Here at the Timeshare Help Centre, we specialise in giving expert advice on your options for exiting timeshare. We have brought the best timeshare exit companies together to one place, and our independent advisers can offer you impartial advice on which one offers the best solution for you.
Many owners have found that rising maintenance fees mean that they are unable to afford their timeshare. These fees are supposedly to pay for the maintenance of the resort – paying cleaners and other maintenance workers. However, they were exploited by the resorts as a way to continue to make money from owners after selling a timeshare. These maintenance fees have risen year on year for decades – meaning that most people are now paying far more than they expected for their timeshare.
Exiting your Timeshare
When timeshare owners try to exit their contract however, more often than not they find that their contract is in perpetuity. This means that the contract never ends, and can even be passed on to the owner’s children. Resorts initially told timeshare owners that this was to protect their investment. However, as the resorts knew, a timeshare is not an investment. Not only were owners unable to make any profits from their timeshare, they were also tied in for life.
Some resorts offered floating weeks. An owner would be assigned a range of weeks to choose from, as opposed to a traditional fixed week timeshare. This initially seemed to some as though it would offer more flexibility and choice, however, it soon became apparent that securing the week which you wanted was rarely possible.
Resorts have also recently started selling fractional ownership contracts. This means that a property is actually sold to multiple people, with each receiving a set number of weeks per year in which to use the property. This has proven to be, on the whole, a tactic for resorts to distance themselves from the bad name associated with timeshare. Fractional ownership schemes have all the pitfalls of a traditional timeshare, including maintenance fees and in perpetuity contracts.
Lastly, there have been recent changes in consumer law. Floating weeks have been ruled null and void and in perpetuity contracts have been ruled illegal, as well as deposits taken during the 14-day cooling-off period. Whilst this is a step in the right direction, it does raise issues. People who own floating weeks could find themselves owning nothing, as their week may simply cease to exist. In addition, those who signed in perpetuity contracts before 1998 are not covered by the new laws, meaning that there is still a hard battle to be fought if they wish to terminate their timeshare contract.
We seek to provide intelligent, impartial and independent solutions to all of these problems. We have a team of expert advisers who will offer you advice on your options.
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