Timeshare and Holiday Ownership
Holiday ownership products have been in the public eye for decades, and although there are different versions of the term, you will most likely refer to them as timeshares. Timeshares are a smart little approach from companies who convince you to purchase a holiday over a long-term contract without going into depth about the length of the contract or the maintenance fees on top of the yearly sum for the particular holiday.
The nack to these company deals is that they are compared to already-existing deals from third party companies which are more expensive and are less value for money. Customers are then told that this will still be the case in years to come; thus, convincing them that signing this contract will give them holidays for the future at a more affordable price compared to any others on the market.
European Regulations have taken this on board and have attempted to protect customer’s from this happening with the Directive 94/47/EC (1994 Directive) which harmonises the market for holidays sold on a timeshare basis. However, since this regulation has been put in place, companies have made it their mission to work around it to continue scamming consumers by introducing holiday products that are almost identical to timeshares but are unfortunately not under the 1994 directive.
Since the 1994 Directive, the 2008 Directive has been put in place; this is a modernised version which extends the regulation of timeshares to a broader range of long-term holiday products, as well as resale or exchange contracts for products of a similar nature. It states that all information of where the signing of the contract took place, the signatures and any other information that could be used against the consumer must be made identifiable.
It is challenging for law firms, such as ourselves to work towards an out for our clients that are trapped in a timeshare or similar holiday ownership scheme that has not been placed under these regulations because these contracts can be so tedious in how they are written. When signing a contract, it is necessary to thoroughly read every single detail so that company’s who are trying to sell you these holiday products, haven’t worded something very vague that could result in you in a short-term, long-term or life-long contract that can put a financial burden on your lifestyle.
These ‘life-long’ contracts are known as perpetuity timeshare contracts, and these do involve you being stuck in a timeshare agreement permanently, no matter what your financial situation.
These schemes can become a burden because as timeshares were a prominent way of purchasing holiday’s back in the ’80s and ‘90s, you may have only been happy to visit this holiday destination for a few years at the most. But now, 30 years later, your contract is still rolling, and you are then left with a lump sum being taken out of your bank account every year and maintenance fees that may have increased by 400% for a place that no longer interests you and one that you simply can no longer afford.
How our Athena Law can help
Although it is tough for us as a law firm to relinquish you from these timeshare contracts; perpetuity versions or not, we do the utmost to make sure that we do so. If you, however, choose another route of escape from your timeshare, you may have been approached by another third party company who will eagerly assure you that they can buy you out of your contract for a lump sum. If you accept this offer, there is a good chance you will be scammed yet again, and you will also be down on more money.
We can ensure that our way of breaking your timeshare contract is done professionally and legally, and most importantly, it will be a permanent solution. We do this by finding any illegal clauses or irregularities in your contract that can be nullified. We are experts in timeshare law; therefore, we are knowledgable of all types of contracts, and we pride ourselves in being able to identify these mistakes that were included in your unclear or misinterpreted agreements.
These holiday ownership product companies may inform you that you are not able to win a case over them legally or that they will file a counter-case against you; however, we recommend you take no notice. We are specialist timeshare lawyers whose expertise allow us to make a compelling case against said companies so that you get the justice you deserve.
If you are trapped in a timeshare contract that is taking its toll on your finances, or you would just like some advice on what type of companies to steer away from then, please feel free to visit our website for more information or contact us on 01618 398847, and we will be happy to assist you.