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Can You Really Cancel a Timeshare Contract?

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According to a 2018 report, about 7.1% of households in the United States own a timeshare.

If you’re one of those households but you want to get out of your timeshare contract, you might soon find out just how difficult it can be. 

But just because it’s difficult doesn’t mean it’s necessarily impossible. Keep reading to find out how to get out of a timeshare contract!

Why Is it Difficult?

Before you can get out of your contract, you’ll have to understand why it’s difficult in the first place.

Once you understand that, you can try and find ways to solve the issue!

Paperwork

When you purchased your timeshare, you probably remember all of the paperwork that you had to sign. 

The paperwork is often confusing as well, and they do it on purpose. If you don’t know what you’re reading, you might be too scared to ask and end up signing something you don’t really understand, which will keep you trapped.

Financials

Obviously, the timeshare wants to keep you so that they can keep your money as well. They’ll try and get you to put more and more funds on your credit card to pay for the timeshare.

However, this can end up putting you in debt and stuck paying off your credit card rather than trying to get out of having the timeshare at all. 

Renting

You might think that renting out your timeshare is a good way to make your money back, but there are all kinds of issues that come with that as well.

This includes making sure they pay you on time. If they don’t, you’ll still be responsible for the payments and then you’ll be in even more debt, which will make it even harder to get out of your contact. 

How to Get Out of the Contract

Just because there are multiple reasons why it might be difficult doesn’t mean that you’re stuck in the contract.

First, you’ll have to figure out how to get out of your timeshare without costing you any money. You may want to start by asking the resort if they will take the timeshare back on their own.

They’re not required to do this, and most of them will say no. However, it doesn’t hurt to ask. First, you’ll need to make sure the unit is paid off and you’re in good standing with them.

Because selling your timeshare to someone else can get you in a lot of trouble. You will likely lose money because they normally don’t sell for the same price you bought them at.

To learn more about canceling your contract, click here!

Learn More About How to Cancel a Timeshare Contract

These are only a few ways to cancel a timeshare contract, but there are many more things you can try as well.

We know that dealing with timeshares can be stressful at times, but we’re here to help you navigate the whole process!

If you enjoyed this article, make sure that you explore our website to find more articles just like this one!

 

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