We like to recommend working with timeshare cancellation companies that offer an escrow payment option because we do not want to see timeshare owners get scammed. When you pay with escrow, the timeshare cancellation company only gets paid in full AFTER your timeshare has been cancelled.
Escrow is a 3rd party holding account that is not connected to the timeshare cancellation company. You pay the escrow account up-front, but the timeshare cancellation company is not able to access those funds until you decide to release them from the escrow account. If you’ve ever purchased a home, you likely needed to put money in escrow first before making the down payment.
Why Is Escrow Important?
In the past few years there have been several timeshare cancellation and resale companies that have taken timeshare owner’s money up-front, and never sold or cancelled the timeshare. Any company can make big promises with a “100% money-back guarantee,” but that doesn’t mean anything at all. You have no guarantee that they will stay true to their word and refund your money if they are unable to cancel your timeshare.
For example, a large timeshare cancellation company by the name of Resort Release offered all its customers a “100% money-back guarantee,” but in May 2019 the company filed for bankruptcy. There is a good chance timeshare owners that paid Resort Release up-front will not be getting their money back.
Resort Release is just one example of many. A few other timeshare cancellation companies that charged up-front and later went out of business or disappeared with the money include:
- Mutual Release Corporation
- Vacation Consulting Services
- UDI Consulting
- Castle Law Group
As of October 3, 2019, there are only a small number of timeshare cancellation companies that offer an escrow payment option. Our favorite company to recommend is one by the name of Timeshare Compliance. This company offers an escrow payment option and has great reviews online. You may read our full review of Timeshare Compliance or contact them via phone at 949-339-1565 for a free consultation.
If you have more questions about cancelling your timeshare with an escrow payment option, please submit a contact form, initiate live chat or give us a call at the number at the top of the website.