Why Escrow may be essential for you
Escrow can be essential for you when searching for a timeshare exit company. Escrow is when a third party company holds onto your payment while the timeshare exit process is occurring. If all is successful as promised, the escrow company releases your funds to the timeshare exit company. Escrow eliminates any doubts a timeshare owner may have when they are looking to exit their contract. With escrow, you still are paying up-front, but to a third-party company. Escrow protects the customer and the company. If the exit company fails to hold its end of the bargain, the company will lose its ranking on the Better Business Bureau and MyTER.
Escrow or 100% Money-Back Guarantee
Escrow is an extra layer of protection compared to a 100% money-back guarantee. A 100% money-back guarantee may be right for you if the company you are evaluating has been in business for quite a while and has ethical business practices. Do not eliminate timeshare exit companies that provide a 100% money-back guarantee; these companies could be far cheaper than a company that offers escrow.
Many timeshare exit companies boast about their 100% money-back guarantee. If the company goes out of business, or if they file bankruptcy, will they still refund you your money? The answer is unfortunate, no. Since escrow is when a third-party company holds on to your money while the timeshare exit company is performing the service, it gives you peace of mind.
A recent example of a company that boasted about its reputation was Resort Release. On the Better Business Bureau website, many clients are complaining about being out of thousands of dollars. Resort Release filed for bankruptcy, in this situation, the customers are out of luck and still own their timeshare. Our team recommends companies that provide an escrow option, so you have an extra layer of protection from scams. Read the Better Business Bureau reviews on Resort Release.
Escrow may sound like a better option, but most timeshare exit companies typically don’t like to mention they have an escrow option. Going through the escrow route can be expensive because when a third-party company comes in the picture, the timeshare exit fee increases. Most timeshare exit companies, on average, take around 8-12 months to cancel your contract, and if a company essentially has to wait 8-12 months to get paid, they tend to charge a higher fee for their escrow customers.
If a company has positive business practices and has been in business for over 5+ years with positive ratings, it makes sense going the cheaper route with a 100% money-back guarantee. Ultimately, our team at MyTER recommends working with legitimate timeshare exit companies that offer escrow because the company does not get paid until the service is completed as promised. There are very few companies that honor their 100% money-back guarantee, and these companies typically have secure financial assets.
We help timeshare owners find the best timeshare exit company for their situation. Read over our website and fill out the form on the right or contact us through Live Chat for a free personalized consultation. Our team recommends working with legitimate timeshare exit companies that offer a no-up front fee escrow option.