It only takes a couple of quick web searches to see just how much demand exists for timeshare exit services. There are simply countless people out there who wish they weren’t timeshare owners, and they are looking for any help they can find to get out and move on.
Judging by the fact that you landed on this page, it’s likely that you are in the same boat. If you have been searching for the right partner to leave your timeshare, and you found Payback as a possible answer, this review could help you decide what to do next. Let’s dive right into it!
What is Payback?
If you spend a lot of time looking at timeshare exit companies – as I do – you start to notice that they largely look the same. That doesn’t mean they offer the same services, but they do all talk pretty similarly and make the same types of promises on their website. Generally speaking, you could swap out the content on one site for the content on another and you’d never really know the difference.
That story doesn’t quite apply to Payback, however. Rather than being specifically a timeshare exit company, this is a service that positions itself as being able to help clients get their money back from financial scams of all types. This is a claim that is made boldly within the header of their website, as seen below.
Of course, even when things are a bit different, there are still elements that look the same. Specifically, Payback – like virtually all of the timeshare exit companies – offers a free consultation so you can discuss your situation with them and decide how to move forward. They also have a stamp on their website that promotes a 100% money back guarantee, which is something I usually don’t put much stock in simply because it is hard to know what that really means or how it is actually guaranteed.
There is quite a bit of content on the website about how they will work to recover your money after a scam, but very little about timeshares specifically. It might be appealing to work with a company that can handle a wide range of situations, but it can also be a bit concerning that they don’t seem to specialize in timeshares specifically. After all, the timeshare market is a unique one, and knowing how to deal with scams in other areas doesn’t necessarily mean those skills will translate to the timeshare world.
Does Payback Have a Record of Success
If you are looking for input from past clients as to whether or not Payback will be able to help you deal with your timeshare, there are reviews on Sitejabber that you can consult as a starting point. The service has accumulated more than 200 reviews on that platform, with a 3.5-star rating at the time of this writing. While that score seems pretty decent, it should be noted that most of the recent reviews are rather negative in tone.
It should also be noted that the Payback website was recently seized for a period of time by the United States Department of Justice. This is an action that is noted directly on the Payback website, but the site has now been restored and it seems that the business has been permitted to continue operations in the U.S.
Leaving a Timeshare is Tricky, But Possible
If you have been told that it’s impossible to get out of a timeshare, feel free to ignore that piece of advice. Likewise, if someone has told you that the best way to get out of a timeshare is to simply stop making your payments on the account, that tip can safely be ignored, as well.
It is possible to eventually get out of your timeshare, even if it might take some time, and stopping your payments is not going to help. As a starting point, you can try to get out of the timeshare by asking the developer if they will simply take it back. No, this is not guaranteed to work, but it is a possibility and something you should pursue early in the process. If you are told that they don’t have any “deed back” programs available at the moment, feel free to call back regularly and check in to see if things change.
Outside of giving the deed back to the developer, you also might be able to get out of your timeshare by selling it to another party. Timeshare sales can be tough, as there isn’t much of a market for them and the supply dramatically outweighs the demand, but there is no harm in listing yours for sale and seeing what happens. Don’t worry about how much you get out of the sale – you probably won’t be able to secure much of an offer, but the money in the deal is secondary to simply getting out of your contract.
Persistence is perhaps the most important part of this entire process. If you just give up after running into a couple of dead ends, you’ll continue to be a timeshare owner for years to come – and will incur all of the costs that go with it. Instead, do your best to be patient, stick with it, and look forward to the day when something finally works out and you can get away from the contract successfully.
Be Extra Careful with Your Money in the Exit Process
You are almost certainly working on getting out of your timeshare because you don’t want to pay for it any longer. And, if that is the case, you certainly don’t want to lose any money as part of the exiting process. With that in mind, make sure you are acting carefully while engaging with exit companies to keep your money secure.
Some of the exit companies that have popped up in recent years don’t have much experience in this industry and don’t really have much intention to deliver on their promises. They just want to secure your money and then let a bunch of time pass while telling you that they are working on the matter. That’s not to say that every exit company is like that, but there sure are more than a few of them that fit such a mold.
So, what can you do about it? Only work with exit companies that are willing to use escrow services as part of their process. When you put your money in escrow, the other party doesn’t have immediate access to it, and will actually need to fulfill their end of the bargain before they get paid. That’s the kind of assurance you need and it will put you in a much better position at the end of the day.
Frequently Asked Questions
This FAQ section may have the answers to other questions that you still need to have resolved before moving on to the next steps of getting rid of your timeshare.
Q: Will renting my timeshare help me work toward an exit?
A: Renting out your timeshare won’t do anything in terms of getting you out of your contract, but it will help you earn some additional money which can offset the costs of being an owner. You might be able to rent your timeshare while you are in the process of trying to exit to lessen the financial burden of this whole situation.
Q: How does exiting a timeshare impact estate planning?
A: When you leave your timeshare and are no longer an owner, you can remove that portion from your will or other estate planning documents. Discuss the matter with your lawyer so you can make sure everything is in proper order after the timeshare exit is finished.
Q: Does selling a timeshare get me out of the contract?
A: Yes – once you have sold the timeshare and all of the paperwork has been completed, you will be out of your contract and can move on with a clear mind. Although it can be hard to find buyers, selling a timeshare is one of the best ways to leave when it works out.
Getting Away from Your Timeshare Starts Now
Maintaining your patience while trying to get rid of a timeshare can be difficult – but it might be the most important part of the process. Getting impatient can lead you to make a hasty, poor decision that may wind up costing you even more money in the end. To make sure you are staying on track, reach out to us today at 833-416-8796 to discuss your situation, your needs, and your goals. There is also a live chat feature available here for you to get in touch online. Getting an outside perspective may be just what you need to put together a plan that will lead you to success in properly getting out of your timeshare and moving on.