Cancel Your Timeshare Payments

What is Timeshare?

Timeshare is an agreement where multiple individuals collectively buy the rights to a vacation property for a specific period. In a timeshare agreement, the property is divided into equal time intervals, usually every week, that is allocated to different owners. Each owner is granted the right to use the property for their designated period, often on an annual basis.

The drawbacks of these timeshare agreements weigh more than their advantages. Investing in a timeshare may not be the best choice if you want to gain a good profit. It is not beneficial to buy a timeshare due to many reasons, a few of which are;

• Timeshares are high in cost, such as ongoing maintenance fees etc.
• People’s vacation preferences may change over time, but you will be bound to the same location until the contract ends.
• Long-term financial commitments are common in timeshares which may cause problems if your financial situation changes over time.
• Scams and frauds are increasing in timeshare contracts, where developers can charge you more than the property’s actual value or misguide you to persuade you to buy timeshares. 
• If your timeshare is not in a high-demand area, you will face problems in reselling it and may also have to bear a loss.
• If you think that you do not want to continue your timeshare contract, there are a few ways to cancel your Timeshare payments;
• Reselling the property through resale companies, online resale websites, etc.
• Timeshare exit companies can help you get out of your timeshare contract.
• The timeshare cancellation policy includes a rescission period in which you can cancel your contract without facing a penalty.

This article will elaborate on why you should not be investing your money in Timeshare and how you can cancel your contract if you have already bought a Timeshare.

Common types of Timeshare contracts

• In fixed-week contracts, you won the property or a part of the whole property for a specific week each year. This is the most common and traditional type.
• Whereas floating week allows you to choose a week from the available weeks within the pre-decided time frame or season. But there are reservation issues in peak seasons like summers as the demand is high at that time.
• Right-to-use contract allows you to own the place for some specific years and the property goes back to the developer after the assigned period.
• The week of the stay moves forward every year in rotating week contracts which takes away the freedom to come according to your preference and flexibility.
• Biennial Timeshare is when you are allowed to use the place every other year.