If you’ve found yourself stuck in a timeshare contract that you’re not happy with, you’ll know better than anyone how hard it is to exit. However, be assured that getting out of your timeshare contract may be difficult, but it’s not impossible.
You’re certainly not alone and there are ways out, but it’s crucial that you’re fully aware of the legalities before you make your next move.
To give you a point in the right direction, here’s what you need to know about the legalities of saying goodbye to your timeshare contract.
There may be a cooling off period after you’ve signed the contract where, if you back out early enough, the contract will be cancelled and you may even be able to get your deposit back. Once the cooling off period is over, however, it will be significantly more difficult, yet still not impossible, to exit your contract.
The legalities of this method are contentious but it has been known to work. Walking away refers to ceasing payments to the timeshare company and, again, there are cases where this has worked, but you’re likely to get a bad reaction.
We spoke to Timeshare Consumer Association who said: “If you’re going to go down the road of stopping payments, we recommend getting some sound legal advice first. Timeshare companies have been known to threaten those who choose to simply walk away, so aim to have a backup plan just in case.”
“Consumers have won court battles against timeshare companies for misrepresentation and even get compensated as well, so there definitely is hope.”
Completely above the law, this exit method is the ideal route for most, albeit usually extremely difficult to regain your initial payment in full.
Selling your timeshare can be tricky because (1) more people are wise to the hassle involved with the industry and (2) the market is so saturated, meaning that there are more people looking to sell than to buy. As difficult as selling may be, it’s definitely worth a try.
If you really want out of your timeshare contract and don’t mind completely losing your initial payment, there is the option to donate it to organisations such as Donate My Timeshare where, if you qualify, you can rid yourself of your timeshare once and for all!
Cancelling or terminating
Exiting your timeshare contract tends to result in either a cancellation or a termination. A cancelled contract means that the contract has been breached by the company, which ends in, for the most part, a straightforward exit.The termination of a timeshare contract means that there has been no breach of contract.
If your issue with your timeshare contract is to do with quality or price, you may be able to trade your timeshare for a different one at the same resort or with another timeshare consumer.
If you currently don’t have a timeshare but you’re thinking about getting one, here’s why you shouldn’t go through with it.