As we’ve discussed in past articles, timeshare ownership can be a “mixed bag of emotions.” Although some thoroughly enjoy their purchase, many simply grow tired of the inconveniences over time. Regretting an expense of this magnitude can cause many timeshare owners to become desperate. This leads to irrational decisions that typically devastate bank accounts or compile even more debt. Instead of legally getting rid of a timeshare contract, timeshare owners are led to believe that other options will help them avoid a complete loss. When things don’t work out in their favor, they’re left right back where they started with less than they started with. This changes their perception significantly.
Once they’re left clinging to their wallets, it’s difficult for them to see any option as “viable” – and rightfully so. Today, nearly every timeshare “relief” program is flooded with broken promises that prey on vulnerable timeshare owners. Because of this, our founders knew they’d be up against a heavy dose of skepticism when they started developing VOC back in 2008. At the same time, it motivated them to do things the right way. At VOC, we want timeshare owners to know they’re working with a reliable timeshare contract cancellation service. Not every company is out to get you. But, it’s up to you to do your homework before committing to something else and expecting anything different.
Exhausting Options Before Canceling the Timeshare.
One of the ways we gain the trust of timeshare owners is by helping them initially navigate the rough waters of timeshare ownership. We want to make sure they’ve exhausted all options prior to investing in timeshare cancellation services. We’re not the type of company that’s going to pursue every inquiry for a sale, then apologize when getting rid of the timeshare contract isn’t feasible. We take pride in our detailed process and make sure the potential client has made every effort to work things out with the timeshare company first. If they haven’t exhausted all options when they give us a call, we’re easily able to guide them through the process until cancellation makes sense.
The Misconceptions of Getting Rid of a Timeshare Contract
Over the years, we’ve come to realize that most timeshare owners have a misconception of what “exhausting all options” entails. They’re immediately drawn to reselling, renting or exchanging their property without realizing a resale market for timeshares doesn’t exist. When we say exhaust all options, we’re not encouraging you to test the waters of multiple solutions at your own expense – we’re specifically referring to your communicative effort with the timeshare company.
Listen, we understand how persuasive some sales pitches can be. Getting caught up in regret can distract you from what’s going on around you. It’s important that you realize signing the contract is only Phase 1 of the sales process. When you’re not educated on what to expect, things can get out of control rather quickly. If you want to get rid of the timeshare, it’s important that you stay focused on the goal of resolving your purchase discrepancy. Going about the process on your own can leave you vulnerable while making it difficult for you to identify scams or misleading tactics. When you’re easily enticed by unreasonable offers, you’ll quickly find yourself reeling when expectations aren’t met.
Previewing the Reality of Getting Rid of Timeshares
With so much noise in the marketplace, many timeshare owners are bombarded by unethical “solutions.” Due to the aggressiveness of these greedy companies, the value we provide is typically overlooked. So, instead of being more aggressive ourselves, we wanted to educate our readers on the typical path most timeshare owners take when searching for a resolution. Knowing what you’re up against when you decide to take action will help you avoid being held hostage by the timeshare itself. It’s not that simple to get rid of timeshare properties.
Every timeshare owner deserves an opportunity to get what they paid for and consumer rights need to be exhausted at some point. When you’re unable to resolve the issue, it’s important you’re able to see the value in legally canceling the timeshare contract for good. Aside from the frustrations involved, prolonging the inevitable can be extremely costly. So let’s take a look at where most disgruntled timeshare owners begin.
Phase 2. Timeshare Rescission Period
Making the decision to get out of a timeshare can be difficult, especially after you’ve been invested for a few years. You almost feel like it’s your responsibility to make it work. Although many timeshare owners go years before they begin to regret their purchase, thousands immediately have “buyer’s remorse.” It doesn’t take long to find a number of concerning articles that discuss the negative stigma surrounding timeshare ownership. It might have seemed like an amazing opportunity when they signed the contract, but the more they research, the more worried they become about their impulse buy. This is where their right to rescind comes into play.
What Does Timeshare Rescission Mean?
Like most purchases, timeshares come with a return policy – well, sort of. People that immediately regret their timeshare purchase usually begin looking through their contract for a way to get out. When it comes to mortgages, there is a legal portion of the contract that gives the buyer an ability to back out. Although most home loans give buyers around 3 days, a timeshare agreement normally gives the timeshare owner a few more days to cancel.
It’s important to review your contract for these details because every jurisdiction has their own set laws on how long you have to rescind. Most states require timeshare companies to provide timeshare disclosure or public offering statements. If you can’t find anything about rescission in your contract, look up the policies in your state to learn more. The cancellation time frame begins once you receive certain contractual disclosures or immediately following the signing of the agreement (whichever occurs last).
How Timeshare Companies Overcome Rescission Requests.
Finding a way to get out of your timeshare can be a huge sigh of relief, but it’s imperative that you act quickly on this revelation. Before assuming you can easily get rid of your timeshare during the rescission period, you have to understand what you’ll be facing to get it done. When it comes to rescinding the contract, time is not on your side. If you’ve already attempted to allocate the details surrounding your cancellation period, you’ve probably realized they’re not very easy to find. Timeshares do this intentionally so you’re forced to request this information by calling customer service.
When timeshare owners first contact the resort about their right to cancellation, they’re normally transferred to the sales center. If you know anything about the industry’s approach, almost every concern is directed to sales. What this does is it allows them to give you the run around and exhaust all of their options while your rescission period dwindles. They’re going to do whatever they can, and say whatever they need to say, to keep you under contract. The reality is, you’re not just going to persuade the resort to allow you to get rid of your timeshare payments. Even when contract language benefits you.
When you consider your rights under rescission laws, this deceptive practice is the only leverage they have to keep you in the contract. It’s important that you see through their tactics and aggressively pursue your right to cancel. If you accept a callback from a supervisor, don’t assume it will be a timely one. Their only goal is to keep you from legally getting rid of the timeshare contract before the cancellation period expires. Imagine how many new buyers immediately call in to cancel, only to be sold on additional promotions and empty guarantees.
Canceling Your Timeshare After Rescission
If you realize you’ve surpassed the recession period of your contract, there’s no reason to give up hope. This is what the timeshare company wants you to do. The longer they’re able to persuade you that they’ve upheld their end of the bargain, the more difficult it is for you to find the viable solution you’re seeking. Some states, like Arkansas, allow you to cancel your timeshare 5 days after the rescission period has ended. Instead of immediately looking for a quick resolution to dump your timeshare, look into the rights you have as a consumer. Although the timeshare will more than likely counter your claim, it’s one step closer to getting rid of the timeshare contact for good.
One of the many ways we’re able to help our clients legally get rid of timeshare contracts is by highlighting broken consumer protection laws. As aforementioned, most states require timeshare companies to thoroughly disclose certain elements of the agreement. If the timeshare company didn’t adequately brief you on your right to cancel, or failed to place funds in an escrow account until the closing date, they’ve violated these laws. Moreover, minor details like improper real estate licensing can be very beneficial to your case. Although it’s challenging to prove, owners can also benefit from timeshare companies making fraudulent statements, offering misleading promotions or refusing to provide full disclosure on reselling promotions.
The point is, don’t let the timeshare company manipulate you when time is of the essence. Most importantly, avoid talking to the sales department when you can. If you’re going to pursue a cancellation during the rescission period, do your best to document all of your efforts. Even if things don’t work out in your favor right away, it’ll benefit you in the long run. If you want to get rid of timeshare contract obligations, the longer you wait, the more complicated and expensive the experience becomes.
Read Part 2 of This Blog Series