How to get rid of a Timeshare

Howdy y'all, 

How does one get rid of their timeshare? My parents are I were gullible and knew it was too good to be true. We're still out about $8000+ since we joined in September 2016. It was definitely a horrible mistake. How do we fix our wrongs? Does anyone have any advice without breaking the bank? 

I know timeshare exit team is like $5000 to get everything taken care of, but I don't have that kinda money laying around. Any advice is welcome. 

Thanks y'all, 

Nathan

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  • Not going to be easy, expect lots of phone calls. Meeting in person would be more effective, but not sure that's an option these days. Also, some places mandate that you sell through them. Check the fine print.

    You might also look at the break even period for the $5k amount. I'm not sure how much your current obligation is, but some would consider getting out from under this an emergency. Rebuild the EF with your normal timeshare contributions.

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  • Considering my EF is absolutely empty. (Had some huge hits recently) It may take awhile. 

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    • Nathan Dowlen Yeah, sorry I don't have more concrete/beneficial input. Wishing you the best of luck, though.

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  • I'll be honest, it's virtually impossible to get out of. They are worthless on the secondhand market (I know, I have one). I am lucky, mine is paid in full, and I make sure i use it. It's with RCI as well, so I am able to swap it with other resorts. Make the most of it if you can. Once it's paid off, all you will have is annual maintenance. 

    There are websites and companies to help you sell it, but they all want a fee up front. And this is non-refundable and there is no guarantee of a sale. It sucks. Have you gone back to the resort to see what  they can offer?

     

    Good luck.

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