How much does it cost to cancel my timeshare?

When timeshare owners sign their agreement, what they usually don’t know is the price of their timeshare will increase over time with additional charges like maintenance fees. Therefore, if an owner goes as far to contact an exit company to get his or her timeshare cancelled, just how much money will it cost? Much like the cost of a timeshare, this answer looks different for everyone. 

Not all timeshares are created equal. The cost of your timeshare could play a significant role in the price of your cancellation. Some owners have two units at an extravagant resort, while others might have just one smaller unit at a more affordable property. Another factor that comes into play with the cost of cancellation is how long the person has owned their timeshare. People tend to choose cancellation after they’ve realized they’re losing money on a unit they can’t use as often as they had originally planned. While some owners come to this realization fairly quickly, others might not realize they’re losing money until two or three years down the road. 

Before you contact a timeshare exit company, here are a few questions you should ask yourself in regards to just how much money you might have to spend to get out of your timeshare agreement: 

How many months have gone by since I signed my timeshare agreement?

Is my timeshare fully paid off, or do I still have a monthly payment towards my loan?

What resort management company is my timeshare affiliated with?

How much do I owe in maintenance fees every year? 

How high have my maintenance fees increased?

Have any promises been broken in the written agreement?

On the bright side, when reaching out to a cancellation company like Wesley Financial Group, LLC, you receive a free consultation. This means you don’t have to spend a dime in the first step. This is very important to a company that cares about your well being. You’ve already had to owe thousands of dollars to a timeshare, why make you spend that kind of money right away just to figure out if cancellation is actually the right answer for you? 

Another positive of working with a recognized company like Wesley Financial Group, LLC is their 100% money back guarantee. This means that if you qualify for termination and choose to move forward, but your timeshare is unable to be cancelled, then you will receive all of your money back in your pocket. 

How does the cancellation process work?

Now that you’re more familiar with what goes into figuring out the pricing for cancellation, you’re probably wondering what actually happens during the process. If you’re working with an experienced cancellation company like Wesley Financial Group, LLC, you’re more than likely to go through a four-step process where you’ll receive around the clock assistance with a point of contact on your case. Here’s an in-depth breakdown of the multi-step process towards timeshare termination.

The Initial Discussion 

The best way for someone to understand your situation is for you to go over it with them. This is exactly what happens in this step. After you go over all of the details and mishaps of your timeshare experience, it gives the exit team a better idea of what sort of situation they’re dealing with and how they can assist you. 

Case Approval

In this step, you will most likely be assigned a qualification specialist. This person will check and approve that you are qualified to have your timeshare agreement terminated. Should you not qualify, they will explain that your situation does not meet their requirements. 

Case Resolution

This is where your process starts to really make ground. In this step you will be assigned a point of contact who will keep you up to date on information regarding your cancellation, as well as any forms, documents or letters you need to be made aware of. 

Successful Completion

You’ve made it! This is the final step where you receive confirmation that your timeshare agreement has been terminated. In some cases, you can receive a refund. Though, this is not something you should count on because everyone’s timeshare circumstances are different. 

Rather than pay someone to cancel my timeshare, what happens if I just stop paying for it?

It’s human nature sometimes to look for the easiest way out possible. And while halting all payments toward your timeshare may seem like a less challenging alternative, it will only hurt you more in the long run.

After you miss your first payment, a collection effort could be executed by the management company. When this happens, they will usually try to reach out via mail, phone or email. If you continue to ignore them, they may take it a step further and report you to a credit bureau. This is where long term effects start to kick in. Your ability to finance major purchases could be hindered due to a low credit score. 

This is not to mention the high interest rates you could accumulate by missing payments on your timeshare mortgage loan. If you eventually miss enough payments, foreclosure could be the end result.

Summary 

The cost of cancelling a timeshare is hard to predict because of the many variables in play. It is however, important to remember that no matter the charge of cancellation, it is much cheaper to hire an exit team than to keep paying on a useless timeshare every month. 

If you do choose to find a timeshare exit company, be sure to pick one like Wesley Financial Group, LLC. With a 100% money back guarantee, free consultation and a staff that is passionate about your case, you are in good hands. If you’re interested in learning more about Wesley Financial Group, LLC and how they can help you terminate your timeshare agreement, be sure to visit their website for more information.