It’s for life, not just for Christmas. The truth behind the trap of timeshare.
When you are first buying your timeshare, most of the conversation with the salesperson focuses around the upfront costs. At the time you take out your timeshare contract, you’ve probably worked out all the numbers and can comfortably afford the initial payment for your unit – it might even seem like you are getting a fantastic deal to be able to enjoy a holiday in a resort you really love spending time at. What definitely doesn’t get enough of a mention from the ‘sales rep’ at the time of your timeshare contract sale though is the maintenance fees. They may be talked about or explained in general terms, but what many people don’t realise – or aren’t told – is that there is no set legislation in place to determine how much maintenance fees will be each year. This means they can rise substantially and this annual rise can leave owners, that at one point were comfortable in their payments, in a very tight, or even unmanageable financial situation just a year or two into their contract.
Many timeshare resorts operate January – January, unfortunately meaning that owners get their yearly maintenance bill just in time for Christmas. The festive period can already put financial strain on families and the bill arriving for a timeshare resort at this point in the year can be devastating for many. This article by the BBC looked into research carried out by the Institute for Fiscal Studies and found that “on average, people’s real annual wages are £800 lower” in 2018 than they were a decade ago. This decline in wages means money is already tight for many people living in the UK and with wages not going up in line with increases in expenses such as timeshare maintenance fees, there becomes a real problem for families and individuals struggling to meet bill and payment demands.
This financially crippling situation can ruin, not only Christmas, but everyday life for people and families feeling the strain and financial burden of their timeshares. Many people seek escape from their contracts and payments only to find they are trapped in a binding contract with little or no wiggle room. Over recent years, timeshare companies have found it increasingly difficult to attract new buyers meaning they want to hang on to their current owners.
In a situation where you cannot get out of your timeshare by selling or handing it back to the resort, both of which are time-consuming and often futile options, then a professional timeshare solicitor can help. Timeshare solicitors can help you to legally exit your contract by looking into the complicated technical language of the agreement and finding clauses to help you. In many cases, the solicitor can help you exit your contract and be free of those troubling fees. In some cases, a specialist solicitor in timeshare law can not only help you exit your timeshare, but also get you timeshare compensation. They will look for illegal clauses such as ‘in perpetuity’ contracts that exceed the legal 50 year limit, or to see if any money was taken during the cooling off period and look for other such clauses that could mean you are entitled to compensation.
This is probably very welcome news if you have been trapped by the ‘life sentence’ that timeshare can often feel like. Don’t let fees ruin your Christmas or the festive period for you and your family. If you enlist the help of a professional, they can help to ensure that this nightmare contract is not actually for life, and may be able to help you in time to enjoy your Christmas without worry.
We work closely with all of our clients to understand their unique situation and frustrations so that we are placed in a strong position to advise you on the next steps you can take. We have many 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.
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