A timeshare is vacation ownership, where the clients pay annually for staying at the resort when they make a trip. Timeshares are mostly prepaid vacation charges along with annual maintenance costs.
Clients should pay exchange fees if they want to upgrade to high-quality facilities in the same resort. Clients can stay at a timeshare resort for a week without having to face any hustle.
There are three types of timeshares, such as fixed-week timeshare, floating-week timeshare, and point-system timeshare. In a fixed-week timeshare, you will get a specific location and date when you can opt for a trip annually. In a fixed-week timeshare, you don’t have to compete with other travelers for booking.
In the case of a floating-week timeshare, usually, the timeshare owners will designate a particular time for making your trip only at a certain season, and they will let you know any time of the year.
The point-system timeshare functions on gaining points per year. Clients can reclaim earned points and stay at properties accordingly. The number of points is proportionally dependent on the property they can choose to stay in. You can learn about timeshare and read more here.
Termination Of Timeshare
If you want to terminate your plans with a timeshare, you need a timeshare attorney to do it for you. A timeshare attorney will guide you in understanding the proceedings of the contract and support you with cancellation plans. There are also timeshare exit attorneys who will help you exit the contract you have with your vacation resort.
1. Explain The Whole Situation
A timeshare attorney will be able to explain to you the whole situation of the contract, whether you proceed with cancellation or exit. The timeshare attorney will first understand the position of your rescission right according to the state.
According to the U.S. federal law’s Truth in Lending Act, a borrower can cancel or exit a home equity loan before initiating another one with a new lender.
An attorney will help you cancel or exit your timeshare, but first, they will want to know whether you were previously misled. Timeshare attorneys will inquire you about the written information of the contract given to you by the timeshare owners.
2. Timeshare Attorneys Working Within Budget
Your timeshare attorneys will make sure that when you are going through the cancellation and/or exit of your timeshare, you won’t be spending a lot of money. You need to find an attorney who will be willing to work within your designated budget.
3. Support From Timeshare Attorney’s Legal Team
Timeshare laws are different from one state to another. It is better to select a timeshare attorney who has a complete legal team working for them. You need to take additional consultation with the legal team to understand what are the laws in different states.
The staff working for the timeshare attorney will be able to guide you through your timeshare contract. You need to put extra emphasis on understanding the timeshare contract. As the contract can serve as the best tool to exit.
You can expect not to receive your timeshare bills any longer once you exit the contract. A good legal team will work to help you recover some amount of your money from the agreement of your contract. A good legal team and an experienced timeshare attorney will devise the best strategies to support you.
4. Getaway From Debt Collection Practices
In some worst cases, your timeshare resort owners will hire aggressive debt collectors. The debt collectors will charge timeshare clients who have failed to pay the maintenance fee. Timeshare strategically includes these third-party money collectors once you’ve thought about terminating your plan or exiting timeshare.
Talk to your timeshare attorney about the additional financial loss due to aggressive debt collection. They might tactfully recover the additional amount you’ve lost during the suite.
Terminating or exiting the timeshare resort can be exhausting in a long-term battle. So, it is advisable to have a proper plan for termination according to the guidance of your attorney’s legal team.
Canceling your timeshare contract is a major financial decision.
So, apart from taking guidance only from your attorneys, you can also conduct research and compare prices. You can work in collaboration with your legal team and attorney to recover and cancel timeshare plans effectively.