If you are wondering how do I get out of my timeshare, you may be in the same situation as Peggy Bendel. You signed a contract to purchase a timeshare but now regret your decision. Even if you paid the full price, you may want to find another option. Luckily, there are several ways to get out of your timeshare contract. Listed below are a few of them. They can help you avoid costly mistakes and get the money you are owed.
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One way to avoid these pitfalls is to stop paying the fees. However, this may hurt your credit rating. In addition, your timeshare company may report your nonpayment to the credit bureaus. Consequently, your credit score will be negatively affected. In some cases, resorts and developers may be willing to purchase back your timeshare if you are unable to make payments. This is an effective way to avoid damaging your credit rating, although it can be time-consuming and stressful.
Another method is to sell the timeshare. However, it is crucial to be realistic with the price you ask for it. If you are no longer covered by the rescission period, you may want to consider selling your timeshare instead of renting it. Be realistic in setting a price for the unit as there are many more people looking to buy a timeshare than there are buyers. To make a profit, you need to sell the timeshare for a price lower than you paid to the developer.