Four ways to get rid of your timeshare agreement
Understanding what timeshare means
“Timeshare” is essentially sold as a product that enables the consumer to purchase their holidays in advance for a discounted rate. Often during a somewhat intense sales pitch, you are told that, in exchange for an upfront fee, you will be able to secure your holiday for a cheap rate. You will be told that whilst other holidays on the open market increase in price every year, your timeshare, even with the added maintenance fees, will stay cheap. However, whilst it can seem like a good idea during the sales pitch it can soon turn into a nightmare that you just want to end.
Do you have a timeshare agreement you just wish you could be rid of? Do you feel trapped in the contract and feel unsure of how to get out? You are not alone. What was initially sold to you as a ‘great investment’ by the salesperson, in reality, is now clearly anything but. Well, now is the time to stop simply wishing it would go away and take real steps to make it happen. There are ways out to help you finally get rid of your timeshare agreement and move on with your life.
Many people feel they have been pressured into buying a timeshare through coercion and high-pressure sales tactics and have ended up signing up to a lengthy agreement of something they really don’t want. With the potential for rising maintenance costs and a product that doesn’t increase in value, you may be left in the knowledge that the money you paid is not worth your investment and you may be left feeling disappointed and frustrated.
We want to share with you four options available to you to finally be able to say goodbye to your timeshare:
Option 1 – The Grace period
The grace period after purchasing your timeshare is formally known as the recession period. This is a period of time usually somewhere between around 3 – 15 days where you are allowed to cancel your contract. Check your contract to see how long you have to back out of your agreement as this will differ considerably between different resorts. Most commonly, you will be expected to write a formal cancellation letter, but it is essential you follow all the steps you agreed to when you signed the initial contract. If you follow all of the actions within your contract to cancel and are within the grace period, then you should be able to get out of the contract and be refunded your money. The clear downside to this option is that it is only viable if you have decided to leave very soon after purchase. If you are outside of your recession period, you will need to use one of the other methods below to leave your timeshare agreement.
Option 2 – Sell your timeshare
If you are outside of the recession period but are still desperate to be rid of your timeshare purchase one option for you could be to sell it. However, this is possibly the most difficult route to go down. Although when you first signed up your salesperson probably told you it would be incredibly easy to sell and you could even make a good return on your investment, the reality is there are thousands of others in the same position driving the worth of timeshares down. Even if you do find a buyer to take over your timeshare you may find that you have lost much of your investment. It is an option to consider but if you do decide to go down this route, please bear in mind it can be stressful and challenging to do and may leave you with little reward.
Option 3 – Give your timeshare back
It may be the case that you are eligible to give your timeshare back to the resort you purchased it from. However, they may be reluctant to do this as it is much better for them to have you as a regular source of income paying your maintenance fees for your holiday product. Despite this, they have been known to take timeshare properties back, so it is an option worth considering. Your eligibility for this option will depend on a few factors: if you owe any money on the property or if there are any unpaid maintenance fees or assessments. If you think you may be eligible for this the best step to take would be to make contact with the resort. Explain that you want to return your timeshare and talk them through what it is that is making it so difficult for you to afford your timeshare contract.
As mentioned above, the resort will prefer to keep you on your timeshare agreement as it makes financial sense to them. Don’t expect them to get back to you right away on this one but do expect them to charge a fee for processing the return of your agreement.
Option 4 – Hire a professional, knowledgeable firm to help you get rid of your timeshare
Whilst the above options are all possibilities; they can take a lot of time, effort and work on your part. You may not have the time or energy to put into battling to get out of your contract. Adding to this, if you’re not an expert on timeshare law or real estate it will be a long learning process to understanding how to get your recession, return or cancellation on your own.
The good news is that there are professionals out there who know exactly how to help you get out of your restricting timeshare contract. By hiring an experienced professional, you can get the expert help you need quickly meaning that you get out of the timeshare efficiently with no more worry or frustrations. Whilst you will be charged a fee for the legal services of a professional it will be well worth the investment in the long term to release you from the timeshare that you would otherwise be trapped in.
Make sure to choose a company that has a proven track record of success. You need to invest in a trustworthy, knowledgeable firm that knows exactly how to help you best and get real results for their clients.
What are my next steps?
Get in touch with Athena Law today for professional, friendly advice that you can really trust. Our team of dedicated, expert solicitors will work closely with you to carefully consider your case and advise you on your legal rights. We have years of experience in this industry and many success stories for clients who have been in your position, and we may be able to help you too.
We want to know what is making you feel so unhappy about your agreement. Were you manipulated, coerced into purchase or lied to by your timeshare salesperson? Was the pitch you were given deceptive or untrue? This information could be relevant in helping us to get you out of your timeshare.
Call 0161 839 8847 today
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We look forward to hearing from you soon.