An Unwelcome Christmas Present: The Truth About Timeshare Agreements.
From an initial conversation with a salesperson, timeshare agreements are painted in an extremely attractive light. Their enthusiasm is infectious, and after a conversation with the salesperson regarding upfront costs, who wouldn’t want to secure future holidays on their favourite resort!
During your discussions, the sales rep will have gone into considerable detail regarding the upfront costs of your unit. Impressed with the quotes, it’s time for you to do your maths. At the time you sign your timeshare contract, you’re confident you can afford the initial payments. Then, with everything signed and sealed, you can sit back and enjoy your timeshare holiday home.
However, these sales reps fail to mention the timeshare’s maintenance fees at the time of your contract’s deal. These small details that are glossed over within the sales pitch often come with a hefty price tag. In addition, many people who enter into timeshare agreements don’t know that there is no set legislation over how much these maintenance fees will be each year. This means that the yearly maintenance fees can rise by any amount, leaving owners extremely vulnerable when it comes to their finances. Some timeshare contract owners have even found themselves in an unmanageable position only a year or two into their contract.
To make matters worse, the majority of timeshare resorts work on a financial year of January to January; therefore, timeshare owners are gifted their maintenance bill just in time for Christmas. As we all know, the festive period already adds a financial strain on families; this coupled with a hefty maintenance bill can be devastating for many. The Institute for Fiscal Studies found that “on average, people’s real annual wages are £800 lower” in 2018 than they were a decade ago. The BBC produced a report investigating these findings further. They found that as money is already tight for UK families, the increases in expenses such as timeshare maintenance fees cannot be matched. As a result, a timeshare owner could face running up debt to meet payment demands.
The unwelcome timeshare bill on your doormat will not only add financial strain and ruin a family’s festive period but can ruin people’s day-to-day life. When seeking a way out, now is when most timeshare owners discover they are trapped in a binding contract. With more articles and awareness about the scamming ways of timeshare salespeople, these companies are finding it increasingly difficult to attract new buyers. Unfortunately, this means they want to hang on to their current owners even more.
All is not lost, however. In any situation where you cannot get out of your timeshare agreement, whether this is by selling or handing it back to the rest, we recommend using a professional timeshare solicitor. Attempting to undertake this process on your own is often extremely time-consuming, and all efforts end up futile. On the other hand, Timeshare solicitors can help you exit your contract legally. These specialists can understand and dissect the complicated technical language of your agreement, finding clauses that work in your favour.
For most timeshare owners, the solicitor will be able to terminate your contract and save you from those troubling maintenance fees. However, in some instances, a specialist solicitor in timeshare law is necessary to end your contract and get you timeshare compensation. With these contracts, they will look for any illegal clauses, for example, ‘in perpetuity’ contracts that exceed the legal 50-year limit. They will also investigate whether any money was taken during the cooling-off period and other such clauses that could mean you are entitled to compensation.
Don’t let another year of sky-high maintenance fees ruin your Christmas period; enlist the help of a timeshare professional today. At Athena Law, we have experienced timeshare solicitors who can help you terminate your contract and receive the compensation you rightly deserve. We offer all potential clients a free consultation, allowing you to obtain an independent review in order to pursue any viable claim properly. Ring us today on 0161 839 8847 or send us anenquiry form on our website.