How can I exit a timeshare agreement?

If the time has come for exiting a timeshare agreement, you may be wondering what your options are. It’s very important to do your research before you begin investigating the best way to exit timeshare agreements.

The most common reasons given for wanting to step away from a timeshare are that you just don’t have time to make use of it, or can’t afford the costs anymore. Your first port of call when you’re investigating how to exit timeshare agreements should always be the contract you signed when you first took out the timeshare agreement.

Different companies have different rules, agreements and contracts. You may be thinking that the contract that you originally agreed to was misleading or simply not delivered? Quite possibly what you were verbally told did not mirror the sleek complex contract that you signed.

Miss-sold, mislead or simply disappointed?

So the first question you must ask yourself is whether you feel that you were miss-sold, misled or you have lacked the service that you were promised? If that is so we at the Timeshare Advice Service can point you in the right direction.

Do you feel that your timeshare is resalable?

Do you know of other fellow owners that have sold on their timeshare? If so it’s quite likely that your timeshare company will ask you to pay a transfer fee, so establish how much this will be. For many timeshare companies, it will be a fixed sum, equivalent to something like a year’s maintenance fees.

Some may even offer to buy you out, but expect the cost they’re demanding to be significantly higher than the price you paid for the timeshare in the first place, and really should only be considered as a last resort.

If you do decide to sell, you have two options:

1) Private sale – You place your own classified advert in a newspaper, shop window or maybe to a friend or family member.

2) Specialist timeshare resale company – A bit like a dating agency, the resale company will try to match you with a buyer. Do take precautions when using a resale company, though. While there are plenty of resale companies to choose from, the market is very prone to scams and con artists, who promise you a huge profit if you sell through them, as long as you pay them a large “deposit”. Legitimate companies are few and far between and you must ensure that you are shown evidence of recent sales of similar weeks to ones that you may wish to sell and that they have achieved a price similar to what you ultimately desire.

Remember, the longer it takes to sell your timeshare the more expensive that it could become, as more expensive maintenance fees mount up!

Whichever option you choose, do make sure that you’re aware of your rights, and take advice from an impartial company that knows the timeshare industry inside out, such as us the Timeshare Advice Service.

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