Many people are familiar with the fact that numerous timeshare developers in the market engage in fraudulent practices. However, is it possible to find a legitimate timeshare exit option that is not a scam?
While it may be tempting to believe that timeshare exit firms are working to combat the misconduct of the timeshare industry, the truth is that these companies may be just as unscrupulous as the developers themselves. To steer clear of falling victim to a timeshare exit scam, it is important to be aware of certain warning signs.
4 Signs of a Timeshare Exit Scam
Timeshare exit companies are well aware that the individuals seeking their services are in a vulnerable position. The emotional and financial turmoil caused by the timeshare developers has left them desperate to terminate their timeshare contracts through any possible means.
Regrettably, timeshare exit firms exploit this situation and charge exorbitant amounts of money for their services to these distressed timeshare owners. In this regard, it is important to identify the warning signs that indicate an exit offer may be unrealistic and possibly a scam.
1. They Won’t Reveal Their Process
Timeshare exit companies are well aware that the individuals seeking their services are in a vulnerable position. The emotional and financial turmoil caused by the timeshare developers has left them desperate to terminate their timeshare contracts through any possible means.
Regrettably, timeshare exit firms exploit this situation and charge exorbitant amounts of money for their services to these distressed timeshare owners. In this regard, it is important to identify the warning signs that indicate an exit offer may be unrealistic and possibly a scam.
2. They Offer to Get Your Money Back
Wouldn’t it be great if you could recover all the money you have spent on your timeshare purchase? Consider all the fees you have paid over the years, such as the initial upfront payment, yearly maintenance fees, vacation club dues, and other special assessments charged by your resort. Unfortunately, this is an unrealistic goal that no legitimate timeshare exit company should promise to accomplish.
However, several timeshare exit firms assert that they can recover a portion or even 100% of your money if you have been overcharged by your timeshare developer. This claim is concerning because no timeshare company should guarantee any refunds or suggest that it is a possibility. A credible law firm or timeshare exit team should evaluate your case and be familiar with your developer’s policies before confirming whether or not they can proceed with a timeshare cancellation case. They cannot guarantee that you will receive any of your money back Timeshare Attorney in Myrtle Beach.
In reality, most people who terminate their timeshare contract will not receive any refunds. If a timeshare exit company asserts that you have been overcharged, they are perpetuating the scam because they would never have access to such information. Exit companies should never make guarantees or mislead clients into believing they will receive any money back because refunds are exceedingly rare.
Therefore, your objective when canceling your timeshare should not be to obtain reimbursement for the excessive fees you have paid to your timeshare provider. Instead, your aim should be to escape timeshare ownership successfully and regain financial stability.
3. They Promise to Get You Out of Credit Card Debt
Salespeople at timeshare presentations use various tactics to persuade attendees to sign a contract, such as offering freebies and resort tours. They also provide financing options that make it seem like owning a timeshare is affordable. However, when owners can no longer keep up with their loan payments or credit card debt due to maintenance fees, they turn to timeshare exit companies for help. These companies advertise that they can eliminate credit card or loan debt, but this is a false claim. Even if an owner took out a loan with the developer or a HELOC to finance their timeshare, timeshare exit companies cannot resolve their financial issues. This is because the debt is often owed to a third-party lender, not the timeshare company. Therefore, timeshare exit companies cannot prove that the timeshare company is responsible for the debt, making it impossible to eliminate it as part of the timeshare exit process.
4. They Claim to Sell Your Timeshare
If you have tried to sell your timeshare online, you may have noticed that many properties from major timeshare providers are being listed for just $1 or less on resale websites like eBay or Craigslist. It can be frustrating to compete with these ridiculously low prices when you lack the knowledge and marketing skills to effectively sell your timeshare. This is where timeshare resale companies come into play. They lure in people who are struggling to sell their timeshares by claiming to have interested buyers waiting to purchase them. However, engaging with these companies can put you at risk of falling victim to a timeshare resale scam.
Resale scammers use high-pressure sales tactics and claim to have buyers already lined up, but refuse to provide you with any details about the buyer. They may promise to sell your timeshare within a specific timeframe, or even claim that it has already been sold. These companies often operate from Mexico and may be associated with criminal cartels. They may ask you to pay taxes on the property or a one-time fee before you can receive your money, which are all signs of a scam.
The reality is that timeshare resales are extremely difficult to achieve, regardless of what these companies tell you. They often use the same high-pressure sales tactics that timeshare developers use to convince you to buy in the first place, promising stress-free sales and even a profit. If you are serious about canceling your timeshare, it is best to avoid these companies altogether and look for a legitimate timeshare exit solution elsewhere.
So, Is There a Timeshare Exit That Isn’t a Scam?
Timeshare exit companies, much like developers, target owners and offer false assurances to help them recover overpaid fees, settle outstanding loans and credit card debts, and even sell their timeshares on the resale market. However, companies that are forthright about these services are more likely to be fraudsters who cannot deliver on their promises of helping you exit your timeshare.
Fortunately, there is a legitimate timeshare exit option available – Centerstone Group. Our excellent reputation is evidenced by over 100 positive reviews, an A+ rating, and a 4.78 out of 5 stars rating on Better Business Bureau. Our experienced team has been working in the timeshare industry for 33 years and has the expertise to successfully resolve your timeshare contract issues.
Contact us today to schedule a free consultation and find out how we can help you exit your timeshare legally and efficiently.
