Escrow is a third-party holding account that keeps your money safe while the timeshare exit service is being completed. If the timeshare exit service is not completed as promised, you can get your money back directly from the escrow account company. This is important because it holds the timeshare exit company accountable. The company must complete the cancellation of your timeshare successfully before it’s paid. This gives the timeshare exit company incentive to complete the task it was hired to do.
When you pay up-front, you don’t know if the timeshare exit company is going to do what it says it is going to do. The company could take your money and never cancel your timeshare. This is why we recommend only working with timeshare exit companies that offer an escrow payment option.
No Up-Front Fee Escrow vs 100% Money Back Guarantee
A timeshare exit company can go out of business at any time. If the timeshare exit company goes out of business, you will most likely not receive your “100% money back guarantee” that the company promised. A recent example of this can be found with a timeshare exit company by the name of Aconsumercredit. This was a timeshare exit company that offered a “100% money back guarantee”, but when it went out of business in Sept. 2018, timeshare owners did not get their money back. The timeshare owners that hired Aconsumercredit still own their timeshare and lost all money paid to the company for a timeshare cancellation service that never happened. Have a look at some of the recent news articles here.
Many timeshare exit companies offer a “100% money-back guarantee,” but that doesn’t really mean anything at all. Any company can make big promises and then fall through on them later. This is why you should always work with a timeshare exit company that offers an escrow payment option. The escrow company is separate from the timeshare exit company.
An escrow service protects both the timeshare owner and the timeshare exit company. The timeshare owner is protected by knowing their money is only released to the timeshare exit company after their timeshare is cancelled. The timeshare exit company is protected by knowing the timeshare owner will pay for the timeshare cancellation service after the timeshare has been cancelled.
As of 1/2/19, our favorite company to recommend is Trash Your Timeshare. This is one of the only companies that offers an escrow payment option to cancel your timeshare. The company also has an A+ with the BBB and 50+ positive reviews online. Read our full review here.
To learn more about timeshare exit companies that can cancel your timeshare, use live chat in the bottom right corner of the screen or submit a contact form on the right side of the page for a free consultation.