Don't Get Stuck in a Timeshare! 4 Reasons to Exit Your Contract

When you first signed up for your timeshare, you probably thought that it was just the smartest investment you ever made. Timeshares were sold to you as convenient ways to save money and make travel more affordable, so you figured it was the perfect way to make your life easier while earning some free getaways at the same time. But this is not usually the case with timeshare contracts. Here are four reasons why you should opt for timeshare cancellation in Florida before it’s too late.

High Maintenance Fees:

Every year, timeshare owners are required to pay maintenance fees. These fees go towards the upkeep of the property, as well as any repairs that need to be made. Maintenance fees can range from a few hundred dollars to over a thousand dollars per year! These are in addition to the taxes you'll pay on your property, and they can really add up. If you're not careful, you could find yourself stuck in a contract with escalating fees that you can't afford.

Limited to No Availability of the Property:

According to a timeshare attorney in Florida, one of the most common complaints timeshare owners have is that they can't get the dates or unit they want. This is because of the way timeshares are designed. There are a limited number of units available for any given week, and they are often booked solid years in advance. So if you're looking for flexibility, a timeshare is not the way to go.

You may be able to find an owner who will trade with you, but it's likely not going to be easy. The process is frustrating and time-consuming. Plus, when you've traded weeks with someone else before and now need them back again because your own plans changed, they may decide they don't want to give up their spot at the last minute either.

You Might Want a Change of Scenery:

After a few years, you might get antsy for a change of scenery. If you own a timeshare, you're pretty much stuck in the same place year after year. But if you sell your timeshare, you can go wherever you want, whenever you want! Whether you want to move to a new city or just explore a different part of the country, there's no reason your timeshare should hold you back. You can always visit your favorite spot when you go on vacation, but why not mix things up and try something new?

Little to No Resale Value:

Most people don't realize that there is little to no resale value in timeshares. In fact, many timeshare companies don't even allow resale of their contracts. This means that if you decide you want out of your timeshare, you're stuck with it. And trust us, getting out of a timeshare is not easy. A timeshare lawyer in Florida warns that you have to meet strict criteria for early termination and then you'll still owe an exit fee as well as any outstanding monthly payments on the contract. It's also not unheard of for the company to try and resell the contract instead of giving it back, often at a higher price than what was originally paid!

If you're thinking about buying or selling timeshare, it's important to be aware of the risks involved in this industry. Timeshare cancellations are not always easy either. Your best bet is to hire a timeshare attorney in Florida who can maximize the chances of timeshare exits. Talk to a lawyer today!

How to Prepare a Timeshare Cancellation Letter?

When you try to cancel, smooth-talking salespeople are trained to keep you in your contract, or worse, upsell you or renegotiate your term. You can get out of a timeshare and say goodbye to those pesky fees and rigid schedules. You can go wherever you want, whenever you want after you’re free of your timeshare. But first and foremost, let’s talk about the basics. You might need to send a letter to your timeshare firm if you are thinking about how to cancel my timeshare.

How to Compose a Timeshare Cancellation Letter?

When it comes to your timeshare, if you’ve reached a breaking point, it’s time to act. But hold off on sending that 10-page letter. Take a deep breath, organize your thoughts, and then create your letter when you’re ready. You can also seek the help of timeshare exit team in Florida

for your timeshare cancellation, which will ensure all your paperwork is filed correctly.

Make a Written Cancellation Request

In fact, go ahead and purchase a folder to keep all of your timeshare cancellation documents in. It will come in handy. Your cancellation request does not come in the form of an email. It must be a typed letter that is printed and mailed to your timeshare company. Make a copy for your files. You can hire an experienced timeshare attorney in Florida for your timeshare cancellation process.

Include a Specific Appeal to Terminate Your Timeshare in Your Letter

You must be extremely explicit in your letter that you are cancelling your timeshare. You don’t have to be a jerk to be effective, but you must be forceful. “Request to Cancel Timeshare,” or “Timeshare Cancellation Request,” should be your subject line (printed letters have subject lines as well).

Make a List of All the Key Information

The individual who receives your timeshare cancellation letter has the responsibility of preventing you from cancelling your timeshare. It’s that simple. Your role is to provide all of the information they require to keep your request moving forward. Nothing will make them happier than if you overlook to include crucial facts. This simply gives them more time to ignore you or persuade you to stay. Don’t let them get away with it! Include the following information in your timeshare termination letter:

1. The timeshare’s name as it appears on your contract
2. The contract holder’s name
3. The contract number
4. The date of purchasing Your membership number

Set the Bar High

Companies who sell timeshares generate money by trapping consumers into defective contracts that depreciate faster than automobiles. It is their goal to keep you in even if you want to leave. Declare in your letter that you are not interested in a resale, beneficiary transfer, or any other options for ownership. Also, specify that you expect a response within 30 days, through certified mail, acknowledging receipt of your letter.

All Correspondence Should Be Sent Via Certified Mail

Don’t believe them when they say they haven’t received your letter. Send everything via certified mail so you can be sure your request was received. Carry on in the same manner for any additional correspondence needed during the cancellation procedure. If you are looking for an experienced timeshare attorney in Florida, you can rely on The Law Offices of Susan M. Budowski, LLC.

What Happens If I Don't Pay My Timeshare?

Overcome the annoyance of having to pay for something we know isn't worth it. At their worst, timeshares may be a major financial drain. Maintenance payments for timeshares seem to always rise, while the value of what you get in exchange remains constant or falls with age. So, if you're thinking, "What happens if I quit paying my timeshare in Florida?" we understand.

The temptation to stop paying is strong, especially if you don't think you can afford it. It would be wonderful if you could simply walk away from the situation and never have to deal with it again. After all, if you halt paying for your timeshare, the only thing that will happen is that you won't be capable to use it again. You're probably thinking to yourself, "No sweat off my back." After everything you've been through with it, the place could drop into the water and you wouldn't mind. If you are thinking how to cancel my timeshare, you can hire an experienced timeshare attorney in Florida.

Companies That Sell Timeshares Want You To Pay No Matter What

Timeshare firms aren't foolish, it must be stated. When they market these pricey things to those who can't afford them, they know exactly what they're doing. They also understand that the majority of customers will not get good value for their money. So it's obvious why so many individuals in Florida and elsewhere want to stop paying for their timeshare. But don't make the mistake of believing that if you stop paying, the timeshare companies would simply disappear.

What Happens If You Don't Pay?

If you're wondering, "What happens if I don't pay my timeshare?" Here's a rundown of what to expect.

Step 1 – The timeshare firm is likely to communicate with you in some way. Thousands of people are late on their maintenance fees every month. People are late all of the time, just like they are at any auto dealership, bank, or mobile phone provider.

Step 2 - Once you've been late for more than a month, things start to get serious. The Timeshare Corporation normally assigns you to the collections department. Representatives will begin phoning you and requesting information about your payments.

Step 3 – As you fall deeper into default, your timeshare business will increase the pressure with mailers, phone calls, emails, and other communications. They will eventually sell your account to a collections agency, generally after six months.

Step 4 - Collection agencies are smaller businesses that aren't as concerned with compliance. They don't work for a major corporation with a strong brand or reputation to protect. These companies will buy your account balance for pennies on the dollar. They know the majority of people aren't going to pay at this stage, so when they get you on the phone, they'll press you even more.

Step 5 – As your account and what you owe get moved around on the secondary debt market, you may receive calls from collections agencies for years. The frequency of the calls will decrease as you move further out, but they will still occur. If you need a timeshare cancellation in Florida, hire an experienced timeshare attorney in Florida from The Law Offices of Susan M. Budowski, LLC.