For months now, vacation owners have been waiting for answers regarding their timeshare contracts. In the meantime, resorts have been more concerned with promoting their losses. It’s almost as if they’re looking for pity because an unexpected event altered their fortunes. The thing is, many businesses experience unforeseen circumstances that hinder their cash flow. The ability to retain customers is key during this time. So when the biggest news story out of Westgate Resorts is that they had to furlough working class employees – or “people who were not needed” – it seemed a little odd. What about loyal vacation owners?
If you weren’t already aware, the timeshare industry generates billions of dollars per year. Westgate is actually one of the nation’s largest privately held firms. Anyone keen in business knows that hiring and training can be one of the biggest bottom line expenses. So, burning bridges with employees and staffing agencies after one week of being shut down seems a little drastic. At the same time, maybe it’s not that big of a deal. Maybe timeshare companies are simply proceeding to deflect vacation owner concerns by promoting that “we’re all in this together.”
Let us not forget that many timeshare owners have lost their paid vacation this year. Some have even been told that they didn’t cancel far enough in advance. So their paid week was voided. It’s obvious that there is some confusion and concern here. So why aren’t resorts addressing this or offering any type of reassurance? What happens when a majority of owners refuse to adhere to their contractual obligation? If this actually transpires, what will Westgate Resorts do to deflect the blame?
Westgate President Appears to be Deflecting Responsibility.
A few months ago, the resort’s current president, founder and CEO, David Siegel, had this to say about their latest decisions. “Our resorts are shut down, so we had to [furlough.] But we are trying to get money from the government to bring them back.” But according to the Orlando Business Journal, Siegel mentioned “the coronavirus impact on travel” as the primary reason for layoffs.
So, did Westgate need to let go of “non-essential employees” because they were losing too much money or because the government hasn’t helped them enough? Another published article stated that Westgate did, in fact, receive coronavirus relief money from the federal government. Supposedly, they’ve pursued travel bloggers to promote their resorts with these funds. It appears that Westgate has some explaining to do.
Is Westgate Really Doing What’s Best?
Siegel added even more context by saying, “If you are not renting rooms, you don’t need people to clean rooms. If you are not running the spas, you don’t need technicians.” In other words, it could be said that these positions aren’t valued by the chain. With that being said, how is Westgate preparing to reopen?
What are they going to do to ensure COVID-19 doesn’t spread in their hotels and condos? Are vacation owners safe? Since most of Westgate’s furloughs affected resort operations (housekeeping and daily guest services), it seems as though they’re not actually preparing for anything. In the meantime, owners are beginning to feel trapped in their agreements!
Was an Essential-Worker Furlough Necessary?
When asked, Siegel wasn’t even sure how many of his employees were affected. He was adamant that it wasn’t his fault, in our opinion it appears there is zero sense of compassion for the workers. A yearning for justification is evident. Even though he praised the federal government for “providing additional unemployment benefits to all Americans,” his statements don’t appear to be aligning with the resort’s actions. Apparently, taxpayers are supposed to care for essential Westgate employees during closings – Even though the company made $1.3 billion dollars in 2018.
Are timeshare companies punishing their employees and owners for the government’s travel ban? Are these types of strategies really what they seem? Even though Westgate says they’re just doing their “part to reduce the spread of the COVID-19 virus” – it sure is creating a lot of devastation for lower income families. According to the Orlando Business Journal, Westgate is said to have over 5K local workers and around 7,600 across the world.
Many of the workers in the timeshare industry have been left reeling ever since the layoffs – along with a number of timeshare owners facing hardship. At the end of the day, did Westgate Resorts really have to furlough working class employees to save the business? Or are they simply trying to keep margins as high as they can through a global pandemic? If you were to ask us, there’s a bigger story here.
Now that this pandemic has reached a point of no return, the general public has started to prepare for the aftermath of an economic crisis. Although timeshare companies were rather quiet during the first few weeks of the nation-wide quarantine, they’ve been adamantly working behind the scenes on a plan to sustain their business model. While most major resorts have communicated their losses, they haven’t said anything about the inconveniences their primary customers may face. So does this mean the timeshare travel strategy for COVID-19 won’t exactly be advantageous for vacation owners?
Everything about the history of timeshare ownership tells us that this could be a frustrating time for interval buyers. Especially those that recently made the purchase this year. Can you imagine spending tens of thousands of dollars on a perpetual obligation that may not be usable anywhere in the near future? Why should you be forced to view a paid vacation as a loss? Even if consumers sign up for better or for worse, is the timeshare business model really worth protecting? While it’s not for us to say, we do know that millions of owners are currently in limbo awaiting answers.
Why Timeshare Owners Are Probably Getting Anxious.
So why do timeshare companies feel reassurement is the best choice of action? What makes them believe they’ll put high paying customers at ease by announcing more money will be spent on sanitation? How do announcements about resort layoffs help timeshare owners feel better about paying for something they can’t use? How long will they be able to buy time when the timeshare travel strategy for COVID-19 doesn’t even seem to include vacation owners.
The timeshare industry, as a whole, racks in billions of dollars every year. No matter what they tell the public, it’s going to be hard for most timeshare owners to believe their loss is warranted. If maintenance fees rise or special assessments are billed for an influx in owners defaulting, then the average Joe (who’s probably drowning financially during the pandemic) is not going to be very happy – and rightfully so. Why should they be patient if the timeshare expense is a huge burden for them right now?
HOW ABOUT AN EXAMPLE?
Should Netflix subscribers be forced to pay their monthly dues if the internet went down? If you paid for a season pass at a zoo that caught fire, would you ask for a refund? Although these are significantly smaller dollar amounts, we can all agree that it would be bothersome to be on the hook amidst inconvenience on our end. Now imagine that the streaming bill or zoo visit cost you $350 per month.
What if the website or zoo piled on maintenance fees at the end of the year (that you vaguely remember agreeing to)? How would a perpetual obligation to pay for these things make you feel? Imagine knowing your credit would be ruined or that judgments may be filed if you didn’t pay on time – in the middle of a global pandemic. Customer satisfaction would have to be at an all-time low.
Why Would Timeshare Travel Change It’s Strategy?
The thing about the timeshare industry is, morale hasn’t always been the best. Truth be told, complaints are often ignored. Every year, millions of dollars are wasted on lobbying and lawsuits to control public perception. Endorsers are paid to influence sales and politicians are rewarded for passing laws to their advantage. The billions of dollars in earnings haven’t been used to reward or serve their high paying timeshare owners. In other words, the timeshare travel strategy has always been self-serving – even before COVID-19.
While we do recognize the industry as a business, it’s hard to justify their past actions towards the consumer. So why should we believe this will change during a crisis that directly affects their business? Over the last several weeks, we’ve taken the time to post a number of news articles about the current updates that timeshare companies have published online. We’ve spent a lot of time looking for hope for timeshare owners. But nothing has shown us change is in the near future.
What Most Timeshare Resorts Are Saying About COVID-19.
After digging through dozens of news releases regarding timeshare travel and the Coronavirus, we’ve come to a few conclusions. First and foremost, it seems as though resorts are reaching out just to reach out. It’s as if they’re all saying the same thing. For the most part, it seems like the intent is to inform shareholders that there is a timeshare travel strategy in place. Communicating their ability to remain afloat through the storm seems to take precedence over anything else.
Apparently, vacation owners are supposed to be content with their ability to use the resort when it’s all said and done. Promoting positivity and encouraging patience helps timeshare companies garner trust. Keeping owners in the dark distracts them from what could be seen as profiteering. What makes matters worse is the simple fact timeshare owners are not invested in the property.
Buyers don’t have equity in the resort like that of a house. They don’t own it. So the types of announcements that resorts are publishing right now are worthless. No light is being shone on the real victims here. What this tells us is that hospitality chains are currently more concerned with brand equity than customer satisfaction – like they’ve always been. Why would they be when perpetual contracts guarantee income and eliminate retention.
Informative Updates Turn to Public Relations Stunts.
Why should they care about their owners when they’re already obligated to pay? Vague news releases and updates give timeshare companies one thing – more time. When you think about it, a lack of disclosure is something they use quite often. Almost the entirety of the timeshare sales presentation is predicated on avoiding pertinent contract details. Keeping timeshare owners in the dark right now allows them to remain in control and profit in the meantime.
At the end of the day, hotel chains are using the idea of a timeshare travel strategy for COVID-19 as a PR stunt. Why else would they promote employee firings or boast about acts of public service when owners may be in need of answers? When the general public feels sorry for their losses and applauds their efforts, it makes it awfully difficult to notice struggling timeshare owners. Putting out good content and a positive image during a crisis is essentially an advertisement – not a timeshare travel strategy for COVID-19.
What Timeshare Resorts Are Actually Doing.
When it comes to the announcements that timeshare companies are making, their statements are rather misleading. If you actually take the time to research resort happenings you’ll find that layoffs aren’t exactly what they seem. First of all, most firings have occurred in the sales divisions. Since timeshares aren’t able to hold presentations right now, there isn’t a need for salesmen. This actually presents them with quite a bit of savings as millions of dollars are spent annually on new acquisition. It’s by far the highest cost of the industry.
Other employee layoffs haven’t been as convenient like the way some resorts made it sound. Many staff members have been asked to take furloughs or mandatory time off with no pay. In other words, some people aren’t even getting laid off or fired. Timeshare companies are literally expecting them to wait out the pandemic in order to keep their job. This leaves the decision in their hands to quit or move on if they can’t survive.
Many of these positions, like sales teams, are easily replaceable. If anything, the resort will be able to employ a young, fresh and energetic workforce once their doors reopen. While they may be forced to cut costs and say goodbye to some tenured people, doing so is not in the least bit disadvantageous to their business. All stakeholders and key staff members will more than likely remain intact.
Is There Really a Timeshare Travel Strategy for COVID-19.
The point of this article is to encourage vacation owners to look into things themselves. Far too many expect the truth from timeshare companies and rarely suspect deception. But in the wake of a pandemic – that directly affects the travel industry – they have to be able to expect the worst. Especially when the track record of the industry is rather consistent. Like we mentioned before, nothing in the past has shown us that vacation owners will be considered in the middle of a crisis. Even natural disasters or emergency situations haven’t elicited empathy or compassion.
Buyers of this type of product are customers. They aren’t shareholders and they don’t own anything of value. Most can’t even rent or sell the property for profit. There’s no return on their payments other than the possibility of a good time – that one may argue can be obtained at a cheaper rate and with more flexibility. A timeshare interval is not homeownership or an investment of any kind. Owners should not have to take on the burden when the business stops. They paid for something and they aren’t getting it. Just because the industry is losing income doesn’t mean the customer should suffer.
No matter how many lawsuits timeshare companies fight or lobbyists they’re able to pay – one thing remains clear. There’s always an agenda with this industry and it rarely focuses on the consumer’s concern. As long as they can keep timeshare owners calm, patient and under contract through the pandemic, they’ll come out of it in great shape. Sadly, many vacation owners won’t be able to keep up with the billion dollar industry.
In the beginning stages of the Coronavirus outbreak, Americans weren’t too worried by the idea of a pandemic. Mixed signals from the media, governments and health organizations didn’t help. Once New York was bombarded with new cases, people started to take notice. In the meantime, timeshares have been buying themselves time while ignoring the concern of vacation owners. But resorts can’t expect their highest paying customers to wait in silence much longer.
Are Vacation Owners Starting to Lose Patience?
One Marriott timeshare owner is already seeking help online. By the end of March, he became so fed up with the way the hotel chain was managing his timeshare that he posted a “rant” on The Business Traveler to let out some steam. Although his opening statement included an apology for publishing a personal topic in a business forum, he felt as though his issue with Marriott was similar to other threads.
Several users on the site had already complained about the issues they were having with “airlines and hotel groups” during the Coronavirus outbreak. So the Marriott timeshare owner wanted to see if there was anyone else out there experiencing similar inconveniences. In his post, he did a good job painting a picture of his disappointment after years of loyalty.
Apparently, he and his wife have spent tens of thousands of dollars on “several timeshare-like arrangements with the Marriott Group in Phuket.” Over the years they’ve also been required to pay thousands of dollars towards annualmaintenance fees on multiple contracts. They each have one in their name and own another jointly. It’s obvious why he mentions these things right off the bat. No Marriott timeshare owner should have to pay this much money for something they can’t use.
The Marriott Timeshare Owner’s Story.
After making an Easter reservation at their home resort in Phuket several months in advance, the couple was eventually notified that they wouldn’t be able to use their timeshare week. The “quarantine requirements imposed by Thailand” made it “impossible.” According to the Marriott timeshare owner, they tried for weeks to move their interval to September without prevail.
Not only did Marriott refuse their owner’s request and deny restitution, but they advised them to pay for an exchange company – in order to try to use it. But this concerned the author of the post. He knew that paying more and hoping for the best would probably have the same outcome. “They have lost so much goodwill over this,” he said. “We can’t get a refund because we already own the week.. they are just expecting us to pay an additional fee with no guarantee of getting anything in return, or forfeit our week.”
Sounds like a sweet deal. They can’t be the only Marriott timeshare owner experiencing this right now. Sadly, many probably took the bait and now wish they hadn’t. It’s safe to say many more will give it a shot too. So what are they to do if this worsens their situation? Will timeshare companies provide refunds for contractual travel purchases that occur during a pandemic? It’s hard to tell, but this Marriott timeshare owner is definitely disappointed.
Will Timeshare Inconveniences Ever Be Resolved?
The author went on to say, “One would have thought that in these circumstances Marriott Vacation Club would show a bit of flexibility. We have been members for many years and only want to move our booking to another week later this year when, we hope, travel restrictions have been relaxed,” he said. All he wants to do is reschedule his vacation in confidence. He’s not even looking to cancel the timeshare contract but the response from Marriott may cause him to second-guessing his loyalty.
If these types of emotions are felt by satisfied timeshare owners then how do those that despise the Marriott interval feel? Timeshare companies extending a helping hand during the pandemic has got to be the hope of millions of timeshare owners right now. At the same time, how will the industry handle so many inconveniences and will complaints be properly addressed?
Either way, the true colors of timeshare companies are beginning to shine through. The author closes out his rant with a dash of disgust and subtle plea for help. “The idiocy of this is that if we forfeit the week, they lose the revenue they would have earned if we were in the resort. The stupidity of this situation just infuriates me,” he said. “They are ultimately losing potential revenue and pissing off a loyal customer. What is the sense of that?”
His guess is as good as ours but it probably has a lot to do with money.
For more than a month, the entire country has been patiently waiting for the Coronavirus to run its course. As more time passes, restlessness increases. While it may be difficult to know what the aftermath of the pandemic will bring for timeshare owners, it’s safe to say resorts are hoping things return to normal sooner than later. The longer paid travelers are forced to stay home, the more likely they’ll be looking for some sort of restitution. But will they get it?
At this point in time, it’s hard to tell what will transpire down the road. A majority of timeshare resorts have been rather quiet during this international lockdown. Even those that have spoke on the pandemic have been rather vague regarding timeshare ownership. Diamond Resorts is the latest conglomerate to offer a COVID-19 update.
COVID-19 Update From Diamond Resorts.
The written statement on their website opened up by highlighting their current Coronavirus efforts. Diamond’s resorts “around the world” are stating they are housing “medical personnel and first responders” as they provide attention to those with the viral disease. They also took the time to comfort staff and team members while the doors are closed by publishing a link to a note from their CEO.
While it’s good to know that the company is aiding those in need, it’s interesting that they made sure to start with their contributions. But it’s not surprising. Most good sales organizations know how to create trustworthiness in order to buy time. If you’ve ever taken the time to assess the art of the timeshare presentation, or the sales process in general, you’ll see that all pitches begin with a focus on credibility.
So What Should Diamond Timeshare Owners Think?
Although the information Diamond provides is valuable, highlighting closings and links to CDC articles, it doesn’t exactly reassure their highest paying customers. The update concludes with an eerie reminder of the way timeshare companies persuade timeshare owners to remain under contract. They long to be trusted as it buys them time. It says. “At Diamond Resorts, we take pride in providing exceptional vacation experiences to everyone. Our teams are available to answer any questions. Thank you for your trust and support, and we look forward to welcoming you home soon.”
Nothing in the timeshare industry’s history books tells us they’re going to look to accommodate their owner’s inconveniences. COVID-19 updates from the industry such as this one doesn’t exactly encourage us to believe otherwise either. If you take the time to read the entirety of the statement, it goes on to explain how the resort plans to invest in “frequency and enhanced cleanings,” training courses on sanitation and an influx in disinfectant products.
It’s great they’re taking extra precautions but who’s paying for these things? Would timeshare owners see this as a benefit if they were to be held responsible for the added expense? While Diamond Resorts may be doing good by hosting the heroes of the pandemic, could the costs turn into maintenance fees or a special assessment? Is the resort hoping their genuine hospitality will discourage timeshare owners from complaining if they have to pay for something they don’t get to use?
It’s not for us to say, but it is concerning to see all of these timeshare companies sidestepping the disadvantages vacations owners will eventually face. Thousands of people have already had to cancel their plans. How will an influx in bookings play out when the economy reopens? Who will gain precedent? While Diamond’s COVID-19 update did provide temporary “reservation options,” it’s still unclear how it will all play out.
Diamond Timeshare Owners Will Just Have to Wait.
Today, the travel industry is experiencing a boat load of losses. For the average person, it’s hard to even wrap your head around the number of transactions that used to occur on a daily basis. Diamond makes it very clear throughout their article that government officials and health organizations are forcing them to shut their doors. A blockage of international travel is a problem for them as well. But there are also thousands of helpless timeshare owners out there that simply can’t afford the purchase any longer. Let’s hope Diamond sees this as well.
Over the past few weeks, we’ve been talking a lot about the realities and possibilities of vacation ownership during a global pandemic. As we head into month two of our country’s attempt to slow the spread of the coronavirus, it’s becoming more apparent this isn’t going to be a temporary thing. Many of you are reading this right now because you’re starting to realize your timeshare contract could soon present you with some problems. Some of you may already be in the midst of a financial hardship and vacation ownership is probably the last thing on your mind. So what can you expect if you stop paying for it?
Look, no one can really prepare for the international spread of a highly contagious respiratory illness. But the perpetual agreements signed by timeshare owners really rains on a parade doesn’t it? Whether you fully understand what this obligation entails or not, owners will more than likely be held accountable for payment during this time. It’s how many past owners facing hardships have been treated. To date, resorts haven’t said anything to otherwise reassure timeshare owners during the COVID-19 crisis. Expecting empathy from an industry that fails to disclose contract terms during the sale is risky.
Understanding Your Timeshare Contract is Important.
While it may seem like our goal here is to slander the industry to acquire new clients, that’s not the case. The last thing we want you to do is rush the cancellation process before exhausting all of your options. Sometimes, you just need an advocate to help point you in the right direction. But for the most part, you need someone to be honest with you so you can make intelligent decisions. Waiting on the resort to give you a break during a financial hardship can be extremely inconvenient, frustrating and even more costly. Either way, you don’t deserve to be aimlessly led down a road that seems fair.
No matter the reader’s perspective, VOC believes that all vacation owners should be able to seamlessly enjoy their purchase. The problem is, this was rarely the case even before this pandemic arrived. Since most buyers aren’t properly informed, disappointments lead to further purchases and even penalties. Plenty of our clients have called us because their timeshare has drained them financially. We can only assume this will continue.
Now that the coronavirus has thrown a wrench in everyone’s activities and plans, it’s going to be extremely difficult for anyone to appreciate and relish in the decision to buy a timeshare. Whether you think you have a good enough reason to walk away from the burden or not, it’s important to understand what can take place if you do.
When You Can’t Pay For Your Timeshare.
Many of you were ecstatic when you first made the decision to buy a timeshare. Going on vacation every year is a big financial commitment that most people never get to enjoy. It feels good to be able to escape. At the time, none of you were thinking about the possibility of financial hardship – let alone forced social distancing. Some of you just made the purchase last month and now you’ve lost your job. With the job market at a standstill, unemployment will only take you so far. So what can you expect from the timeshare company? Moreover, what can you expect from a company that claims to know how to legally terminate timeshare contracts?
If there’s one thing that has remained consistent since timeshare travel came about, it’s that complaints have never been paid much attention to. The focus and capital always seems to funnel towards sales tactics and collection attempts. This has been evident for quite a while now. No matter the cost to them, timeshare companies and resorts will make sure they’re paid in full. If they allow vacation owners to easily escape the contractual burden, their entire business model would be destroyed.
Those that don’t adhere to the contract they signed can expect to be aggressively pursued for payment. Especially if you avoid the resort and refuse to pay in an aggressive manner yourself. If the communication gets to this point, you have to understand that sales organizations will harass you. The first level of collections normally comes from an internal agency or staff, employed by the timeshare. Some of our clients have told us that commissioned salesmen have even threatened them over the phone.
FEAR CAN BE MISLEADING
While it may be comforting to believe the industry could have a change of heart, we also have to understand they’re losing a lot of money right now. If anything, this should lead us to believe that collection attempts could be even more troubling today. Threatening notices for foreclosures or liens could come a lot quicker if the travel ban lasts through the year. Not everyone will stop paying because of financial hardship. Some will deem the expense non-essential or simply boycott payments because they can’t use it.
Timeshare companies will more than likely respond in a way that benefits them best. With a contract on their side, it’s going to be awfully difficult for vacation owners to escape some sort of obligation. You might be racking up fees right now.
There Are Multiple Ways Timeshares Collect Dues.
If you’re able to endure the resort’s collection attempts, just know you’re not in the clear. Once your contract reaches a third party collector, the tactics get to be a little more cunning. Most people don’t understand that there are different ways this can affect your credit differently. Not only is the debt amount likely to increase, but you’re not guaranteed a “paid in full” distinction.
These types of agencies really know how to put the pressure on timeshare owners to take action. By removing the emotion out of the equation, they aim to tactfully remind you of the ramifications of your refusal to pay. If you’re in over your head or you don’t know what to look for in your contract, they can be especially convincing. They know how to create confusion in order to bring the contract current. It’s their job and you should always seek advice in these matters.
At the end of the day, third party collectors work for the timeshare company. Negotiating with them is rarely fruitful and leaves most owners back at the mercy of the resort – even after a large payment is made. If you’re in the middle of a financial hardship and worried your debt is going to put you in a deeper hole, it would be wise of you to seek advice. Threatening you until your contract is current is bad business. If you can’t pay, you have to be smart.
Avoid Timeshare Deception During Financial Hardships.
Remember, the end goal of the timeshare company is to make as much money as they can. It’s always been that way. Their strategy is always going to be to keep you under contract for as long as they can. They’ll tell you that they’re waiving fees and “helping you out” – but the fees would never have been there if they cared. Even bait and switch attempts should be expected during this time. Future promises and guarantees should be taken with a grain of salt, because the proof is in the pudding.
Things that may be available today may not be available tomorrow. Efforts to comfort you while creating fear are common in the industry. Nearly everything presented to prospective buyers and current owners is excessively ambiguous and one sided. The goal has always been to collect as many timeshare payments as they can for times like these. It’s not hard to see right through the business model itself.
Do Struggling Timeshare Owners Have Legal Options?
So what happens when you scrape together enough money to pay off collections but find out your timeshare contract is still active. What will you do if you were counting on the expense being eliminated altogether? When timeshare owners are taken advantage of in this way, they’re usually ready to sue the resort for everything they have. But there’s a reason why so many struggling buyers have failed to find legal success.
For the most part, the contract itself favors the resort. Even class action lawsuits have been known to fizzle after months of planning and organization. No matter what hardship was endured, the agreement remains binding. Even when accusations are valid, many go broke just trying to keep up with the lawsuit. Timeshare companies have millions of dollars and use some of the best lawyers in the world to defend themselves. Competing is difficult when you’re already struggling financially. The simple consideration of this approach is rather foolish.
Many legal teams just aren’t equipped to go up against timeshare companies in a legal battle. If you find yourself committed to restitution, then the best thing you can do is eliminate the burden for good. We’ve written a number of articles that explain the differences between hiring lawyers to litigate and our attorney based process. Working with a company that understands the industry and has success with timeshare litigation can be extremely beneficial. Especially when you can get out with a clean slate for $0 out of pocket with 0% interest.
How Owners Could Pay For Walking Away.
If you decide to just ignore the collection attempts and hope for the best, then there are some things worth considering. Refusing to act responsibly can make this global pandemic far worse for you and your family. Even if you don’t hear from the resort for a few months or even a year, the repercussions could be adding up. Our clients have been known to incur a number of late fees, hidden costs and even unauthorized credit card charges in the past.
Some don’t even know the resort signed them up for a credit card or an additional contract during the point of sale, adding further inconveniences. Many of these scenarios aren’t even known until tens of thousands of dollars have been incurred. Missed payments on maintenance fees and a potential special assessment only makes matters worse. Especially for new buyers who never knew they existed.
Judgements, interest, legal filings, attorney fees and any other administrative costs can really catch a struggling individual (or family) off guard. Timeshare ownership doesn’t come with a forbearance option. In the timeshare’s eyes, your only option is to pay for what you agreed to. Far too many buyers think they’re ahead of the game only to find out they’re behind the curve. At some point, you’re going to have to face the fees that have accumulated because of your decision to walk away.
Be Smart With Timeshare During This Pandemic.
Whether there is a pandemic or not, it’s uncommon for timeshare companies to willingly take back your contract. They don’t care if you now view the purchase as a non-essential expense. They worked hard and paid a lot of money to guarantee your payment. No matter how upset you may get over broken promises, all they have to do is point to the piece of paper you signed. Sadly, this is how they’ve always done business and we have no reason to believe it’ll change.
So do your best to prepare yourself for the unexpected during this time. Even if you never face financial hardships as a timeshare owner, be mindful of everything the purchase entails. There might come a point in time where timeshare travel loses its luster. You never know, going on vacation may never be the same. Waiting or acting irrationally could be costly. With that being said, if you have any questions about legally canceling a timeshare contract, we’d be more than happy to help.