When is it the right time to get out of a timeshare?
For those that have been persuaded to attend a timeshare presentation most leave either confused and dazed about what they have signed up to or the buyer’s remorse sets in quickly. Many of these people go on to struggle for years to pay loans they have been persuaded into taking out to purchase the timeshare, which are often high interest and were not assessed on affordability calculators before people were signed up. This has been the case with many timeshare resorts, whose sole goal is to make a sale and provided your credit rating sufficient, they do not care whether or not you can actually afford the extra monthly expense.
For this and the endless other reasons, many, many people find themselves desperate to get rid of their troublesome timeshare. The only easy way out for many is to cancel within the statutory recission period which can range from anything from 3 to 15 days, depending where in the world you chose to purchase. After that, for many the way out is difficult, long, and full of obstacles. So far, the industry has failed to find a viable exit for owners, despite what they claim, and this has paved the way for scam companies and individuals to take advantage of desperate people.
When looking to get out of a timeshare, because the industry is littered with scam companies, it is important timeshare owners be wary and realistic about their options. If someone promises to be able to sell your timeshare, stop and think. Timeshares are not in demand, far more people want to get rid of them than buy one, there are exceptions to the rule, for example Disney Vacation Club is highly sought after, but they offer something no other resort does and unless you are in possession of something like this, you are unlikely to be able to sell your timeshare.
You can ask your resort to take it back and in fact many resorts do have schemes where they will take the timeshare back if you are fully up to date with your maintenance fees. However, this also limits your options when wanting to make a claim against your resort. If you go down this option you will likely be asked to sign a waiver, which means you cannot go after the resort for any damages in the future. All very well if you were not mis-sold and you enjoyed your time spent at your timeshare. But for those who were mis-sold their timeshare in the first place, this makes sure you will never be able to reclaim any of the money the resort may owe you due to being mis-sold it in the first place.
Whatever the reason you want to get rid of your timeshare, you do have options and before engaging in services it pays to seek advice. There are many companies and individuals acting fraudulently in the world of timeshare so it pays to do your research and if in doubt check the Financial Conduct Authority register, there you will find a list of companies who are registered and those that have flagged up as acting in bad faith.
People who enter into timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of timeshare owners and offer fake products, along with timeshare exit schemes. Before agreeing to any timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these types of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a timeshare or a ‘holiday points’-based product from a resort or company and feel unhappy with the service or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Money Back Claim.