Many people find themselves feeling trapped within their timeshare contracts and, although it can be a real challenge to find a way out, it’s certainly not impossible.
If you’re in this situation, you’re not alone and there can be a way out, but it’s important that you’re aware of the legal implications of leaving your timeshare contract.
To carry you a step in the right direction, here’s a guide to the legal side of exiting your timeshare contract and some ways in which you can go about leaving.
This method of exiting your timeshare contract refers to the ceasing of payments and, although this has been known to be effective, you’re not likely to get a good reaction from the timeshare company.
We spoke to Timeshare Consumer Association who said: “If you’re going to take the route of stopping payments, we advise that you get some sound legal advice first. Timeshare companies will likely threaten you if you simply walk away, so it’s wise that you have a strong backup plan in place.”
“It’s not unheard of for timeshare consumers to win a court battle against their company for misrepresentation and even be compensated, so there certainly is hope, even for those who have found themselves between a rock and a hard place.”
Perhaps the best way to exit a timeshare contract is to sell it as you’ll make at least some money back. Sadly, it’s highly unlikely that you’ll regain your initial payment.
Similarly, selling is one of the most difficult methods of exiting your timeshare contract as the market is so saturated, meaning that there are more people looking to sell than to buy. This route isn’t impossible, but it has the potential to be incredibly challenging.
One of the easier- but less lucrative – ways for you to exit your timeshare contract is by donation. There are some charities out there, such as Donate My Timeshare, which, if you qualify, will take the timeshare off your hands and it’s relatively hassle-free.
If your timeshare qualifies for donation, you won’t receive a financial reward, but you can rest assured that it will have gone to a good cause.
Cancellation or termination
Leaving your timeshare contract will usually result in either a cancellation or a termination. A cancelled contract means that the original contract has been breached by the company, which can result in a fairly straightforward exit.
The termination of a timeshare contract refers to an exit where there has been no breach of contract.
Your timeshare contract may have a cooling off period where, if you decide to exit early enough, you will be able to cancel your contract and even get your deposit back. Once the cooling off period has passed, however, it will be significantly more difficult – but still not impossible – to exit your timeshare contract.
If your timeshare property isn’t satiating your expectations in terms of quality or price, you can request to swap it with another one at the same resort.
If you don’t yet have a timeshare contract, save yourself the hassle and read up on why buying a timeshare is a bad idea.