Despite a decrease in the unemployment rate, there are still 7.7 million people out of work in the U.S. during 2021. That means people across the country are looking to cut down on their costs and get rid of unnecessary luxuries.
The main reason people want to cancel a timeshare is that they can’t afford the ongoing costs anymore. Despite this legitimate reason, it’s very difficult to get out of a timeshare contract without a huge hassle or ongoing expenses.
It’s not impossible though, keep reading to find out how to cancel a timeshare.
Cancel a Timeshare By Contacting the Resort
Few people who want to get rid of a timeshare know that many resorts offer deed-back programs. This means they’ll cancel your contract and sell your week to someone else.
There’s usually a fee involved in canceling a timeshare this way. It doesn’t compare to the ongoing costs of paying for something you no longer need or want, though.
When you contact them, make sure you speak to a senior person who deals with ‘surrenders’ or ‘deed-back requests’. Anyone else is likely to try and sell you an upgrade or talk you into converting your week to points.
Financial hardship is one of the main criteria for surrendering your week this way, so have the necessary paperwork ready and send it through as soon as they request it.
Some resorts may even offer a timeshare cancellation solution if they don’t have a formal surrender policy, so it’s worth calling them to state your case.
If at first, you don’t succeed, try again, or escalate the matter. They may relent if you persist. If that doesn’t work, you still have other options you can try.
Advertise It on the Resale Market
Unless you own a highly sought-after timeshare like DVC, Hilton, or Marriott, you’re unlikely to get rid of your timeshare this way.
Resale prices are low and demand for these weeks is low. If you find a buyer, you need to deed your property to the new owner, so they become responsible for the associated costs.
According to sapphiretimesharecancellation.com, many timeshares have quitclaim clauses. That means you’re still responsible for the ongoing costs if the new buyer stops paying.
Stop Paying Your Annual Dues
This is one of the more extreme timeshare tips, and it can take some time to get results. Yet, timeshare companies rarely report non-payment of annual dues to the credit bureaus.
Often, non-payment can help push resorts to let you surrender your timeshare. Going this route costs them less than foreclosing on the property.
If you took a loan to buy your timeshare, non-payment of these installments will affect your credit score, so there’s no getting out of that.
Do Your Research First
You must consider the difficulties involved when you want to cancel a timeshare before you buy into one of these vacation products. Most timeshare contracts operate in perpetuity, which means you must leave this financial burden to someone else in your will.
There are many other ways to enjoy fulfilling holidays during your lifetime. Browse our travel section for inspiration.