How to get rid of that timeshare

Years ago I learned that my mother in-law bought a timeshare years ago in Daytona Beach.  She kept making the payments but never used it.  Did you inherit or no longer want to own the timeshare you bought years ago, here are a few things to try to liquidate it:

First contact the timeshare company and ask if they have a program to surrender or take the deed back on the timeshare.  Most of the larger companies have a program for taking time shares back.  You may not get any of your money back using these programs, but at least you won't have to keep making the payments for a timeshare you are not longer using.  If you are dealing with a smaller developer or resorts, they may not have a program which means you may need to resort to more aggressive options.

Stop making your payments.  Before you do this you should understand the risks.  It's possible that the timeshare company will report you to the credit bureaus for not making a payment.  They may also bring a law suit against you for the non payments.  In some cases once you stop payments, the timeshare company will let you surrender the deed so that they can resell the timeshare.  This can be much less expensive then for them to go through a foreclosure.

Resell your timeshare to someone else.  Again you probably won't get your money back from the original purchase but at least you will no longer be required to make the yearly payment.  

Don't use a company that "Specializes" in helping you get out of timeshares.  Many of these require you to pay up front and don't deliver results.

Someone Accidentally Sends you Money

Make sure you monitor your checking, savings and credit card transactions for suspicious activity.  You may be contacted by someone who claims to have accidentally sent you money.  They contact you and ask you to send the money back to them since it was a mistake.  What you don't know is that the money came from a stolen credit card.  You politely send them their money back.  Before you know it the credit card company finally sees the scam transaction and automatically withdrawals the originally deposited money.  Watch out for this scam, if you accidentally receive money in your account just keep it there and don't spend it.  Leave it to the banks to correct the issue.

<-- Ignore Blackmail Scams

<-- Your to honest - beware of scams!

Electronic Wallets and Digital Payments - Keep it safe

Certainly cash works if you are paying in person, but the new digital wallets may be even better.

Digital Wallets

Apple, Google and Samsung all have an app on their smart phones which enable you to make touches payments in many stores.  The apps allow you to add your credit card information where it is securely stored and encrypted.  When you are at the store you can make a contactless purchase by summoning the app.  The apps confirm your ID through their normal fingerprint, facial recognition or password before they finalize the transaction.  You payment information is kept safe and secret.  Best part is you don't need to carry or get your wallet or credit card out in the store.  

Keep it safe by reviewing your credit card statement for all transactions.  You can also turn on credit card charge notifications.

Peer to Peer Payment Apps

These apps are great for transferring money to friends or family.  Some of the more popular and more trustworthy are PayPal, Venmo and Zelle.  You download the app, connect it to your bank account and then connect with people you know.  I can't emphasize that enough.  These apps do not guarantee or back up scam transactions so continue to use your credit card for purchases with other's whom you don't know.  These are great apps to transfer money or to easily split a bill at a restaurant.

Keep it safe by only using the app with people you know.

Bank Electronic Payments

These are the best and most secure way to make payments.  Using your bank you can make utility bill, mortgage and any other type of payment to a company or individual.  These electronic payments are backed by your bank and can be withdrawn if there was a problem or mistake.  Being on the road and traveling a lot, I setup recurring bank payments for some of my bills so I never need to worry about sending the money.   You can also use your checking account number and bank routing number to setup an automatic payment with utility companies or others.  For example I logged into my Detroit Edison online account and added my bank account information so that they automatically pull funds from my checking account when the bill is due.

Keep it safe by only giving your account numbers to companies you trust.  Avoid entering you account information on fake company sites.  Remember don't visit them using links in emails.