Why Is It So Hard To Cancel A Timeshare?
As easy as it is to sign up for a timeshare, shouldn’t it be just as easy to cancel one? One would think so, but trying to terminate your timeshare can be a serious battle that can cost you time and finances.
First off, why would someone want to cancel their timeshare? Let’s see, where to begin? Increasing annual maintenance fees, lack of booking availability, fear of a neverending debt, or just tired of being lied to by timeshare representatives are all valid reasons to want to cancel your timeshare. Whatever the reason is, many people tend to regret their timeshare purchase and search for a way to terminate the agreement. Because of this, many timeshare companies go out of their way to make sure it is as difficult as possible for clients to cancel their timeshare and offer little to no help when inquired for assistance.
If you’re lucky and decide to cancel your timeshare within the rescission period, which typically lasts less than a week after the purchase date, then you should be able to cancel a timeshare hassle-free. However, these companies strategically make the rescission period drastically short so the majority of timeshare buyers will miss the grace period by the time they return home from vacation. Once the time has passed, timeshare owners are in a binding agreement that has several stipulations making it extremely difficult and expensive to get out of.
There are typically three considerable causes for the high difficulty in canceling a timeshare.
- Immense amount of paperwork it encompasses
- Substantial finances it takes
- Lack of respectable options for assistance in this industry
Timeshare purchases require a considerable amount of paperwork, that — for the most part — protects the company more than the buyer. The salespeople only want to confuse the buyer when selling, so they include over-the-top legal jargon and distractions that will blind the client from their deceitful motives outlined in the agreement. If you look deep into the paperwork, one will notice how far these timeshare companies go out of their way to protect themselves if an owner ever decides to cancel.
Timeshare companies know that many of their clients will seek a timeshare exit eventually, so they plan ahead and stuff their contractual agreements with clauses and stipulations to make it much harder to get rid of a timeshare. Timeshare owners are all too familiar with that gut-wrenching feeling of being stuck with a timeshare for the rest of their life with no end in sight. The mammoth amount of paperwork not only complicates the transaction for clients, but its contents also leave them feeling helpless and defenseless.
Another reason people find it so difficult to cancel their timeshare is that after finally getting through all the paperwork, they realize how costly it can be just to cancel timeshares. Timeshare companies are well-known for their deceptive trickery in sales presentations. A few of the most common examples of this are how they mislead clients into opening new credit card accounts and deceitfully selling them more timeshare through supposed upgrades.
Salespeople will persuade clients into signing up for a new credit card for their down payments. This ensures the company will get paid before the client can catch them in a lie and back out, which results in being stuck in this situation longer than anticipated. When timeshare owners come to their senses and decide to look into canceling their unit, more times than not they reach out to the timeshare company first and inquire about the process of doing so. Unfortunately, this often leads to another chance for representatives to attempt to sell further timeshare upgrades. This time it’s to upgrade their unit, which is what they are told is the only way they’ll be able to cancel. An upgrade essentially is just another timeshare that the owners have taken on the burden of owning, sometimes unknowingly.
Timeshare companies will do almost anything to keep their clients. When they seek help, the company sees it as a chance to take more advantage of them and dig them deeper into financial debt.
With no help from the timeshare company themselves, owners must look elsewhere when attempting to exit their timeshare. Regrettably, there are a very limited number of options available. Although they are pitched as easy options by salespeople, renting and selling a timeshare is practically impossible and carries no market value whatsoever. This eventually leads to third-party companies becoming involved in the process.
Timeshare cancellation is currently a growing industry thanks to the likes of Wesley Financial Group, LLC and others who aim to honor the wishes of innocent clients who were manipulated into a timeshare. While there are respectable companies like this, there are others who seek out the opposite and see it as another scam opportunity. This is why it is very important to do the proper research on these companies as well as look at reviews and testimonials to avoid potential fraud and a financially sizable setback. Without any value in the timeshare resale market and no help from the company, a third-party exit company is one of the only remaining options, but even here you must be alert to evade more deception.
If you were not fortunate enough to avoid becoming entangled with a timeshare to begin with, then you know of the frustration when seeking to cancel a timeshare. If it means the company won’t be receiving monthly payments from you anymore, then they will do almost anything and everything to make it as difficult as possible for you to remove yourself. The best option is to hire a trusted cancellation company that will work very closely with you all along the way, such as Wesley Financial Group, LLC. This is a company with an established reputation for doing honest and honorable work, demonstrating they can make canceling timeshares a much easier endeavor for those in these troubling situations.