When people attend timeshare presentations, they are often blown away by the sales pitch and totally sold on the benefits of having a holiday guaranteed each year. The way in which they are portrayed make them sound amazing and an opportunity not to be missed. You can share them with friends and family and enjoy all the amenities that they provide. But the reality is timeshares are often more of a nightmare than a dream. What a sales rep will not tell you, is that hidden within that contract you are practically forced to sign on the day is hidden fees and costs that over time can get out of control and unaffordable. In fact, they make owning a timeshare more of a financial liability than the relaxing break they are sold as.
So, what should you do if you find yourself signing a timeshare contract, but regret your decision before the ink is even dry?
Rescission period: The European Commission’s Timeshare Directive states that timeshare contracts must come with a 14-day cooling off period. In addition, it also states that traders can never ask for any form of advance payments or deposit during that period. So, if you find yourself wanting to cancel within this period, write the timeshare company a letter, date it and send it recorded delivery, just to ensure there is no comeback from the resort.
After the 14 days: Unfortunately, after the cooling off period you will be legally obliged to start paying for that timeshare. However, the way in which timeshares are mis-sold by sales representatives means that you may be able to get out of the agreement if they lied to you about anything in the contract or made any misrepresentations to you. Timeshare salespeople often hide or don’t disclose important information, which is buried or hidden in contracts, so it important that you seek the services of a timeshare specialist to help you navigate your way through to a successful outcome.
Getting out of a timeshare is not an easy process, but do not be discouraged. The money you will save on future maintenance fee payments could be more than worth your while. Especially when these fees rise annually above the rate of inflation. If you find the right company to work with the process can be quite simple and with little effort on your part.
If you would like more information about the EU’s timeshare directive you can click on the link to read more: Timeshare directive | European Commission (europa.eu)
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.
It is also important to remember that purchasing a timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these types of crimes often goes 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.