What to Do if You’re Caught in a Timeshare Scam
About 85% of people who buy a timeshare regret the purchase. That is because timeshares are a lot of the time very difficult to schedule in and also lock you into one location.
For instance, if you’re only offered a timeshare in four countries, but the country you want to visit is not in that offer, you are not only paying for your new vacation but also still paying for the timeshare itself even though you’re not using it.
Not only that, but when it comes time to cancel the timeshare, it can be extremely difficult to do so. If that is happening to you, this article is for you. Keep reading to learn how to get out of timeshare scams when they happen.
Use the Rescission Period
If you just made a recent purchase for the timeshare, you may be able to get out of it during the rescission period. This is a short window of time when you are allowed to cancel the ownership.
However, it is important to check the local laws of where the timeshare is located to understand more about how this law works.
Sell Your Timeshare
If you missed this important period of time when you can return the timeshare, you can try to sell the timeshare off. However, this can’t be done until you have a paid off loan. Once that happens, you can figure out what the timeshare is worth and list it.
Canceling your timeshare isn’t easy, but looking more into your loan may give you more insight into what your options are.
Ask the Resort to Take It Back
If you miss the rescission and are unable to sell your timeshare, you can try to ask the resort to take it back. Sometimes this is simple and it works on the first ask, however there are many times that this will not work.
You also need to pay attention to what the resort is saying when you talk to them about canceling. They will sometimes talk you into upgrading, but that is the last thing that you want to do in the situation. It will only get you further into the timeshare.
Use a Timeshare Exit Company
When finding an exit company, you want to make sure they have a good track record and do not ask you to pay upfront. You need to be looking for green flags that make you feel comfortable going through with the timeshare exit company.
Getting Out of Timeshare Scams
Getting yourself into timeshare scams is pretty easy, but getting out of a timeshare scam is much more difficult. Luckily, you now know the options you have for how to cancel a timeshare.
It can be a stressful process, but as long as you follow the tips above, you will most likely be able to get out of the timeshare unscathed.