A lot of timeshare owners have actually reported that they just stop paying their fees, hoping that they can completely get rid of it.
A lot of experts have said that this strategy is stupid, because it will end up affecting their credit score. I am sure companies will report you to a credit bureau because you have failed to pay your fees. This will certainly damage the credit. If you do not care about your credit rating, walking away from a timeshare will be a proper exit strategy.
A lot of people have actually called the timeshare company almost every single week, asking for a surrender and also they have offered to give it up. A representative has always declined them, explaining that the timeshare is their responsibility for the rest of their lives.
This is extremely unprofessional and problematic. They are basically forcing you to pay thousands of dollars every single year, for a space that you don’t even want.
Some people have actually said that they explained very slowly that they had no intention of paying the maintenance fees. Well, failing to pay the maintenance fee meant that the timeshare would eventually foreclose and, it also means that you will have to pay a lawyer. If the person does not voluntarily pay the maintenance fee, it will affect your credit score, and a lawyer will have to be hired. It is a hassle for no reason. The timeshare companies do not make it easy for you to get out of it. Some people had said that they ignored the timeshare company’s threats, threats that were very valid when it came to ruining their credits, and they stopped paying the maintenance fees.
They reported that the timeshare company relented and they also agreed to release the person from the contract.
In some cases, they will actually release you from the contract, and in some cases, they do not. They want to make as much money off of you as they can.
You always need to keep in mind that if you want to get out of it, you should never take no for an answer. You need to make yourself very clear that you are interested in getting out of it. All you will have to do is draft a legal and official letter that you want to cancel the timeshare.
If you are unable to make your payments, you will have to sell the unit, and you can make it obvious that you are unable to make the payments, because of the pandemic. In most cases, the timeshare company will look at your case, and they will release you from the contract.