It’s easy to see why Wyndham timeshare proposals are attractive. There is nothing better than a free luxurious dinner at your favorite place, or another reward you get for attending a timeshare sales pitch. But, did you know the Wyndham timeshare contracts can slug down your savings through escalating annual charges?
Also, Wyndham ownership is merely based on lies and misrepresentation. What they tell their buyers is they can make money by renting out the property. But, the fact is that Wyndham timeshare is a liability rather than an asset that a user cannot sell or rent out for income.
When you acquire Club Wyndham timeshare, they guarantee you that you can travel anywhere, and you won’t confront any blackout dates. Also, they’ll offer a personal advisor who’s supposed to help ease pressure at the time of booking.
In reality, they control bookings and many times allot rooms to anyone walking off the street. You, as a timeshare owner, cannot book that facility several months in advance.
According to Linx Legal, “If you try to cancel a Wyndham Timeshare, as over 85% of contract holders do, you’re going to face resistance.”
Why Would You Want to Legally Cancel Your Timeshare Contract?
It can be frustrating when you receive little to no return on your investment. Even if you don’t want to cancel your timeshare contract, many times, you’re left with no other choice except to get rid of it.
Contractual limitations compel many timeshare owners to make the most out of their situations. The deal generally requires you to upgrade packages to make your timeshare worthwhile. This adds to the annual costs and becomes a burden over time.
So what can you do to get rid of a Wyndham timeshare contract without spending hefty on attorneys or timeshare lawyers?
What are Your Options?
First things first, you should carefully review the contract. See if you’re still within the rescission phase or past the cooling-off period.
What to do if you’re still within the rescission phase?
When you purchase a Wyndham timeshare contract, you become a partner of a condo or an apartment that you can use for a stated time period.
If you’re not happy with your buying decision, and still in a rescission period, it would be easier to terminate the contract, even without paying any fine.
For this, all you need to do is to send out a cancellation letter to a timeshare company. Make sure you send it out through a certified mail option so that you can use that as evidence that you acted during the required timeframe.
What to do if you’re past the rescission period?
It is going to be tough if you’re past the rescission period. In that case, carefully review your contract and see if there’s a ‘deed back’ clause present in an agreement. The ‘deed back’ clause will help you sell your timeshare or return it back to the developer.
Luckily, Club Wyndham offers a timeshare exit program to the buyers (but that depends on where the timeshare is located).
Companies that do not offer such a facility will ask you to pay an annual maintenance fee while they find a new buyer to acquire ownership.
The second option you can try is to sell your timeshare on your own. But again, this process won’t be as easy as it may sound.
Here, one thing is pretty obvious that you’ll get a fraction of the price you have paid for the timeshare. But yes, you would be able to get rid of those hefty annual maintenance costs.
To get the best deal, make sure you find out the best timeshare broker. Ideally, you should choose a registered broker with years of expertise in timeshare space.
The last option you have is to get in touch with a timeshare attorney. This, however, should be your last option.
Timeshare attorneys are expensive, and many times what they advise is of no use for the buyers.
Is Declaring Bankruptcy a Feasible Way to Get Rid of the Timeshare Contract?
When you’re not able to find a way to get rid of a timeshare contract, your lawyer may also suggest you opt for bankruptcy (which is a legal way). But, it will damage your credit score for up to 10-years.
Also, filing for bankruptcy is a time and money consuming process. So, it’s not an advisable route for sure.
Options to Avoid
While timeshare companies may suggest you rent out your property, it’s not a good idea at all. The timeshare market is already oversaturated, which means you won’t be able to get the right value against your property.
Also, handing over your timeshare to strangers may cause serious harm to your property. Similarly, don’t try to donate your timeshare as charities are generally not interested in receiving something against which they have to pay yearly charges.
All that Glitters is Not Gold!
There are many resale companies and brokers that will try to exploit your investment. If you’re looking for a professional timeshare cancellation company, it’s important that you do your homework first.
Check out and compare different options and skim through testimonials before you settle for the one.
Many agencies and realtors change their branding once they successfully scam hundreds of thousands of timeshare owners. Choose a company that has been working in the industry for more than 5-years.
Getting rid of a Wyndham timeshare is a difficult thing. The process demands diligence and proper planning. But, once you manage to cancel your contract successfully, your real vacation can start.
We hope this post has cleared some of your doubts about the Wyndham timeshare cancellation process. It’s important to make the right decision at the right time so that you don’t burn any more capital into an already wasted investment.
For more questions or to drop your suggestions or feedback, you can use the comments section below. We promise to get back to you ASAP as we really feel the honor to engage in communication.