The amount of people seeking their way out of their timeshare contract is on a steady incline. Whether the need is due to financial stress or limited travel ability, more and more people are scrambling to get rid of their unwanted timeshares. Many timeshare owners are wondering what role they play in their own timeshare exit process.
If you choose to work with a timeshare exit company, there will be some work required on your end.
Even when working with an exit company, you will not have the ability to sit around and wait for your exit to be completed. You will be working in conjunction with your timeshare exit company. The process, on your end, will involve a lot of phone calls, signing documents, and tracking your progress.
The main reason people choose to work with a timeshare exit company is because clients are not expected to do a ton of work. However, there will still be some work required on the client’s end.
If you decide to get rid of your timeshare, you should take action sooner rather than later. There’s no need to wait any longer to become free of the responsibility of a timeshare. Now that you have a generic overview of your role, it’s time to get to work.
The first step in timeshare exit is, of course, finding a great timeshare exit company.
It’s hard to find a reputable timeshare exit company. The timeshare exit industry is saturated with fraud and empty promises. That being said, there are still a few reputable timeshare exit companies that you can trust with your timeshare exit process.
We have a plethora of resources regarding reputable timeshare exit companies on our site. You can read up on great timeshare exit companies by clicking here.
What to Look for in a Timeshare Exit Company
When searching for a good timeshare exit company, avoiding fraud is absolutely crucial.
There are a handful of things you can look for in a company to ensure you will be getting good service in the timeshare exit process.
Checking All Documents
Firstly, you need to make sure that all of the agreements are documented. When you settle on a timeshare exit company, they will give you a contract. You should ensure that they let you review this contract prior to signing it.
Additionally, when you are reviewing the provided contract, check to make sure there are no discrepancies in what you were told verbally and what is written.
Doing Your Research
Likely the most important part of finding a good timeshare exit company is doing your research.
The timeshare exit company you choose should have a good rapport in the exit industry. Preferably, you should go with a company that has at least five years of experience in completing the timeshare exit process.
Reputable review websites like Trustpilot and Yelp can be used to find reviews from past clients. You should steer away from the testimonial page on a timeshare exit company’s website, as these can be easily fabricated.
Another great resource is the Better Business Bureau (BBB). There are many timeshare exit companies on the market that hold a BBB accreditation. However, there are also many with dozens of complaints and no accreditation. This is a huge red flag, as many rely on the BBB to decide who they would like to conduct business with.
Due to individual experiences, every company will receive complaints at one point or another.
A big factor to take into consideration is how a company replies to negative reviews.
Do they respond to the reviews with resolution or explanation? Or does the company simply ignore the reviews?
It speaks volumes on the merit of a company when you take a look at how they address disgruntled customers.
Red Flags in Timeshare Exit
There are some things you should avoid at all costs when it comes to picking out a timeshare exit company.
When you start searching for a timeshare exit company, you will start receiving phone calls from people claiming to run a timeshare exit company.
Unsolicited phone calls are the first red flag in timeshare exit scams. Reputable companies should not reach out to you unless you have specifically requested information from them.
Additionally, any timeshare exit company that doesn’t want to give you details about their process is not trustworthy. Some fraudulent timeshare exit companies will claim their process is “proprietary”, which would prevent them from being able to publicize their information.
However, there is nothing about the standard timeshare exit process that should be considered proprietary. It is more likely that the company is doing something behind the scenes that they do not want potential clients to know about.
You should also keep an eye out for the following red flags:
- Is the company suggesting you stop paying your mortgage or other timeshare related fees?
- Does the company claim they can assist you in donating your timeshare?
- Is the company asking you to pay in an unconventional way, such as through an international wire transfer or gift cards?
Timeshare Exit and Attorneys
Many timeshare exit companies choose to work hand-in-hand with attorneys.
While this option tends to be more expensive, it’s also very effective. Attorneys are skilled in debate and have the ability to communicate professionally with the resort developer.
Attorneys also have the ability to thoroughly evaluate a contract to determine any false information. After discovering the false information within the contract, they can use that as leverage to get you out of your timeshare agreement.
When working with an attorney through a timeshare exit company, you should check to ensure that they have specialization in the industry. Most of the time, a consumer rights attorney will be the one appointed to you.
An Overview of the Timeshare Exit Process
Now that you know what role you play in timeshare exit, let’s talk about how exit companies work.
Most timeshare exit companies offer free consultations, and you should definitely take advantage of this. People typically have consultations with several companies before deciding on which one they’d like to go with.
By scheduling several consultations, you can choose a timeshare exit company that aligns with your needs in the exit process. There are a handful of different methods to timeshare exit, so you should ask which method each exit company utilizes.
Another crucial aspect to ask about is what their payment method looks like. As we mentioned earlier, you should avoid timeshare exit companies that require their clients to pay through unusual ways. Additionally, you should seek out a timeshare exit company that has an escrow payment option.
You can read more about the importance of escrow here.
After you do decide on your timeshare exit company, you will sign a contract. It is, of course, very important to review this contract thoroughly. While an initial consultation is very helpful, you are also subject to misinformation from the representative.
The information that is included in the provided contract is factual, so you will only be protected from timeshare exit scams if you thoroughly review it.
After all the paperwork is complete, the timeshare exit process can begin.
Timeshare exit representatives or appointed attorneys will go through the process of negotiating your way out of the timeshare agreement. Most often accomplished by repetitively reaching out to the resort developer and requesting that you are released from your contract.
When the exit process is completed, you will receive a phone call from your assigned representative, who will let you know that you are relieved from all of your timeshare related responsibilities.
Timeshare Exit Process Summarized
The fact of the matter is, timeshare ownership is not practical for everyone.
With over nine million timeshare owners in America, plenty of them are looking for a way out of their timeshare agreement.
There are many ways to get out of a timeshare agreement, but unfortunately not all of them are practical. Due to the convenience and minimal amount of legwork involved on the client’s end, an increasing number of people are choosing to work with timeshare exit companies.
There are many fraudulent timeshare exit companies out there. Consequently, it’s not easy to find a great timeshare exit company. Fraudulent timeshare exit companies are becoming more common, as scammers are looking to take advantage of those desperate to get rid of their timeshares in the pandemic.
You should look for a timeshare exit company with an established rapport. Ideally, you should find one that is accredited by the Better Business Bureau. You should also find a timeshare exit company that offers an escrow payment plan, and one that is willing to be transparent about their process.
It’s important to know what to look for in a timeshare exit company so you can protect yourself from scams and fraudulent business practices.