Well, you’re stuck with a timeshare that you don’t want anymore and the charges keep mounting. Perhaps the holiday getaway experience isn’t so romantic anymore once you’ve tried reserving and found that it’s never free at the times that you want it.
Either way, you’re seeking an exit. An exit company may be able to help with timeshare cancellation. There’s a lot of commotion out there—quick exit promises from shady companies, scary tales of scams, and enough lawyer jargon to drive a person crazy.
But if you dig deep enough you’ll find a solution on how to cancel timeshare contracts.
A timeshare cancellation firm specializes in the cancellation of timeshares for owners. Their processes will vary, but they’re aiming for the ultimate goal of making the cancellation process simple and not having you deal with resort employees who make cancellation a hassle.
Certain companies engage with the resorts and negotiate an exit. Others will dispute agreements based on loopholes in the law if the sale is fraudulent or unethical and other firms offer timeshare resale and transfer of title.
Can They Cancel My Timeshare?
These services help you cancel timeshares successfully. But some owners have lost money to companies that overpromised and underdelivered. It mainly depends on the agreement itself, the strategy the exit company uses—and most of all—the legitimacy of the company handling the cancellation.
If the timeshare has a rescission period and you’re within that timeframe, you don’t need an exit company. You can cancel with the resort yourself, no further help is needed. Once that window of opportunity passes, it becomes a lot harder to cancel.
Exit Company Warning Signs – Red Flags to Watch Out For
Not every company in the sector does business ethically. Some prey on desperate owners, taking large fees without producing actual results. If you’re researching such services, look out for the following red flags.
Upfront Fees with Lack of Contract Clarity – Do not engage if they charge fees upfront and won’t put the agreement in writing.
Guaranteed Results – No company can assure a 100% success rate. Every timeshare situation is different.
No Physical Address – The lack of a verifiable physical address is a major red flag.
Bad Reviews and Lawsuits – A quick search can reveal grievances and legal issues related to unethical operators.
Alternatives to an Exit Company
There are alternatives to timeshare exit companies. Depending on your situation, you might be able to handle the cancellation yourself. If that is not for you, you have a few other options.
Call the Resort Directly
Some resorts offer in-house exit programs. They don’t list these services in the marketing material when you sign up, but it’s worth calling to see if they offer a surrender program.
Consult with a Timeshare Lawyer
If you believe the sales pitch involved misrepresentation, fraud, or other legal violations, an attorney can fight the legitimacy of the contract. This route may be expensive, but in some instances, litigation will be the only option for effectively terminating a timeshare agreement.
Sell or Transfer Ownership
The resale market does not live up to timeshare salespeople’s portrayal of it when they pitch you the deal. But selling or reselling the timeshare is a feasible option. There are plenty of websites and brokers that help you get rid of your timeshare. Just be careful—many of them are resale scams.
If Absolutely Necessary, Stop Paying
Skipping payments can lead to foreclosure, credit damage, and collection agency headaches. If the economic burden of maintaining the timeshare becomes too heavy, this might be the last option left for you, although it’s not an option that should be taken lightly. Discuss it with a legal professional first.
Cost of Canceling a Timeshare
One of the surprises timeshare holders encounter when canceling a timeshare involves the price tag that comes with exiting the contract. Exit companies don’t work for you free of charge and even the legit firms can charge up to thousands of dollars per transaction.
The standard price of hiring a reputable exit company ranges between $3,000 and $10,000 to cancel the contract. The price depends on the provisions and sophistication of the agreement, the resort’s cancellation policies, and the legal work involved in processing the cancelation.
If your maintenance charges and assessments keep going up each year, it might be worth spending a few thousand dollars upfront to cancel the timeshare contract and avoid losing that money in the future.
How Do You Identify a Credible Exit Company?
If you determine that an exit company is the way to go, it’s time to start your due diligence process. Begin with reviewing the company’s history, and customer comments and checking on the firm’s status with the Better Business Bureau.
Sign up for a free consultation and ask them specifically about their procedures, fees, and estimated timelines. Legitimate companies will not force you into a rushed decision. They’ll outline it in plain language and put it in writing, without promising you the world.
Here are a few things to look for in a reputable timeshare cancellation company.
Defined Pricing – No additional charges and ambiguous price quotes outside of the original quote.
A Track Record of Proven Results – Look for proven results and not marketing promises.
Written Agreement – Everything must be agreed in advance of paying the firm any money.
A Realistic Timeline – You won’t get an instant cancellation, but you should be provided with a realistic estimate of how long the cancellation will take.
What Happens After Cancellation?
You’re released of any obligations associated with the timeshare once your contract has been effectively canceled. One of the critical follow-up steps after cancellation is ensuring you receive a final confirmation of cancellation with the timeshare company or the timeshare exit firm.
Is a timeshare exit company really worth the price tag? For some, yes. If you’re drowning in a sea of jargon and don’t know how to cancel it yourself, the right cancellation company will ease the stress involved with the cancellation experience.
But there’s no magic wand that instantly makes a timeshare disappear. Breaking a timeshare agreement is not a simple endeavor, but it’s not impossible either. The key is knowing your options, avoiding scams, and choosing the path that fits your situation.
