Due to the current volatile state of the economy, many consumers have been forced into a financial hardship that they thought they would never have to deal with. Several of the Americans who are facing financial hardships are also timeshare owners. With the expenses associated with timeshare ownership going up annually, a large number of people simply can no longer afford to continue with their ownership.
Deciding that it’s a good idea to get rid of their timeshares, a large number of consumers try to sell their timeshares on the used timeshare market. However, because of an overwhelming supply of timeshares on the used timeshare market and the decreasing consumer demand for luxury products like timeshares, many consumers find that it is just about impossible to sell a timeshare these days and even if they do, the money they bring in will not be enough to pay off the mortgages associated with the properties. After making an attempt to sell their timeshares, several consumers feel as though they are being forced to go into foreclosure. However, a foreclosure has many adverse effects to the consumer starting with the unfavorable changes to their consumer credit ratings. These reductions in credit scores lead to more of a financial hardship because they make it harder for Americans to borrow funds in a time of need. Fearing the effects that foreclosure can have, a large number of consumers have been looking for a way out that will not have the negative impact their financial stability.
The good news for many consumers is that there is one way to get rid of a timeshare that most timeshare owners have not tried. This way is called timeshare elimination by using a third party consultation company. Timeshare elimination is the process of transferring a timeshare to the resort due to discrepancies in the sales process and the contract associated with the timeshare. In some cases, consumers even receive a refund from the developer to help them recover from the losses associated with their timeshare. The best part about it is that it provides relief fast without harming their credit scores.
You might be thinking this is a “Great idea but, how do I get started”. Well, this process requires the timeshare resort to have done something wrong when selling a timeshare to you. That’s where third-party companies such as Primo Management Group steps in. They will go through the process of analyzing your contract and experience to find the ways to get you free from your contract! If you feel as though you were victimized in one of the ways below, there is a strong chance that you will qualify:
- Rushed into signing:
Rushing people is a forceful and aggressive sales tactic that timeshare sales representatives have been using for years. The good news for those Americans who have been rushed into signing is that this sales tactic is not tolerated by law! Chances are, if you felt rushed into signing for a timeshare, you will qualify for timeshare cancellation.
- False sense of urgency:
Over the years, a large number of timeshare sales representatives have been using another forceful and aggressive sales tactic called a false sense of urgency. A prime example of this is timeshare representatives telling Americans that this may be the last day for them to get the offer at hand. This is another example of a sales tactic not tolerated by law.
- Long Tours:
During the process of selling a timeshare, the first step is the tour. This is when the sales representatives will take people through the timeshare to show off the beautiful properties. However, studies show that when these tours last longer than 90 minutes, Americans tend to feel more of an urgency to buy the timeshare without rational thought. Therefore, if your timeshare tour was longer than 90 minutes, it was unlawful for the sales representative to sell you your timeshare the same day!
The word investment is one that implies to people that their purchase will grow in value over time. Since most timeshare sales representatives are not licensed financial advisors, they are not at liberty to make this sort of claim! As a matter of fact, it is unlawful for timeshare sales representatives to imply to Americans that a timeshare is a great investment.
Once the timeshare cancellation company finds out which laws were broken during the sales process of a timeshare, they will use that information as ammunition in a legal battle to deed the timeshare back to the developer.
When Can You Request a Timeshare Cancellation?
The following points help you understand when you can request a timeshare cancellation.
- As soon as you realize that you do not want to continue with the contract, you must observe the cancellation clause of your contract. There must be a revocation period that specifies the number of days on which you can legally revoke the timeshare contract. This waiting period varies from one place to another and the number of days specified is usually from 5 to 10 days. If your contract’s rescission period is not yet over you can cancel the contract just by sending a written notification to the timeshare company. You must demand a signed receipt with a clearly mentioned date so as to have a proof that you have sent the cancellation within the rescission period.
- Try to get in touch with the top management about the issue if you don’t get a positive response from the sales department. They might accept your cancellation if they don’t want their company’s reputation to be hurt and the probability of the cancellation is much higher if you are one or two days late from the rescission period.
- You can hire a consumer advocate to help you out with the contract cancellation. He or she will easily find a way out by just looking at your contract while keeping your costs low when compared to finding legal counsel.