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How To Get Out of a Timeshare Without Going Bankrupt

July 17, 2017 – by Primo Management Group

You’ve contacted your timeshare to cancel, but that’s not an option. Filing bankruptcy isn’t your only choice. Read on about how to get out of a timeshare!

Timeshares can seem great at first. A lovely vacation every year? But you may not realize what you’re getting into when you first sign up.

Many timeshares charge an annual maintenance fee and more, plus they have a lot more restrictions that you may think.

At the time of purchase, you’re probably sure you’ll never want to cancel such a great deal, but that’s not always the case. Maybe your family size, income, relationship, or vacation preferences have changed. Maybe the timeshare itself has gone downhill due to lack of upkeep.

Many timeshare owners assume they can cancel without much issue if they ever change their mind down the line, but that’s not always the case. Read on to find out more about how to get out of a timeshare.

How to Get Out of a Timeshare

Canceling may be harder than you ever realized when you signed up.

You may have heard that filing bankruptcy is your only option to break free from the nightmare of debt collectors hassling you when you are just trying to get out of a timeshare.

Thankfully, that’s not the only choice.

In this article, we’ll breaking down everything you need to know about how to get out of a timeshare without declaring bankruptcy.

Cancel Your Contract

Always ask for what you want before assuming it’s impossible. Check your timeshare contract for the details on how to get out of a timeshare. Tell the resort you want to cancel.

Many timeshares will charge you an exorbitant fee to get out of your contract. Since you’ve already poured a ton of money into the timeshare, you probably aren’t too interested in this option.

In the likely event that they don’t make it easy on you to cancel, we highly advise that you hire a timeshare cancellation service to help you navigate this complicated process and avoid unfair fees.

With good representation working on your behalf, you can usually get out of your timeshare contract in less than twelve months.

Sell

You also have the option of selling your timeshare . Make sure you understand the rules and restrictions of selling based on your timeshare contract. The last thing you want is to deal with the hassle of contract violations.

However, you may find that it’s harder to sell your timeshare than you may think, especially if supply exceeds demand for that particular resort or destination. Perhaps this is a timeshare that you purchased a long time ago and the resort hasn’t maintained the appeal it once had. Or perhaps you just don’t like the timeshare vacation style as much as you anticipated!

You can hire a real estate agent to help you through the process, but know that most real estate agents who specialize in timeshares charge a higher percentage than for the typical property sale.

We recommend doing your research to find a time share real estate agent you can trust.

Rent

You can also choose to rent out your timeshare to help you cover the costs. As with buying, make sure you understand the terms of your timeshare contract before incurring contract violation fees.

To successfully find renters, do some research on what your timeshare is worth. It may not be worth what you paid for it, and that can be a tough pill to swallow.

However, renting is a great way to help balance out the fees, and it is typically much easier to find renters than buyers.

Give Away

You can choose to give away your timeshare, which at least frees you up from the maintenance and other annual fees.

This is essentially a version of selling where you don’t make any money, you just free yourself from the responsibility of future fees. This is why donation is usually not an option since most charities don’t want to take on the burden of the contract any more than you do.

Avoid Scams!

Beware of scams that will claim they have a buyer for you in an advertisement. Even if they do have a buyer, (which they probably don’t), they are likely to take a massive percentage of the sale or worse.

Beware of timeshare cancellation services without a outside general counsel. You need qualified advocates to guide you through this process.

Also, make sure you are working with an advocate to help you along the way rather than a salesperson who is just trying to make a buck off of your misfortune.

Don’t Just Walk Away

If you simply stop making payments on your timeshare, you will deal with the extreme hassle of debt collectors and eventually, face foreclosure. Foreclosure is very damaging to your credit score, so avoid it at all costs. If you’re already heading toward this issue, however, this is what you need to know.

According to MyFico , a foreclosure will stay on your credit report for seven years. The impact on your score will decrease with time, but it is still a major hit that can be hard to recover from. The good news: it’s not impossible to rebuild your score with time! Make an effort to maintain excellent credit habits in all other areas to help balance out this negative event.

While it may be comforting to learn that it is possible to come back from a foreclosure, we highly recommend going another route.

Click for more information about what to expect when terminating a timeshare contract.

In Conclusion

For a deeper dive into the reasons a timeshare may be too good to be true, check out our article “8 Reasons to Avoid Buying a Timeshare Vacation.”

Primo Management Group will provide you with a team of advocates and timeshare experts that are dedicated to keeping you informed throughout the entire timeshare cancellation process. Plus, we offer a 100% money back guarantee. Check out our client reviews here.

We are different than the rest because we have an excellent staff to ensure your case is handled promptly and smoothly.

For more information on how to get out of a timeshare, visit our website. Do not hesitate to contact us with any questions or for a free consultation.

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Get A Free Consultation

Relieve Yourself of the Unwanted Timeshare Burden

Your information is 100% secure and encrypted. We will never sell or share your information with anyone.

Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. Let us help you. Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, the resorts are loath to give back the money they’ve already taken for timeshares.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We go above and beyond for our customers by helping to protect you, and have the best success rate in the industry, rated 5-stars by clients. We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client will work with our expert, experienced team whose job is to keep you in the loop throughout the entire cancellation process. We are always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.