If you’re reading this article, it’s probably because you’re sick and tired of shelling out maintenance fees to a timeshare company every month. Perhaps you used to enjoy your timeshare property, but now the initial excitement has worn off or you no longer have the time or capability to spend much time vacationing at your timeshare. Whatever your reason for wanting to end the constant fees to keep up a timeshare contract that you no longer get value out of, read our advice before taking action to do something about your timeshare burden.
Should I Stop Paying My Timeshare Maintenance Fees?
So, you’ve found yourself in a pickle: you have a timeshare you no longer use but are stuck in a situation where you’re billed each month for maintaining the property. Though the fees may not have seemed like much when you signed your timeshare contract, you’ve discovered that they really add up! Now, you wonder what the consequences would be if you just simply stopped paying.
Before you decide to find out through halting payments, we have some good news and some bad news that you need to hear. First, the bad news: if you just walk away from your timeshare maintenance fees, you could wind up in trouble with the timeshare company, and your credit could be severely damaged. Now, the good news: you do have many options for getting out of your timeshare contract altogether. Whether you’ve paid off your timeshare property entirely or not, take some time to explore your options for stopping your timeshare maintenance fees, permanently and legally.
Option 1: Timeshare Resale
The first option you have for getting out of your binding timeshare contract and stopping the endless maintenance fees is selling your timeshare. This could be a viable option if your timeshare is paid off and if it is of value. However, keep in mind that the vast majority of timeshares do not hold their value, and many timeshare owners have an extremely difficult time re-selling their timeshares for any sum of money. A quick trick for determining if it’s worth it for you to sell your timeshare is to do a search for your timeshare property company on eBay. If you see many timeshares of your brand advertised with no bids for $1, the odds are not in your favor!
Option 2: Hiring A Timeshare Cancellation Company
If your timeshare isn’t worth anything, you can try to contact your resort and see if they will take back the timeshares. If that doesn’t work, your next best option may be to enlist the help of a timeshare cancellation company.
These businesses were invented to help timeshare owners like you attain timeshare freedom through working with legal professionals to break timeshare contracts.
However, there is a dark side to timeshare cancellation companies: scams are rampant in the industry. For this reason, you should work with legitimate timeshare cancellation companies with a great track record that allows you to pay with an escrow payment option. When you pay with escrow, you pay for the timeshare exit service to a third-party escrow account that holds the money until the business holds up their end of the deal. This is the only surefire way to protect yourself from a scam, and there are many timeshare cancellation businesses like this out there. Learn more about escrow and why you should care here.
That’s why our website exists: to help you do the proper research to select a timeshare cancellation company that may be able to help you get out of your unwanted timeshare contract.
To learn more, feel free to browse our timeshare reviews. For more personalized advice on getting out of your timeshare and its maintenance fees, contact us through our form, initiate live chat or give us a call.