the timeshare market is so saturated, it’s so difficult to find anyone to buy a timeshare contract at its original price.
Timeshares are like cars in the way that they depreciate in value once they are used, so the fee that you initially paid for your timeshare will almost definitely not ever be recovered. So, although donating your timeshare won’t get you back your initial fee, it will get you out of your timeshare contract unscathed.
If your timeshare qualifies for donation, Donate My Timeshare will be able to take it off your hands and it will be donated to a charity which can make good use of it. This will leave you completely free of having to pay those hefty maintenance fees and, although you won’t get your money back, you can get on with your life without the stress of having a timeshare.
Cancellation or termination
To exit a timeshare contract, you’ll usually have to choose between one of these two options: cancellation or termination.
Cancellation refers to the exit of a timeshare contract where there has been a breach of contract – this can actually have you released from your contract.
Termination refers to an exit of a timeshare contract where there has been no breach of contract.
If you’re considering getting involved with timeshares, here’s why buying a timeshare is a bad idea.