How Timeshares Cause Trouble For the Owners
Often fascinated with the sales executive’s utopia during the sales pitch, you are likely to give in and sign the dotted lines of the agreement, readily thinking about all the benefits you can reap from the timeshare contract in the future. Most of the time, people are not fully able to understand the pros and cons hiding beneath.
The very first shock that runs through the nerves of timeshare owners is the total cost with their first special assessment or tax bill that tops up. However, if you plan not to pay for the contract, your credit score will have an adverse impact as the timeshare company will report the issue to the bank.
Even after the trouble of the first payment is gone, you are bound to pay the maintenance fees that increase at a breakneck pace. Not only is the cost confine to special assessments or maintenance, but they also include property taxes and utilities.
The financial burden caused by timeshare does not ebb. The owners are gradually surrounded by the stress of not being able to visit the property at their chosen time. It becomes a complex task to schedule timeshares and later the burden of visiting the same spot every year. Following mentioned are just a few of the biggest financial problems that you face throughout your association with a timeshare company:
1. Surprise Credit Cards
While many people are visiting the timeshare presentation with an intention to know more about it, the salesperson grips them with benefits associated with the timeshare company forcing people to think about it as a compelling idea. Still, the manipulative tactics do not stop right there. Companies offer you to open a credit card to make financing hassle-free, but in reality, the individuals have the ability to run several lines of credit, causing incredible high-interest rates that benefit the resorts. There are too many downsides to letting the salesperson open a credit card for you that will only drench you and rack fees.
2. Taxes And Fees
This goes out to everyone who is thinking of investing in a timeshare, it is not an INVESTMENT option. The maintenance fees rise each year to keep the place well, and it is not included within the expenses that you already will pay or are paying. An important point here is that timeshare comes under joint ownership, which means that any damage done by someone else in the property will be of your concern too.
Paying taxes is a civic responsibility, but tax season is a nightmare for timeshare owners because the rates are extremely steep. The term Special Assessment within the contracts asks owners to agree on other miscellaneous charges at any point in time.
Children of timeshare owners can inherit timeshare property which means that the heir will now be responsible for paying property payments, including taxes which will only spike from time to time.
There is no silver lining in buying the timeshare. The only ascertaining goal of a company is to profit as much as they can from you while you are draining financially and trying to get away out of everything. It is advisable if you have made the mistake of signing the contracts, then it is mandatory for you to take action as soon as possible by finding the right and experienced company like Wesley Financial Group.
What Is Wesley Financial Group All About?
Being a leader in the Timeshare Exit Industry, Wesley Financial Group has helped over 15,000 families with timeshare contracts and are in the business for +10 years with offices in Nashville, TN, and Las Vegas, NV. Although the criteria of Wesley Finacial Group of selecting a client is quite stringent, the company claims that if they are not able to free you from the contracts then you can pay them nothing at all. Having over 98% of the success rate, Wesley Financial Group does not provide any fake promises to the clients and politely declines a few customers who do not fit into the criteria.
What are the criteria? The only criteria are that if you have been misled into owning a timeshare. Chuck McDowell, the founder of Wesley Financial Group, established the company in 2011. Before finding Wesley Financial Group, Chuck for 30 years focused on various domains and started his own company before working as a Sales Representative for a timeshare company. The turning part of his life was when he was able to understand what the timeshare industry is all about and decided to devote his time to fight for customers. Now the company has a strength of 400 employees and many accolades under its name, including a 98% cancellation rate.
Wesley Financial Group is always on the run to help you find timeshare freedom and runs on an Advocate Model that does not include any legal proceedings against the timeshare company with a team of dedicated professionals. Wesley Financial Group believes that the model is superior as customers are involved in persuading the timeshare company and letting them think that there is no lawyer involved. According to Chuck, approaching resorts in an old-fashioned way puts pressure on the company, and the professionals within Wesley Financial Group understand the pressure points of every resort.
The website of the company looks impressive and covers every aspect of what customers are looking for. Within the company’s website, there are certain features that can hook you, including the maintenance fees calculator that can help clients know what will the fees they are going to spend if they continue to hold on to their timeshare. Another attractive feature is the news section that helps customers resonate with the real-life stories of Wesley Financial Group, helping them and discussing the intricacies of their cases openly on the platforms. Not only are they posting client stories, but they also provide a lot of information on timeshares, including industry news, tips & tricks that can educate customers judiciously on the topic.
Throughout, it seems like the company is nothing to hide. Wesley Financial Group, on their guarantee page, mentions refunding more than $1.8 million in fees to the people whom they were not able to help. Holding a platinum rating from Dun & Bradstreet, the company happily displays the badge of 190+ five-star testimonials posted by clients.
On March 12, 2020, Bloomberg.com published a PR stating that the Wesley Financial Group spearheaded company record for timeshare cancelations in the month of February after helping 699 families. The company also made an appearance on INC. 5000 List as 203rd fastest-growing in the country.
Cons of Wesley Financial Group
Although there are many pros of working with Wesley Financial Group, there are some cons that you should take into consideration. For those that speak spanish, keep in mind that Wesley Financial Group does not have spanish speaking consultants.
Along with that, Wesley Financial Group does not work with Timeshares that have been inherited and they do not have an escrow payment option.
Have They Demonstrated Prowess In The Timeshare Exit Industry?
It is very often that customers are reassured into buying expensive timeshares. The company highly focuses on educating clients and provides a very transparent look into the operations. Wesley Financial Group started making headlines when CEO Chuck went against Wyndham in a lawsuit that is one of the largest timeshare company and not only he went against them and won the lawsuit.
Not accepting every case exemplifies that the company is willing to help as many people as possible and not try to trap all the customers in a net. Many press releases are stating the company’s track record of success including:
- According to the PR in Jan. 2021, Wesley Financial Group experience YOY (Year-Over-Year) growth of 195% in canceled timeshare and 234% in debt relief. In 2019, Wesley Financial Group stated that they take almost 300 days to resolve timeshare issues and withdrew 1,114 timeshares with approximately $15 million debt relief.
This has happened with a lot of timeshare exit companies in the past. Claiming to provide a 100% money-back guarantee should not be a hoax just to lure customers. This breaks the trust of the clients and drains their financial resources, causing problems for them. Wesley Financial Group understands the problem because CEO Chuck was once a part of a timeshare industry and he was able to witness the client’s situation. The company is driven by a motive to provide the best and help trapped customers. With a strong network and a high rating with Dun & Bradstreet, Wesley Financial Group is likely to pay your money if they cannot help you.
The company possesses excellent reviews from tons of happy customers. The series of assessments are as follows:
- 250+ reviews on Google
- 400+ reviews on Trustpilot
- 200+ reviews on Best Company
- 738+ reviews on Better Business Bureau (BBB)
Clients that are extremely satisfied with the services post video testimonials and tell about their experience of saving an awful lot of money with the help of Wesley Financial Group.
The Entire Process at Wesley Financial Group
Intricacies in the case of every timeshare owner are different. The company’s process is hassle-free, and the first step includes a form that you as a timeshare owner fill a form and wait for a few days to see if you qualify for the free consultation. The company then approaches all the qualified candidates. It provides a complimentary timeshare exit info kit in the mail containing a 40+ page magazine explaining the entire process and employees associated with the organizations.
Wesley Financial Group also slows down the process of sales for the customers and explains every nitty-gritty involved. Before signing the agreement with the company they ensure that owners have thoroughly understood the educational material provided to them. After this, you are assigned to an Account Director who creates a file and gets you approved for a guaranteed cancellation. Respecting the time and energy of both parties, you are assigned with a focal point of contact who provides you will all the updates on your account.
After a few internal processes, you are finally free from your timeshare contract and receive a confirmation on the same. Coming to the payment structure, Wesley Financial Group does not provide you with a definite amount and only quotes a price after understanding if your timeshare contract is paid off or if it has a mortgage.
The time that Wesley Financial Group usually takes entirely depends on the type of timeshare contract you are under and the tailored approach catering to your case. Many families have successfully come out of the timeshare contract within 12 to 18 months, but there are also some cases where Wesley Financial Group might need an entire 36 months time period.
What Is Intriguing About Timeshare Laws?
There are 4 truths about timeshares that are a terrible investment as they immediately lose, many predatory agencies are trying to captivate you, most of the timeshare scams that happen during presentations, and getting out can take a significant toll amount of time.
When you realize that you have been trapped in a timeshare contract forever, you get late at canceling your timeshare yourself as the rescission period is over now. It is not your fault for understanding the little loopholes in the contract, as you are astounded by the idea of owning a timeshare. These contracts are developed in such a way that they will only benefit the resort companies and that you are hooked throughout your life, even passing it on to your children. There are many helpful laws in place to help timeshare owners, but resort companies get away with them due to deceptive business practices they adopt.
The timeshare industry is now changed and swarmed with a new form of corruption. The sector has constantly been subjected to deception, which the wrongdoers have leveraged for their profits. They often trouble customers with unlimited sales calls trying to offer multiple options that can come with the timeshares.
Until the laws are changed, timeshare owners need to look out for a reputable company like Wesley Financial Group who can be their silver lining and help them pull out their names off the contract forever. Offering a 100% money-back guarantee, there is no harm in trying out the company’s services that have an excellent track record and a promise to provide you with a streamlined experience.