You may have had your timeshare for years, during the glory days when they were more popular and represented good value for money. Or you are new to the world of timeshare and although you have enjoyed a few holidays, it simply has not lived up to expectations.
Timeshares were very popular in the 60’s and gave families an affordable way to travel to luxury resorts. They were guaranteed a set price and people knew what they were getting. However, fast forward a few years and things started to change. Resorts got bigger and needed more customers to fill the books, but in the meantime the travel and leisure industry began to grow and evolve and offered people a vast array of holiday options. Fast forward to the present time and there is all manner of options when we go to book a holiday. Most of which do not tie us into lengthy expensive contracts and forking out thousands of pounds annually in maintenance fees.
Because there are so many options to choose a holiday or find a bargain or last-minute deal, it has left timeshare owners wondering why we are paying through the nose for something that does not represent a better value product or even better value for money. This is a common situation owner find themselves in and when they try to rectify it by approaching their resort to find a way out of their contract, the resort is less than helpful.
Therefore, so many people feel trapped by their timeshares and often look for alternative ways out, which can sometimes have disastrous consequences. The rising cost of annual maintenance fees can make a timeshare a financial liability and strain for many families, especially in uncertain times such as these we are currently facing. Sickness and job losses can also leave weary timeshare owners paying for something they cannot use. Lengthy contracts that have debt tied to them like finance deals can create a great deal of stress for people who then become desperate to offload them.
So, what are your options if you feel trapped by your timeshare?
You could try and sell it: Many people believe they can easily sell their timeshares because they were mis-led into believing that they were an investment or would have a resale value in the future. This is untrue and a tactic used by timeshare salespeople. If you were told this in a presentation you may be able to make a claim for a mis-sold product. However, this would depend on the circumstances and you would need to discuss this with someone who experienced in all thing’s timeshare.
Give it back: Some resorts, not many, will allow you to give your timeshare back if you agree to pay so many months or years in maintenance fees. This may not be affordable for you and your individual circumstances, so it pays to take outside advise on this to see what other options you have. If you do decide to go with this option, it will more than likely mean you must agree with the resort to not make a claim against them in the future.
Seek independent advice from experts: If you feel your timeshare was mis-sold to you or you purchased it under mis-leading circumstances, you could be eligible to make a claim against the resort. Seek advice from a reputable company that deal in timeshare or have experience in this field. Do not solicit the services of anyone who cold calls you or contacts you unexpectedly, this is probably a scam operation. Check the FCA register to see who is authorised to deal with claims like these.