When you’re looking to get rid of a timeshare, researching the best way to do so can start to feel pretty overwhelming. That’s why we’ve put together an overview on what to look for when comparing timeshare exit companies – and how to find the best timeshare exit company for you.
Timeshare cancellation can be complicated, so think of this as a reference guide or checklist on what to keep in mind as you are talking to and researching timeshare escape companies. These tips can help get you up to speed on timeshare cancellation industry standards and help ensure that you are working with a reputable company – so that you can get the timeshare cancellation help you deserve.
Let’s jump right in.
- Relevant Experience
One of the top qualities to look for when researching how to be free of your timeshare is relevant experience. A general good rule of thumb is to work with a timeshare cancellation company that has been in business for at least 10 years and has already canceled thousands – if not tens of thousands – of timeshares. Timeshare cancellation is a very complicated and intricate process. A timeshare escape company with experience canceling a variety of different types of timeshares and scenarios helps increase the likelihood that your timeshare cancellation company will be successful in canceling your timeshare contract. In addition, a timeshare cancellation company being in business for a decade or longer is another good signal that you are dealing with a reputable company.
Even if the timeshare cancellation company you are speaking with has been in business for a long time and has a laundry list of experience, it’s very important to understand if your timeshare cancellation company has experience canceling a timeshare contract with your specific timeshare company. Every timeshare company, contract, and scenario can be very different, so make sure your timeshare escape company has canceled a timeshare contract with your timeshare resort before, and ideally, with your specific set of circumstances.
As we mentioned earlier, timeshare cancellation is a very complicated process. There are a lot of moving parts when negotiating with your timeshare resort, which can sometimes cause the cancellation process to be involved and prolonged. This is the reason to be wary of any timeshare exit companies that promise a quick fix. It can typically take anywhere from 6- 24 months to cancel a timeshare contract. So if any company is offering you a quick or immediate cancellation, that could be a potential red flag.
If you’ve spent time trying to get out of your timeshare contract unsuccessfully or if you are feeling stressed about your mortgage or special fee payments, it can be very tempting to choose what seems like it may be a fast solution to your problems. However, in this situation, slow and steady is often the best way to ensure you are working with a reputable company that can truly help you to be free of your timeshare – rather than just potentially prolonging your problems.
- 100% Money Back Guarantee
Another way to help ensure that you are dealing with one of the best timeshare exit companies is to see if it is offering a 100% money back guarantee. You should only have to pay a timeshare cancellation company if it successfully gets you out of your timeshare contract. A reputable timeshare cancellation will stand by its service, and if it can’t get you out of your timeshare within a predetermined time period, you should get your money back.
To be clear, a reputable timeshare cancellation company will not be able to get you back any mortgage or special fee payments you have already paid to your timeshare company. However, a reputable timeshare cancellation company should be able to stand by its service fees. This kind of money back guarantee can be a lower-risk way to choose who to work with when looking for timeshare cancellation help.
Make sure you get the 100% money back guarantee in writing though. In addition, read the fine print of your contract to ensure the money back guarantee is included, that the time frame and stipulations are clear, and that you understand how the money back request process works.
On a related note, some timeshare cancellation companies offer an escrow account instead of a 100% money back guarantee. An escrow account is when a third party is holding your payment until the timeshare exit company is able to get you out of your timeshare. If you do choose to go with an escrow account option, that’s fine, but just make sure the timeshare company is 1) not charging you more money since there is a third party involved 2) that this third party is included and a part of your signed timeshare cancellation agreement and 3) that you have in writing and in your contract exactly how to get your money back if your timeshare isn’t canceled within the preset time frame.
- All-Inclusive Costs
While we’re on the subject of cost, another important tip is to make sure all of the timeshare cancellation company’s costs are included in its service fee. A reputable timeshare exit company will charge you a flat all-inclusive fee for its timeshare cancellation help and won’t come back asking for more money at a later date. When you have your initial free consultation with a timeshare cancellation company (more on that next), the timeshare cancellation company should be asking you a series of detailed questions that will help them determine the ins and outs of your specific case. It will present you with multiple cancellation options – if applicable – and help you pick a solution that is best for you. Because this consultation is a detailed and fairly time-consuming process, the price that the timeshare exit company quotes you during your consultation should be accurate and all-inclusive.
The only exceptions to this are two types of fees that go to your timeshare company – not to your timeshare cancellation company. These two exceptions are transfer or settlement fees. Transfer fees will only come into play if you are going through a non-attorney-backed cancellation process. This is where a timeshare exit expert (not an attorney) is negotiating directly with your timeshare company in an effort to get your resort to let you transfer your timeshare back to the resort for a fee. However, this process is only a potential option if you are not behind on any payments and your mortgage is completely paid off. In addition, your timeshare cancellation company will tell you up-front and before signing if a transfer fee is required. This should not be a surprise fee.
The second type of potential addition fee is a settlement fee. However, because timeshare cancellations are not lawsuits, settlement fees are uncommon. We do see them in some rare and unique situations though, such as a timeshare company asking for a settlement fee to release a timeshare owner who is very behind on payments from a contract. In this unique case, a settlement fee will be a surprise, but this money goes directly to your timeshare company and not your timeshare cancellation company.
Lastly, as with any agreement detailing costs, before you pay your timeshare cancellation company, make sure to get everything in writing and that you have a fully executed contract. This is very important.
- Free Consultation
Before signing, the best timeshare cancellation companies will offer you a free consultation. This is an important opportunity for you to ask as many questions as you want and for the timeshare cancellation company to get all the information it needs to give you a custom quote (more on the importance of that below). This free consultation should not be a high-pressure sales scenario and there should be no obligation to purchase after a free consultation.
- Custom Quotes
While it’s very understandable to want an immediate quote – or at least a ballpark estimate range – the best timeshare exit companies typically don’t offer cookie-cutter solutions and quotes. We’ve said it before and we’ll say it again. The timeshare cancellation industry is very complex and intricate. Factors such as who your timeshare contract is with, if your mortgage is paid off, if you are behind on payments, how many timeshares you are canceling, and so much more can greatly affect the length of time it can take to get you out of your contract – and the price. This is why a free consultation with a prospective timeshare exit company is very important. It can be a red flag if a company gives you an immediate quote, especially if it doesn’t know the details or intricacies of your particular situation. It is usually best to do your due diligence, do your research, and get a custom quote from a timeshare cancellation company before working with them. This extra step can make a world of a difference.
- All-Inclusive Service
Another way to tell if you’re working with one of the best timeshare exit companies is to get a sense of what is included in its service fees. Is the company serving as an advisor while you are the one contacting, calling, and writing your timeshare company? Or is the company offering turnkey services and doing all the work for you? Working with a timeshare escape company that does all of the work for you can save you hours and hours of time. Don’t just hire an expert. Hire an expert who will also take the work and stress off of your plate.
- Customer Service
Another feature to look out for when researching a timeshare exit company is how it structures its customer service and client communication. The best timeshare exit companies will assign you a dedicated client manager who will personally navigate you throughout the entire timeshare cancellation process. You will have a single point of contact who will be guiding you every step of the way. This means you won’t have to repeat your story to a different person every time you speak to your timeshare cancellation company, and that you can develop a consistent and personal one-to-one personal relationship with your advisor. Your advisor should also be checking in with you regularly, providing you with updates at least once a month. A timeshare cancellation negotiation can take up to two years in some cases, so it’s important that your advisor checks in with regular updates, even if it’s just to say that they are waiting for a response from your timeshare company.
Another way that you can tell if you’re working with one of the best timeshare exit companies is to see if it has a physical location. Generally, a timeshare company with a large national footprint is a good indicator that you are dealing with a large, professional, and reputable timeshare exit company. Even if you choose to meet with a representative virtually over the phone or don’t live close to one of its locations, a timeshare escape company with at least a handful of offices around the country – as well as a headquarters/flagship office – is a good sign of legitimacy.
When determining the best way to get out of your timeshare, look for a timeshare cancellation team that gets you out of your timeshare legally and permanently. The way that a timeshare cancellation company does this is by negotiating directly with your timeshare company. While this is a legal cancellation, sometimes this process can involve a timeshare cancellation lawyer, and sometimes it does not, depending on the details of your specific situation. However, a timeshare cancellation company is not a timeshare resale company. Both the Federal Trade Commission and Consumer Reports have issued a warning against timeshare resale scams. If a timeshare cancellation company is claiming it can sell your timeshare, this could be a red flag.
- Credit Protection
Another way to judge if you are speaking with one of the best timeshare exit companies is how it addresses your monthly payments and credit protection. It is important to know that it is illegal for a timeshare cancellation company to advise someone to stop paying their timeshare payments. In addition, if you stop paying your timeshare payments, your timeshare company can report this late payment and your credit can be impacted. While certain general credit protections do exist, these do not apply to the timeshare industry, and there is no way for a timeshare cancellation service to protect your credit if you decide to stop paying your mortgage while pursuing a timeshare cancellation. This is very important to know and understand, since your credit score can have a huge impact on your professional and personal life. If you are advised by a timeshare cancellation company to stop making payments on your timeshare because it will protect your credit, this can be a red flag.
We know researching how to get out of your timeshare can feel pretty overwhelming sometimes, so we hope this list helps you narrow down the top qualities to look for when you want to work with the most reputable and best timeshare exit companies.
Have any follow-up questions? Speak to one of our timeshare cancellation experts by scheduling a free consultation with Timeshare Freedom Group. In business for more than a decade, Timeshare Freedom Group has more than 15K satisfied customers and offers a 100% money back guarantee. Schedule an in-person free consultation at one of our 15 offices nationwide or meet virtually from anywhere. Call 1-866-668-6872 or reach out to us here.