With tourism a thing of the past for the foreseeable future and people having less disposable income, paying for a timeshare seems like an expense that is simply not worth it. In fact, timeshares are simply not worth it, not worth the money and certainly not worth the trouble that comes hand in hand with ownership. Owners often feel once they have entered into a contract, they are trapped. Unfortunately, for many, the reality is a timeshare resort will do everything in its power to make owners feel trapped and left with no little choice but to continue paying up every year. If you are a timeshare owner desperate to be free from it, you may have approached your resort to try to get out of your contract and been met with one obstacle after the other. Or perhaps you are paying off a high interest loan that the resort arranged for you after the presentation. You may even be one of the many unlucky owners who have had their personal details forwarded on to a rogue company who are now targeting you by cold calling you offering bogus products and promises.
Timeshares were not always bad news!
Timeshare has earnt itself a terrible reputation over the years but that was not always the case. They first arrived in the 60’s and offered a new opportunity for holidaymakers to experience a unique way of travelling and gave owners a sense of pride as they felt they were investing in a little slice of heaven. They always had a pricey initial outlay to join, however they were not the rip off model they have become now. Owners still had a fee to pay, but it was reasonable in comparison to today’s exuberant fees. When they first became popular, timeshares offered good value for money and a unique luxury holiday for many people. The trouble is that in today’s competitive holiday market, they simply no longer offer value for money and resorts know this, that is why they try so hard to keep hold of owners and continually try to change the timeshare model to make them seem more appealing.
We have listed below some of the top reasons people are desperate to be free from their timeshares and indeed some of the top lines a timeshares sales representative will use to sell you a timeshare. In fact, these may also be the basis for which many timeshares are mis-sold to thousands of people every year.
Maintenance fees: A sales rep probably will not have gone into detail about the hidden costs of maintenance fees; however, they often start off pretty modest, maybe a few hundred pounds a year. But they quickly escalate and become unaffordable. Often cited as the number one reason for people wanting to leave a timeshare behind, after a few years of ownership they can sometimes increase into the thousands.
Investment opportunity: Timeshare has often been sold as an investment opportunity. Unfortunately, this is not the case and never will be. Despite what a salesperson will tell you, there are not hundreds of people lined up to buy timeshare so you can sell it later and make a profit. The truth is there are too many people desperate to get rid of their unwanted timeshares that the market is flooded and often people are so desperate they end up giving them away. The likelihood of making any money on a timeshare is almost slim to non-existent, but resorts have used this tactic to make sales, something which is not only unethical but also a complete lie.
High interest loan: Timeshare loans and finance agreements are high interest. More often than not, if you cannot pay for your timeshare in full, the resort will already have a finance partner they use. This means they have a longstanding credit arrangement with a certain bank or loan provider. Typically, these loans are high interest and over the years people end up paying way and above what the initial price of the timeshare was.
Can’t sell them on: You cannot re-sell them later. A timeshare is not worth anything, so it makes them extremely difficult to re-sell. In fact, they are notoriously difficult to sell and you cannot even give them away. The reason being they come with a lot of baggage. And we do not mean holiday baggage. To own a timeshare means you must take on all the negative aspects too, this includes annual maintenance fees which go up every single year.
The good news is that it is not too late to get out of a timeshare agreement and if you believe you have been mis-sold a timeshare and have suffered financially because of it, we may be able to help you. Contact us today for free expert advice and find out if you are legally entitled to compensation and be free from your timeshare burden once and for all.