Do your homework before you pay someone to get you out of a timeshare deal

Buying a timeshare is promoted as a great way to have guaranteed access to a vacation resort for a given amount of time every year. But as thousands of people discover every year, buying a timeshare is a lot easier than getting out of a timeshare contract.

Before you pay someone to get you out of a timeshare deal, do an internet search with these key words: Better Business Bureau Timeshare Cancellation Complaints. You'll find all kinds of alerts based on consumer complaints about questionable marketing and sales practices, and a lack of results.

Timeshare exit companies often make sweeping promises, including a guarantee that they can get you out of a timeshare contract. But that guaranteed exit often comes with a hefty upfront price. Consumer Reports, the Federal Trade Commission and the BBB say, beware.

“We’ve seen numerous timeshare exit companies guarantee getting consumers out of their timeshare contracts, but never end up delivering,” said Consumer Reports Money Editor Margot Gilman. “More timeshare companies now have 'Deed Back' programs to make it easier for owners to leave their timeshare. You can also hire a realtor who specializes in timeshares. But remember, timeshares are often a depreciating asset, so you should be prepared to take a loss.”

The American Resort Development Association says the timeshare industry has worked tirelessly to warn consumers about fraud in the exit industry. ARDA also says the industry is committed to better communicating with owners who want to understand safe timeshare exit options.

ARDA has launched a public awareness campaign through the Coalition for Responsible Exit, with what it says are legitimate exit strategies to use if you no longer want the timeshare you invested in years ago.