Skip to main content

Sound Advice:: April 2, 2025

What is the best way to get rid of a timeshare? 

There are several effective ways to get rid of a timeshare without resorting to expensive exit companies or lawyers.  Here are the best options:

  1. Contact the timeshare developer directly:  Many major timeshare companies now offer their own exit programs.  For example, Wyndham has "Wyndham Cares" and "Certified Exit," while Westgate offers "The Legacy Program". These in-house programs often provide solutions without hidden fees or extra purchases.
  2. Use the rescission period:  If you've recently purchased a timeshare, you may be able to cancel within a short "cooling-off" period, typically 3-15 days, depending on the state.  This option is usually the easiest and cheapest way to exit a timeshare contract.
  3. Sell or give away your timeshare:  You can list your timeshare for sale on specialized websites like RedWeek or Timeshare Users Group (TUG).  Be prepared to sell at a significant discount or even give it away with incentives, such as paying the first year's maintenance fees.
  4. Negotiate a deed-back: Some resorts will take back paid-off units, although they may charge a fee (around $1,500).  The American Resort Development Association maintains a list of resorts that offer this option.
  5. Stop paying (as a last resort):  Although this may negatively impact your credit score, industry experts suggest it's unlikely to lead to foreclosure.  This should only be considered after exhausting other options.

Remember, it's crucial to avoid paying upfront fees to timeshare exit companies, as these can often be scams.  Always research your options thoroughly and consider consulting with a contract law attorney if your situation involves multiple contracts or complex legal issues.

What are the risks of using a timeshare cancellation company?

Using a timeshare cancellation company can pose several significant risks:

  1. Financial loss:  Many companies charge substantial upfront fees, often thousands of dollars, without guaranteeing results. In extreme cases, scammers may take your money and disappear.
  2. Credit damage:  Some exit companies advise owners to stop paying maintenance fees, which can lead to foreclosure and severe damage to your credit score.
  3. Legal complications:  Timeshare contracts involve complex legalities, and following poor advice from exit companies can result in breach of contract, exposing owners to potential lawsuits.
  4. Prolonged process:  Resolution can take months or even years, during which time you may still be responsible for payments.
  5. False promises:  Many companies make unrealistic guarantees about cancelling your timeshare contract, which they often cannot fulfill.
  6. Lack of legal standing:  These companies frequently lack the legal expertise or authority to negotiate contract cancellations effectively.
  7. Identity theft risk:  Scammers may use your personal information for fraudulent purposes after you've shared it with them.
  8. Worsened situation:  Instead of resolving your timeshare issues, using an exit company can often create more problems, leaving you in a worse position than before.

To avoid these risks, it's advisable to contact your timeshare company directly about exit options or seek advice from a reputable attorney specializing in contract law.

N. Russell Wayne

Weston, CT  06883

203-895-8877

www.soundasset.blogspot.com

 

Comments

Post a Comment

Popular posts from this blog

Sound Advice: January 3, 2025

2025 Market Forecasts: Stupidity Taken To An Extreme   If you know anything about stock market performance, you can only gag at the nonsense “esteemed forecasters” are now putting forth about the prospective path of stocks in the year ahead.   Our cousins in the UK would call this rubbish.   I would not be as kind. Leading the Ship of Fools is the forecast from the Chief Investment Strategist at Oppenheimer who is looking for a year-end 2025 level for the Standard & Poor’s Index of 7,100, a whopping 21% increase from the most recent standing.   Indeed, most of these folks are looking for double-digit gains.   Only two expect stocks to weaken. In the last 30 years, the market has risen by more than 20% only 15 times.   The exceptional span during that time was 1996-1999, which accounted for four of those jumps.   What followed in 2000 through 2002 was the polar opposite: 2000:      -9.1% 2001:     -11.9% ...
Post a Comment
Read more

Sound Advice: January 15, 2025

Why investors shouldn't pay attention to Wall Street forecasts   Investors shouldn't pay attention to Wall Street forecasts for several compelling reasons: Poor accuracy Wall Street forecasts have a terrible track record of accuracy. Studies show that their predictions are often no better than random chance, with accuracy rates as low as 47%   Some prominent analysts even perform worse, with accuracy ratings as low as 35% Consistent overestimation Analysts consistently overestimate earnings growth, predicting 10-12%                 annual growth when the reality is closer to 6%.   This overoptimism can                 lead investors to make overly aggressive bets in the market. Inability to predict unpredictable events The stock market is influenced by numerous unpredictable factors, including geopolitical events, technological changes, and company-specific news.   Anal...
Post a Comment
Read more

Sound Advice: October 12, 2022

More Pain Ahead? It’s been a difficult year for the investment markets, but tough times have happened before and they will certainly happen again.   Sometimes recoveries are relatively quick and sometimes a hefty dose of patience is required.   No two downdrafts are alike, but the net result is always a rebound to even higher levels than seen before. One of the most uncomfortable stretches over the last half century took place during the oil embargo days of the early and mid-1970s.   Market valuations fell to the high single digits, a level that was about half the historic average.   For investors, this was one of the great sales of all time.   Those who had the courage to get aboard reaped huge rewards. More recent pullbacks of note took place during the dot.com days of the turn of the millennium and the banking crisis of 2008-9.   The former period was marked by what appeared to be investors’ absolute indifference to longstanding measures of reasona...
Post a Comment
Read more