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Have you recently found yourself at a particularly high level of frustration regarding your timeshare? Perhaps you have begun to think seriously about cancelling your timeshare and have started your research into the process. But nagging doubts seem to cloud your judgment and you are feeling unsure. Completing your basic due diligence will certainly help you to accomplish the task at hand, i.e., the cancellation of your timeshare. We suggest that you read our blog entry entitled Is It Possible For Me To Cancel My Timeshare Contract?
Then, ask yourself these questions. Be honest about how you answer them – it’s about how you and your family are being affected by your timeshare ownership and how your future will play out.
* Was I lied to during my timeshare sales presentation?
Timeshare sales presentations are notorious for lasting well beyond their scheduled limits. 90 minutes turns into 4, 5 or more hours as the sales agents work their hard-sell sales strategies upon you in the quest to get you to sign on the dotted line. The promises flow from them, but the luster later fades as the promises turn to deceptions and outright lies.
* Was I tricked into purchasing my timeshare?
Do you feel that you were duped during your timeshare sales presentation? Many people feel embarrassed about their situation and find it difficult to believe that they could fall for such deceptive sales practices. But the thing to remember is that you are not alone. Timeshare sales agents are specifically trained to convince you to purchase using whatever means possible to secure the sale. They are quite good at spinning their web of deception.
* Would I have been allowed to use my rescission period if I had elected to?
Sometimes deceptive practices are employed that are designed to deflect your attention from the mandated rescission period and the fact that it is quickly waning. For example, perhaps you received a cruise as part of your reward for attending your timeshare sales presentation and were convinced to take the cruise directly after purchase of your timeshare. You are out at sea and unable to communicate to rescind your timeshare contract, and are most likely not thinking about it anyways. Your attention has been redirected. Another deceptive practice that we have heard of involves hiding the rescission documentation somewhere in a hard-to-find pouch of the timeshare documentation folder received after the sale.
* Can I easily book time to use my timeshare?
The sale has been inked and the rescission period has elapsed and now you try to book availability at your home resort. However, you find that you do not have enough points to book the property. Or, given the points, you cannot find open availability for your timeshare property. You were told that it would be easy to book time at your home resort, but you have found the opposite to be true and have come to the conclusion that you are unable to use the property.
* Has it turned out to be the investment that I was promised?
Most likely, you were told during the timeshare sales presentation that your timeshare purchase was a sound investment that would be wonderful for you and could be passed down to your children. However, a little research shows that you are unlikely to ever realize a return on your investment. Timeshares do not have intrinsic value and those that are resold are done so without recouping the investment.
* Will my family benefit from remaining a timeshare owner?
A good exercise to perform after having answered the above questions is to sit down with a piece of blank paper. Draw a vertical line through the middle of the sheet and list PROS on one side and CONS on the other. Then fill each column to the best of your ability. This will give you a good idea at where you actually stand on remaining a timeshare owner.
* Will my children be saddled with my mistake?
Most timeshare contracts have within them a “perpetuity” clause which means that you are responsible for your timeshare into the foreseeable future. This includes all fees, including your yearly maintenance fees. Upon your death, your timeshare becomes a part of your estate and if there are proceeds from your estate, they will be used to pay any outstanding fees. Your children will inherit your timeshare as well as the responsibility that comes with it. Your children may be able to state within a letter that they decline the inheritance, but this must be done in a timely fashion.
* Can I rent my timeshare?
Timeshare owners try to rent their timeshares out when they are not in use to help defray the cost of the timeshare ownership. The problem comes when you realize that you unable to recoup enough revenue to accomplish that goal. Add to that the trouble and expense of trying to rent it out and the answer becomes clear that it is not worth trying to rent your timeshare out.
* Can I sell my timeshare?
One of the first actions that a troubled timeshare owner will consider is to sell their timeshare. Most were told during their timeshare sales presentation that they could easily sell their timeshare if the need ever arises. However, this is quite far from the truth. The timeshare reseller industry is quite robust and replete with those who would scam you out of your money and leave you still owning your timeshare. A quick search on ebay will show many auctions for timeshares set at $1.00 because the owners are desperate to sell regardless of the value because they cannot handle the financial burden.
* What can I do?
After your due diligence is complete and you have investigated every nuance of how to divest your timeshare, you are left with an inescapable conclusion. It is time to consider retaining the services of a competent timeshare attorney to help you cancel your timeshare. The timeshare attorneys of the Aaronson Law Firm stand ready and able to provide you with the answers you need regarding your timeshare case. They can bring the proper level of legal pressure to bear to cancel your timeshare and will go to litigation as necessary to help secure a positive outcome. Contact them today for your free consultation to learn how to cancel your timeshare – it’s not too late!