From the moment you are approached by timeshare claims companies, you should be cautious. Sadly there are several companies that will offer to help you cancel your timeshare contract but these companies are not here to help you at all. They are only interested in taking your money and for this reason, it is important that you learn how to identify a genuine timeshare claims company.
Here are some of the things that you should look out for:
1) Unwarranted Calls and Emails
If a timeshare company received your contact details from the resort, they should only get in touch with you if you give them express permission to do so. Any other timeshare claims companies contacting you unannounced is most probably a scam. When it comes to email, the email should only contain general details about the company and nothing more. Any requests for your financial information or initial payment should be regarded as suspicious.
2) One Company Offering Deals to All Timeshare Owners
It is unlikely that one company will provide you with deals on canceling your timeshare contract that can be offered to all timeshare owners. There are a number of legitimate companies out there but the offers will always be tailored to your specific contract.
3) Guarantees and Discounts
Timeshare claims companies should not guarantee that they can cancel timeshare contracts or offer you any kind of discount off your initial payment. Even if a company provides the full amount as a refund, it is still a scam as they will be able to keep the money.
4) Timeshare Cancellation Letter
If you receive a timeshare cancellation letter with your initial contact, it is likely that this company does not have the authority to cancel any contracts and therefore should be regarded as suspicious. A legitimate company will always come out and meet with you before they begin the process of canceling your timeshare contract.
5) Timeshare Termination Fees
If you are asked to make an initial payment or sign any contract, immediately walk away as this is not a legitimate company. Any fees relating to canceling your timeshare including termination fees should be paid by the resort and certainly not by you.
6) Pressure and Urgency
Legitimate timeshare companies will not pressure or rush you into making a decision to sign up with them. They should provide you with all the necessary information and allow you time to make a decision that is right for you. If this company is putting any kind of pressure on you, hang up the phone or delete the email as this is a scam.
7) Timeshare Fraud Investigations
There are some reputable companies out there that have been launched to help owners of timeshares cancel their contracts. These companies may even be on your side and offer you further tips on how to identify a genuine timeshare company. Look for any information about timeshare fraud investigations.
8) Timeshare Cancellation Programs
If you are offered a chance to participate in timeshare cancellation programs, this is another sign that the company does not have any authority to cancel contracts and should be regarded as suspicious. The only way that these programs can work is if all owners of a resort agree to cancel their contract with the company and this is not going to happen.
Timeshare claims companies can be an easy target for scammers and you should always remain vigilant when looking for a company that will help you cancel your timeshare.