Well…many years ago we got into the hype and advantage to purchase a time-share. It is now paid in full and we pay the yearly maintenance fees for a place in Whistler, Canada. We have not used it in years and have no plans to in the future. How in the world do we get out of this situation? Can I just fairly pay the last maintenance bill and note that we are releasing this “property?” I hate to go through some kind of service - I feel like they may take advantage with their fees and are not necessarily good businesses. If I just simply stop paying, what will that action do to my credit score? Will there be any repercussions? Help! TIA!
I don’t know much about time shares other than the fact that it seems everyone I have ever talked to who has bought into one has always regretted it or basically never uses them.
I don’t have any resources I can personally vouch for but while doing my real estate training course they mentioned a website https://www.sellmytimesharenow.com/ when they were talking about the topic of timeshares and the contracts/legalities involved with owning them.
I don’t know if selling it is an option that works based on your situation but that is the website the course mentioned that a lot of people sell theirs on.
Hope you can find a good solution that works best for you!
I have no experience with timeshares, but if you can sell it you should definitely sell it. Better to take a sunk-cost loss on fees and a bad investment than allow the money to sit stale and present further opportunity costs.
Failing to pay would adversely affect your credit score though.
Depending on your situation, you should probably talk to a real estate lawyer to see how you can get out of it. This doesn’t need to be expensive and services like LegalShield will give you great consults for like $30/mo last time I used it.
Footnote for others: fractional ownership of a consumer good like a vacation property is never a good way to use money because at the time of purchase, you can never predict the future and how much you’ll want to use the goods / services / vacation home in the future. Also: for vacations in particular, you generally want to explore new places to going to the same resort for the rest of your life is a huge commitment. There are exceptions to this where if you did a fractional ownership of a private jet that might be useful due to the flexible nature of its use (it literally can fly to you anywhere in the world) and its potential ROI.
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You should look at your contract and see if you can sell the timeshare back to the resort. You won’t get back what you paid but at least you will be free of it.
Time share ruined my credit score when I was trying to buy a house before the pandemic. Nobody was going on holidays during the pandemic and they won’t let me cancel or even stop the payment which became a permanent record in my credit report when I stopped. Thanks to Spirassp. com group who got it off my report and saved me from the hands of time share. They got my score up and I was finally able to buy my house after the pandemic. Never get a time share or at least know what you are trying to get into before you sign up for it.
We have a time share and the problem is they are expensive, the maintenance fees are horrendous. That said plus the cost of the darned thing each month (the contract)is out of line. I believe we were maneuvered with surgical precision to buy more and more points, which drives up the maintenance fees.
From what I have read, it is best to talk to the time share first and try to figure a way out. We did just that and they tried to sell us an insurance gimmick to “help” us get out. That would be several thousand dollars. They want to keep us as customers, those sticky fingers have a hard time letting go.
We did sell some points to a company that they in turn rent out, that was ok, but be aware they stretch out these points over years, idk if that wold be effected by our trying to exit. A mess without an end.
Also, we just learned one of their benefits was car rentals for vacations, that has been taken away. They change the benefits to suit them at will.
The timeshare states they are under no obligation to by it back, no one wants these, charities don’t want them either. I have seen them for sale for as low as $1.
Plans are to get out in 2024, enough. There comes a point when you are on a fixed income and have mobility issues, they don’t care, they just want money.
You can actually get out of time share if you can give Spirassp. com a chance to help you through the process. Nobody should keep paying for something they don’t really use because at the end all they want is your money. Spira solutions got me out of mine and they can do the same for you. Thank me later .
thats what i have heard from a friend who has had her’s for over ten years and now wants to get rid of it, i’m not sure how she will do it
