The last couple of years has effectively played spoilsport to everyone’s holiday plans. Travel options have been severely curbed, with restrictions on movement within and outside most countries.
While families, friends, and groups that used to vacation together have more or less reconciled themselves to staying home for the holidays, it’s timeshare owners who are one of the most worried lots.
For many timeshare purchasers, this has been a time of anxiety, financial stress, and health crises. Some have lost jobs, and the unemployment rates in the US have touched alarming lows since the pandemic first broke. Frequent shutdowns, huge losses in hospitality, air transportation, accommodation, and retail, white-collar workers choosing to work in the safety of their homes have all resulted in dramatic lifestyle changes.
Life is now viewed in two distinct phases: Pre and Post Covid 19!
No Beach Vacation This Time
Purchasing timeshares in companies with properties in exotic locales with deluxe facilities that you couldn’t have afforded on your own seemed like a great idea at one time.
But this long-term investment and commitment to annual holidays don’t seem so attractive now.
People are tightening belts and re-evaluating their personal budgets and priorities. Some timeshare companies have responded by allowing clients to bank their points, double them for the lost years, or allow the share to be allotted to a family member or friend.
However, many clients are seriously contemplating exit routes to avoid being stuck with a service that they can’t use at present. The future looks bleak for seniors and those with health conditions that make it risky to travel.
How To Get Rid Of Your Timeshare?
If you and your family have decided that it’s futile to hang onto your timeshare, it’s wise to start looking for the right options. You may wonder, “how to cancel welk resort timeshare?” and ensure that this is done legally, avoiding any financial losses in the process.
Your financial commitment involves a mortgage, yearly maintenance fees, and any default can hit your credit ratings, or collection agents may harass you.
It’s Risky To Sunbathe
- There are reliable websites that can help you get through smoothly with the help of their legal experts. Visit Linx Legal. Do your own homework, talk to people who have been through the drill before, and get inputs from consumer and legal experts before you approach your timeshare company.
- Some owners simply stop paying their fees. This could be a double-edged sword as the company can report you to credit-ratings agencies. However, if you dig in your heels and show that you don’t care about this, they may relent and allow you to exit. This is a huge risk and not recommended.
- As a rule, it’s wise to approach the timeshare company directly and check if they have options such as buyback or exchange. Many of them may let you off the hook for a price.
- Hire an attorney as a last resort to deal with timeshare companies.
- Avoid resellers who promise to work miracles in return for a hefty upfront fee. Several timeshare re-selling companies have entered the market without adequate knowledge or experience of the business. They could take you for a ride if you’re not careful.
- The Federal Trade Commission has issued warnings about unscrupulous entities that often target seniors trying to offload their timeshares.
- The American Resort Development Association (ARDA) has a website that connects owners with legitimate developers and licensed real-estate brokers who specialize in timeshares.