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With may timeshare contracts people have been sold more weeks than you could actually use each year. The sales pitch probably was to buy the extra weeks in orde to rent them out and pay for the contract with this extra income. In most cases, it has been found that the real rental fees are significantly lower than what the salesperson said you could get. Since you have more weeks than you can use or rent, some people have been successful in negotiating with their timeshare company to reduce their contract price. Most timeshare companies will negotiate a reduced contract, but the terms will be move favorable to them. While your contract commitment will be less, what you get for your money will be even less. In this negotiation you will be at the mercy of the timeshare company. Some people have found that these negotiation can be more successfully accomplished by using a third party such as a US attorney or sometimes a PROFECO representative. If you use a US attorney, they may or may not know what they are doing, and if you try this through PROFECO, you will usually just get whatever terms the timeshare company is willing to offer. The good side to this approach is that you can possibly turn a $60k contract into a $20k contract and cut some of your loss. Of course you will be getting a lot less for your money, but reducing your financial burden may be worth it. In some cases, people have even been able to give up their entire down payment in exchange for being completely released from their contracts. Before you make these decisions you should contact you tax advisor. As long as you are getting something for your money, there is probably no tax issue, but if you end up loosing your entire down payment and get nothing, there may be someway to write this off on your taxes. At this point, it is time for you to get some professional advice to figure out the best way out of your contract. You such also check out our Go To War webpage to see is that approach is a better fit for you.
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