I no longer want my timeshare
We understand that sometimes you just need to relinquish (hand back) or sell your timeshare; it may be you no longer use it, or may not be able to afford it anymore. Regardless of the reason, it is best if you contact your member services first who should be able to talk you through your options.
Stay away from scammers
There are many companies whose sole job is to run scams on timeshare owners in order to make money out of them. The two most common ones are:
- Timeshare Release Now (relinquishing your timeshare)
- Timeshare Resale Now (protects credit + recovers some if not ALL money back from Developer)
How the timeshare release scam works:
You may receive an email, a cold call or a letter offering to help you get out of your timeshare contract. They may even promise that they will take your developer or resort to court on your behalf and you will be entitled to financial compensation. Or you may find companies on the Internet when you are searching for information on how to relinquish or sell your timeshare. These companies are looking to play to your vulnerability, advising you NOT to speak to your resort or owners association, warning you that they will not want to help.
They typically offer to assist you to relinquish your timeshare for a fee. This fee is CASE – BY- CASE (if combined with an offer to join their own holiday scheme), with no guarantee that you will be able to relinquish your timeshare, and likely no real service either.
How the timeshare resale scam works
There are many companies trying to take advantage of timeshare owners who want to sell their timeshare interest. Companies of this nature frequently claim to have a buyer for your timeshare, often ready to pay a ridiculously high price.
Be suspicious of any company that:
- contacts you without an invitation, for example by cold calling
- asks you for an up-front payment, for example an administration or lawyers/notary fee
- says they have a buyer waiting to buy your timeshare
- suggest they can obtain an unexpected or unrealistic high price
- asks you to send them your Ownership Certificate
- puts a lot of pressure on you to make a decision quickly
- asks for any personal information, for example your bank details or address
- invites you to a resale presentation possibly with discounted travel or accommodation
- Never respond to cold calls from resale agents or companies promising to help you dispose of your timeshare – your details have probably been obtained illegally
- If you’re looking to sell your timeshare, contact a resale member of TRN and never use a company that hasn’t signed up to its code of conduct
- There is absolutely no need to do this and you may well find that rather than selling your timeshare, you are persuaded to sign up to a holiday club, sometimes referred to as a long term holiday product
- Be careful of accepting invitations to join class actions as the actual claim may not exist or be quite as risk free as promised. You may also find that if you attend a meeting to discuss such an action, you are in fact being sold a holiday club
- Do not agree to post your ownership documents to a company you don’t know is reputable. You may never see the paperwork again but at the same time if the sale is not finalised, you may still be liable for your annual management fees
We would strongly advise customers to avoid using these companies, some of which are not regulated and appear to have been set up to make money out of timeshare owners.
Timeshare owners looking to sell or relinquish their timeshare should in the first instance contact their resort for advice and guidance. If the resort is a member of TRN, it will have an exit programme in place to assist people wishing to relinquish their ownership and, depending on your personal situation, you may be able to hand back your timeshare free of charge, subject to the management fees being fully up to date.
The website contains details of companies about which it has obtained information and whether they pass the “transparency” check. This process involves checking to see if the business provides clear and transparent information about ownership, location, contact details and the legal entity behind the business. Also included are details where an official government authority has taken action against a business or persons acting in an executive role in a business. The site also includes a list of criminals, details of their criminal activity and the companies with which they have been associated.
Consumers can also contact the Timeshare Helpline, Toll-Free (844)-215-2744 Option 1
- Toll-Free (844)-215-2744
- Telephoning from outside the US: 01 207-457-0209
- Email: Support@TimeshareReleaseNow.com