Are Timeshare Cancellation Companies Legit?

Although cancellation companies are a popular timeshare exit option for many people, it is essential to research and find the legitimate ones thoroughly. So if you are thinking how to get out of my vidanta timeshare option, it’s necessary to know what options you have and what risks may be involved.

Cancellation companies are businesses that advertise services that cancel timeshare contracts. Since they advertise heavily, the average person assumes they are legitimate. However, there is a lot of disparity between what they advertise and what they can deliver on. They draw in timeshare owners and make promises of a refund if their services cannot be delivered. However, these cancellations are complex procedures that take time, and the company cannot guarantee refunds. While you may be paying upfront for the future vacation, timeshare companies prey on your assumptions so they can continue making money without having to fulfill their end of the deal.

Companies selling timeshare services typically contract with their customers for years. Cancellation is not guaranteed, but the contract may allow you to rescind within the specified period before you have bought into the program. To protect yourself, make sure to read through your addendum carefully to see when you will be refunded your money; ask if you can get a refund before the contract begins, and make sure to check your billing statements to ensure they are not automatically deducting payments from your account.

Out of all scams that have plagued the timeshare and vacation ownership industry, timeshare cancellation is the newest scam, targeting a wide range of vacationers searching for a way out of their contracts. Here are some warning signs to keep an eye out for timeshare cancellation scams.

  • Stop Your Timeshare Maintenance Payment

It is a common misconception that your timeshare contract allows you to cancel any time you want. If you have maintenance fees that don’t appear on your statement from the timeshare developer, you should be wary. Anyone advising you to stop making payments on your timeshare is likely attempting a scheme to defraud you. Maintenance fees cannot be voided by either party unilaterally and are legally binding. If you stop making your payments, your property ownership will be foreclosed upon, thus putting an adverse effect on your credit score.

  • Exorbitant Upfront Fees

It’s fair to say that timeshare exit companies have a bad reputation in the industry. You get taken by an aggressive front-end salesperson offering you a timeshare cancellation or exit package and promising a fast solution to get rid of your timeshare nightmares. Think twice before paying thousands of dollars upfront if you want to get out of your timeshare. Before signing up with an exit or cancellation company, consider whether there are free timeshare relief options available from your resort or developer. Thoroughly look into the resort’s options for getting out of the ownership contract before hiring a cancellation company. If a timeshare relief option is available, you do not need to pay any upfront fees to get out of your timeshare.

Here is what you can expect from an honest timeshare exit company: 

  • Have an option for free timeshare assistance.
  • Offers a safe and transparent process.
  • Provides complete disclosure on the entire process
  • Solidity and experience in the field
  • Reasonably priced, normally payable upon completion of your timeshare exit
  • Professionalism that lets you feel confident and secure while they work on your case.
  • Too Many Cold Calls

Several companies have been known to take advantage of unsuspecting individuals. If you own a timeshare, you may begin to notice that you’re getting numerous phone calls from individuals claiming to represent resale companies. On the surface, these calls may seem legitimate. However, many timeshare organizations are involved in a more sinister enterprise. They operate as a front for a timeshare scam. Legitimate resale companies and timeshare representatives will never contact you randomly without first gaining your consent. You can tell a company is legitimate if they have a license number, website address, or physical address that you can verify on your own. If you have received a call from someone seeking personal information but are unsure why they are asking for it, avoid sharing anything before verifying them.

The Bottom Line

While it is true that timeshare cancellation companies are an excellent way to exit a timeshare, they can be very similar to timeshare resales in terms of quality. To get the best deal, research the company and make sure you use one listed with either the Better Business Bureau (BBB) or the Licensed Timeshare Resale Brokers Association (LTRBA). A 1-800 phone number and an email address is good sign that the company is legitimate. Read negative and positive reviews on the websites where they are featured and make sure they provide you with sufficient information regarding their process and fees. If you have any doubts about whether or not the company can cancel your timeshare, then seek professional help.

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