Timeshare January Blues
First of all, what are those maintenance fees for?
Timeshare maintenance fees, sometimes referred to as ‘management fees’, are the yearly bill that a timeshare owner pays (on top of the cost of their timeshare purchase) to cover the costs associated with their timeshare. This bill includes payments towards running the resort, daily management, upkeep of the resort, and any improvements to facilities that are made. These costs are collected by the timeshare company or resort every year – usually in December or January. So, in theory, these fees sound pretty reasonable for holiday makers who want to enjoy a good standard of holiday in a resort that is beautifully up-kept.
Why are maintenance fees a problem?
So then, why are maintenance fees such a huge problem for so many owners of timeshare? Well, although maintenance fees were probably highlighted as part of the package when you first took out your timeshare week, what was probably not so clearly stated was the fact that this yearly bill rises every year. This increase in cost is sometimes at an alarmingly steep percentage incline and can leave owners very suddenly in the position of having a timeshare they can no longer comfortably afford. In many timeshare contracts, fees actually double every 10 years. In this case, if you consider that your fees were perhaps £400 per year in 2009 when you first bought your timeshare, you could now be looking at paying as much as £800 annually in 2019. This is without flights or spending money when you are at the resort and not to mention that you already payed out a hefty lump some at the start to enjoy your timeshare resort in the first place.
According to a study by ARDA in 2016, ‘66% of consumers’ who wanted to leave their timeshare contract wanted to do so due to the fact that their “maintenance fees are too high.” Added to this was the statistic that, as many as ‘46% of respondents’ put down in the survey that high and rising maintenance fees were their “most important” reason for wanting to exit their timeshare. You may well be reading these statistics and seeing yourself reflected in those numbers of so many others who are finding the increase in cost crippling to their bank balance and their lifestyle.
The fact that maintenance fees are usually calculated and billed yearly between January and December only serves to make this problem even worse. For many of us, December comes as one of the most expensive months in the yearly calendar. Christmas means festivities, presents and time off work to pay for and consider and by January the bank balance can be at an unusually low rate. So, you may be left in the unenviable position of having just forked out for a very expensive Christmas holiday 2019 and now are facing a steep bill in January for that bill that just keeps mounting up year upon year. If you haven’t already received your annual timeshare bill, then you will be soon. Talk about the January blues.
But, what can you do about it?
Christmas should be able to be a time to relax with your family and loved ones and enjoy spending those extra pennies. Christmas should not come coupled up with the fear and worry of that expensive timeshare maintenance bill that is just around the corner. If you are fed up of spending Christmas and January struggling to get the money together to enjoy time with your family and then forking out for your timeshare fee then get in touch with Athena Law today. Like the other 66% that want out of their timeshare for the unreasonable increase in yearly costs you are not alone. With us, you can expect clear, professional and friendly advice that you can trust. Our team of expert timeshare solicitors will work closely with you to understand your situation and dedicate their time to helping you out of the January blues and into the freedom that can come with finally saying goodbye to those timeshare maintenance fees.
We look forward to hearing from you very soon.