At Aconsumercredit™, we know that there are many reasons why our clients need to find a resolution to the burden of timeshare ownership. Since 2004, our team has helped hundreds of families explore their options and earn back their financial freedom from monthly membership and maintenance costs. And we know that canceling a timeshare, isn’t easy.
Here are some of the reasons why Americans choose our timeshare cancellation team to represent their interests and advocate against vacation membership organizations and resorts.
1. You Can No Longer Afford Your Timeshare
Life and personal finances can change at the drop of a hat. From unemployment, due to downsizing, to increased personal debt, there can be many factors that impact your ability to afford the timeshare you purchased, many years ago, if your timeshare was affordable and suited to your budget when you bought it, the cost of owning may no longer work monthly, creating financial hardship.
One of the biggest obstacles to affordability that we find, is that membership and maintenance fees frequently increase. From tropical storms to flooding, and regular wear and tear on the building can cause maintenance fees to double, or climb to triple the quarterly or monthly cost, without warning. Increases to maintenance fees are generally not capped, and are at the sole discretion of the timeshare company. Increases can also be influenced by mergers between your resort and another management team, or by pressure for profitability from shareholders.
2. You Are Unable to Use Your Timeshare
One of the most unfortunate circumstances we encounter, are families who love owning a timeshare, but are physically unable to travel. Personal illness and disabilities can greatly change mobility needs, making a timeshare more difficult to use.
3. You Want to Retire Without the Financial Obligation
Many Americans are taking a closer look at retirement, and how their budgets will be impacted by reduced income and pensions. A timeshare presents three financial challenges for retirees: 1) maintenance and membership fees can increase without warning, creating hardship, 2) changes to health and wellness can make a timeshare difficult to use, or 3) the cost of traveling to use the timeshare may create a financial burden. For many American retirees, timeshares simply do not make good financial sense.
4. You Have Defaulted on Your Membership or Maintenance Fees
By the time many of our clients contact us, they have already gone through several rounds of dispute with their vacation membership or timeshare organization. It is normal for a consumer to want to address the issue of timeshare transfer or cancellation directly with their resort, in the hopes of resolving it. However, while a consumer may or may not have legal representation, the resort does; and they are not afraid to use it against disgruntled and dissatisfied members.
If you, or someone you know is locked in a direct conflict with a timeshare company, seek help from timeshare cancellation experts as soon as possible. It can literally save you thousands of dollars in penalties and late fees, and prevent or reduce the damage done to your personal credit.
5. You Are Getting a Divorce
If you are starting or in the middle of divorce proceedings, a timeshare that neither spouse wants can complicate things even further. The truth is that both spouses (if they endorsed the contract) are responsible for the financial obligation of a timeshare. After a divorce, one or both partners may not be in a financial position to afford the membership payments.
How can we help couples resolve their timeshare? Our attorney lead timeshare cancellation team can provide you with options and advice.
6. You Were Unsuccessful at Attempts to Sell Your Timeshare
In 2016, the Federal Trade Commission (FTC) cracked down hard on timeshare resale services. Consumers who needed to cancel their timeshare or transfer ownership due to urgent changes in health, or financial challenges, were asked to pay an upfront fee to businesses who promised to sell the timeshare. Once a timeshare has been sold, the original owner is no longer obligated to pay ongoing membership or maintenance fees.
What the FTC found (and indicted on several occasions in 2016) were businesses who were only too eager to accept payment, without providing a successful sale of the timeshare, for trusting consumers. If you have been disappointed by the failure of one or more resellers to find a buyer for your timeshare, it may be the right time to talk to our team, to learn more about cancellation and transfer options.
7. You Are Getting Ready to Buy a House
Were you single when you bought your first timeshare? Needs change and lifestyles evolve, and young adults who purchased timeshares as an affordable vacation option, can find that the cost of ownership can greatly impede their ability to purchase a home. While you do not technically own the timeshare as an asset (it is a lease), the amount that you pay monthly as an owner can reduce the capital you must qualify for a mortgage with lenders.
No matter what your personal reasons are for ending your timeshare obligation, Aconsumercredit™ offers expertise and a friendly team that is ready to help. Since 2004, we’ve been a powerful advocate for consumers against timeshare resorts and developers, helping Americans find a solution that works. Call us at 1-800-587-EXIT for your free consultation.