If an owner wants to break an agreement, they will have more hurdles to climb.
According to USA Today1, a University of Central Florida study discovered that over 85 percent of people who purchase a timeshare end up regretting it and have fears of never getting out of it. This fear usually comes long after the property is paid off and in their name. Many owners are receiving threats to their credit reports if they refuse to pay high maintenance fees for the rest of their lives. Many timeshare owners are facing monthly maintenance fees of over $1,500 and are unable to get cancel perpetuity clauses in most circumstances, leaving the contracts they signed set in stone.
Timeshares often cause more headaches than resolutions.
Why is it so hard to get out of a timeshare agreement?
The main reason timeshares are so difficult is due to many factors. One of the main reasons is that typically, the company in charge of the timeshare is not the company that owns the timeshare. This limits the managing company’s responsibility and accountability. If an owner wants to break an agreement, they will have more hurdles to climb.
Other reasons for complicated timeshares include:
- The cancellation happens after the deadline.
- Tighter legal constraints on timeshare companies
- Bad press and increasing regulations on companies
- Recent changes which made timeshare companies difficult to resell relinquished units
- Too many empty units and too few applicants
- Lack of sustainable maintenance fees
- Lack of innovation in practice methods
- Change in market
- Lack of confidence in the ability to sell timeshare units.
- Inability to bring in new sales
- Existing owners passing away
- The lack of economic flux due to COVID-19
These conditions have led to the unfair and unjust treatment of owners and clients. Luckily, help is available to you and your family.
How to get out of a timeshare
Despite their difficulty, there may be solutions to remove yourself from a timeshare agreement. If you or someone you know is looking to get out of a timeshare, our website recommends doing the following:
- Take stock of your situation and stop paying your monthly maintenance fees.
- Offer the timeshare to the market.
- Send a resort letter to the company
- Offer the timeshare to a higher-end company such as Marriot, Hilton, or Disney.
- Use a retail company to assist you
- Hire a timeshare cancellation attorney to help you get out of the settlement.
You and your family deserve the peace of mind you deserve. Boukzam Law2 can address your needs. Contact us for a free consultation today!
Our St. Louis, Missouri-based timeshare cancellation attorneys are ready to assist you and your family. We are ready and available to confront the elusive and complicated timeshare cancellation policies. You have the right to financial freedom, and we can help you move on with your life.