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Common Misconceptions About Escrow

There are a lot of misconceptions about escrow and whether or not it's a good thing to use when dealing with a timeshare exit company. Quite a few websites (that plagiarize each other) seem to advocate it. Using an escrow is actually the most dangerous thing you can do.

 

Think about it. An escrow is used typically to prove financial capability to complete a transaction. They're typically used for real estate transactions. A timeshare is not real estate. It is nothing more than a prepaid hotel bill that comes whether you can get into the property or not.

 

You want to work with a timeshare exit company that charges a fixed, upfront fee by credit card. No other way is acceptable.

 

Reputable timeshare cancellation companies will always charge an upfront fee. They have the experience to know exactly how much work your particular case is going to entail. Asking for an upfront fee to be paid by credit card is the business' way of communicating confidence in their ability to deliver the service.

 

Your credit card is your best form of protection. Federal and international law protects you when you use a credit card to pay for goods or services. Most credit card processors have already terminated the exit companies that recommend using an escrow. They cannot deliver the service they promise due to excessive disputes and they need to be paid in cash.

 

Here's something else to consider. Fraudulent resale companies have been know to set up fake escrow companies. When nothing materializes and you ask for your money back, the fake escrow company ends up keeping your money with some baloney excuse blaming you for why the transaction couldn't be completed.

 

Knowing this now, I do not think you could afford to work with a timeshare exit company that suggests using an escrow. Chances are, it's most likely an elaborate scam to part you with as much money as possible.

Summary:

  • A reputable timeshare exit company will always charge an upfront fee.
  • Credit cards offer maximum protection for consumers.
  • Never work with a company that suggests using an escrow.

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