If you’re stuck with a timeshare that you don’t want anymore, there are a few options at your disposal for getting rid of it. The three main options are resign, default and exit timeshare, but which is best for you? Below, you’ll find some basic but vital information for each option.
Resign
There are some resorts that will allow you to resign your timeshare contract but are likely to require the payment of a service charge. Other resorts may not offer this, though, especially if your contract is ‘in perpetuity’. However, there are regulations in place that state, if your timeshare was purchased after 1998, ‘in perpetuity’ clauses are illegal and your contract can be voided.
Default
If you think your timeshare fees are unreasonable, you might simply stop paying your annual fees. If so, you will be considered a defaulter. Your case may be passed to a debt collection agency and, for a while, it may be quite unpleasant and threatening. But, no matter what anybody says, even in a formal letter, bailiffs and debt collectors cannot enter your property or take anything away from you. They may tell you they can, but they absolutely cannot. The only course of action the timeshare company would have is to take you to court. At that point, you will have the chance to fight your case. Defaulting is a very risky idea.
Exit
Exiting your timeshare is definitely the safest way to say goodbye. If you legally exit your timeshare, you will have no worries down the line or in your family’s future. When exiting your timeshare, you want to use an established and legal company, a company such as ABC Lawyers Ltd. They have advisors who deal with all of your paper work and then take it under their wing to speak to the resort and legally get them to terminate your timeshare contract. Clients receive an exit certificate which then proves that you no longer have to pay any maintenance and are no longer liable for your timeshare.