When you visit a timeshare meeting, the salesmanship is superb. They talk about vacations for life with family along for the ride. The underlying issues with timeshares include expensive monthly payments that rival mortgage charges. There are ways to get out of a timeshare commitment. Consider these legitimate pathways to freedom.
Lacking Time to Think
The first problem with timeshares is the hurried atmosphere at these sales meetings. You’ve been cordially invited to a day with these salespeople. Breakfast and a ride to the location might be included. They want an answer in the next hour about an expensive investment.
A legitimate pathway out of a timeshare investment is recognizing that you don’t owe them anything. Don’t feel pressured to buy anything either. These tactics are largely psychological and have no legal ramifications.
The 24-Hour Out
Most timeshare documents state that you have 24 hours to change your mind. You regain your deposit, and the contract is null and void. Most people don’t take advantage of this period, however. They’re still in the mental, honeymoon stage. Cancel when you have the chance.
Working With a Lawyer
When you signed on the dotted line and paid for a few months of timeshare use, you’re officially in the seller’s debt. Getting out of the timeshare now will probably require a lawyer. He or she may be able to find out about timeshare transfers or cancellations, depending on your situation. This pathway will take some time and additional cost, however.
Turning to Bankruptcy
The final pathway to contemplate is bankruptcy. You signed a legal document stating that you would pay back the timeshare amount. In some cases, there’s only one way out of the debt. Declaring either Chapter 7 or 13 bankruptcy can cancel the timeshare. Be aware that there may be fees involved that still tie you to the property.
Do your research before you invest in any property. This guideline works for both households, vacation homes and timeshares. A major investment requires an educated decision. Be a patient person, and the right investment choice will show its true colors.