3 Reasons Why People Want to Get Out of a Timeshare
Updated: Mar 22, 2022
Timeshare cancellation is pretty standard because of buyer’s remorse.
Many people eventually realize that timeshares are not worth the money, costing them more than what they get out of the deal.
Does this sound like you? Then it’s time to work with a timeshare attorney.
3 Reasons why you should cancel your timeshare
1. Ongoing Increase of Maintenance Fees
A timeshare may have given you the illusion that you can enjoy luxurious vacations at prime destinations any time you wish, at a price you can afford.
But if your financial situation changes, you may no longer be able to afford the maintenance fees. The amount may increase every year, which is unfair even if you’re not using the properties.
The average increase on a maintenance bill is 7% every year, allowing the timeshare developers to double the maintenance fees every 10-15 years.
And if you make the mistake of not paying your timeshare dues on time, your credit rating can get affected.
Having your credit affected due to a delinquent maintenance bill will drive anyone to look for information on how to get out of timeshare legally and get out of that suffocating financial commitment.
2. Buyers remorse
A timeshare may have sounded like a great idea at the time you purchased it. However, you might change your mind when you realize that you want to see other places and stay in hotels instead of visiting the same destination over and over.
Many people realize a timeshare is more expensive and restricted than initially proposed by the salesperson.
One of the biggest complaints that timeshare owners have today is the lack of available locations and making reservations 12 to 18 months in advance.
When people realize they can use a timeshare without owning a timeshare membership or using Airbnb or VRBO as better alternatives, the timeshare owner tries to cancel their timeshare contract within the 7 to 10 rescission period.
If you try to cancel your timeshare contract after that rescission period allowed by state law, at that point, the timeshare developer will not allow you to cancel your timeshare contract.
Timeshare Lawyers can help you negotiate for your contract to be canceled.
Some penalties may apply, but paying the penalty versus paying a loan balance and a lifetime of maintenance fees makes financial sense.
3. Unrealized Expectations
Many timeshares end up becoming a disappointment. It’s common for salespeople to show the most impressive aspects of their properties to attract buyers.
Perhaps you found yourself impressed by the sales or promotional video, too.
Timeshare salespeople will convey you can use the timeshare anywhere in the world.
The problem is when you call to use the facility out of the country or at a destination, and you are told “you do not have enough points” or “your membership does not allow you to use this facility unless you upgrade.”
When you are able to use the property, you’ll find that it’s not as it seemed. It’s not well-maintained, the food is generic, and you can’t book rooms on your preferred dates.
Do you find yourself feeling like the salesperson misled you or withheld information for their financial benefit?
You can seek the help of a timeshare attorney; if you were a victim of deceptive sales practices.
If you are wondering how to get out of timeshare legally, gather as much information as possible and look for a timeshare cancellation attorney.
Instead of relying on Wesley timeshare cancellation and other similar companies, it’s best to go to timeshare lawyers who focus on timeshare and consumer protection laws.
There are hundreds of timeshare exit companies offering timeshare cancellation services.
Timeshare Exit Companies will ask you to default on your payment to the timeshare developer, causing your membership to be canceled based on the account’s default leaving the consumer with a negative impact on their credit.
The developer sues many people for breach of contract.
Timeshare Lawyers are the only licensed professionals that will be able to cancel your timeshare contract legally and ethically.
A timeshare cancellation attorney will be able to dispute any negative remarks on your credit, protecting your credit.
If you would like to talk to a qualified and experienced timeshare lawyer that will provide you with legal and ethical timeshare cancellation services, do not hesitate to get in touch with our firm to put you in contact with a timeshare lawyer near you.