Perpetuity Timeshare Contracts Explained
Dealing with a perpetuity timeshare contract or in other words, a timeshare contract that has no end date can be one of the most challenging timeshares to relinquish and one of the worst timeshare situations to be embedded in. Like every person, we all enjoy the luxury of going away on holiday but not having an in-depth knowledge of the company who you are purchasing a getaway from can result in severe consequences.
However, saying that, timeshares were a common approach to booking a holiday back in the eighties; meaning that people were not aware they were being scammed out of money for years to come by a concept that was only hyped about. This has resulted in most timeshare perpetuity owners being in their late sixties and seventies; an age where going on holiday is no longer a priority.
Putting it simply, a timeshare is where a person buys the right to stay in an apartment or resort abroad for at least a week which is usually paid for in one lump sum a year. There are cases of contracts only lasting a certain amount of years, but as of today, there are 40% of a million timeshare holders still in the UK. Whether these are perpetuity timeshare holders, we don’t know, but the reason many members of the public found these companies so reliable in the first place was that not only was it trending but the company’s persuasion and selling techniques worked a treat.
Adding to that, owning a perpetuity timeshare can also be down to the fact that the shareholder didn’t fully understand or take more care in the contract they were legally signing. So, initially, they might have been expecting a week away one year to realise that they will be paying a lump sum each year after that single holiday; even if they weren’t looking to go away or if they decided they didn’t want to go and revisit the same property. These lump sums are in hindsight, annual maintenance charges, which often increase substantially every year.
What Was In The Fine Print
These companies, in fairness, are very clever with how they have managed to form an agreement with at least one million people in this world who didn’t realise how severely difficult it was to get out of. But why would they make it easy on you? They are acquiring interest per person, which is funding them and their company. It could be as simple as miscommunication or from not thoroughly reading a contract that a person has now obtained a financial burden that could put a significant amount of stress on their lifestyle.
Another culprit to add into the mix would be third party companies who are aware of your perpetuity contracts; they use them to produce a commission for themselves. These scammers tend to promise you the world; in other words, they will offer to buy a person out of the contract or sell the timeshare that they have been burdened with. Obviously, that’ll come at a costly price even though it is not guaranteed; most shareowners have made the rookie error of trusting said company’s because they were told they’d be given a percentage of the profits which was never the case. The timeshare association said that more than 50% of timeshare owners who are desperate to sell have yet again, been scammed, but by third party’s
What is the answer, you ask?
This is where we come in- we are highly experienced legal professionals that specialise in cases such as perpetuity timeshare contracts. These scamming companies are aware of lawyers, such as ourselves, who set out to challenge these contracts that they have lumbered onto a big portion of the world’s population. We challenge them by using our very in-depth knowledge of timeshare law to find errors in a contract that we can use against a company for having an illegal clause.
If you are looking for a way out of your contract, before you seek advice from us, make sure you have done the utmost to rid yourself of the agreement beforehand. For example, contacting the company who owns your share and exploring the possibilities of cancelling the contract.
Still in need of our help? We make it our mission and put all out efforts into helping every single client we receive that has a timeshare contract that they are struggling to come out of and so we will ensure we put in the same amount of time and effort into you, too. Contact us on +44 161 839 8847 or visit our website for more details on us and timeshare contracts.