Treat Timeshares Like Just Another Debt To Get Out Of As Safely As Possible
A disproportionate number of timeshare properties are located in Florida, even though not everyone who has bought vacation time in them has ever laid eyes on these properties. People who have recently moved to Florida, or have recently come of age in Florida, are especially vulnerable to the deceptive tactics used to sell interest in timeshares. Almost everyone’s first road trip from the Gold Coast to the Disney theme parks passes through Yeehaw Junction, and in the days before the Internet became the default option for buying things, the neon-colored signs advertising free Disney tickets were visible from miles away. It was hard for people who were new to the world of employment and of road trips to resist the lure of free Disney tickets. Sitting through a presentation that is several hours long seems like a small price to pay. The Yeehaw Junction ticket booth has long since closed, but numerous people are still stuck paying for the timeshares they bought in the 1990s. Canceling a timeshare membership is more difficult and more expensive, even, than canceling a gym membership. Owning a timeshare can put you into debt, but trying to get out of one can make your debt problems even worse. If a long-regretted decision to invest in a timeshare has wrecked your finances, contact a Boca Raton debt lawyer.
Beware of the Timeshare Exit Trap
If you still own a timeshare, it is probably because all the possible ways to disentangle yourself from it seem overwhelmingly time-consuming and expensive. You have probably Googled “how to get out of a timeshare” dozens of times over the years, every time you strategize about improving your financial situation. Your search results probably included an array of timeshare exit companies. If you were lucky, you found their websites so overwhelmingly tedious that you did not enroll in any of the programs they tried to recruit you for.
Timeshare exit companies are often even bigger scams than the timeshares themselves. Some of them simply take your money and then disappear. Much like for-profit credit repair schemes, they are illegal scams that take advantage of people’s financial desperation.
Getting out of a timeshare usually means that you will have to face the harsh truth that you will have to pay as much to get out of it as you did to get into it. It might mean taking out a debt consolidation loan or otherwise borrowing money. It is a relief, though, because once you have repaid a debt consolidation loan, it is finished. Likewise, if you use credit cards or a home equity line of credit to get out of your timeshare, you can pay it down over time, instead of it following you around. In the worst cases, you might need a lawyer to help you settle your debts or discharge them in bankruptcy.
Work With a Debt Lawyer About Getting Out of Debt Traps
A South Florida debt lawyer can help you if you need to consolidate your debt or file for bankruptcy to get out of a financial mistake that has been draining your finances for years. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.