The reason most timeshare owners across the globe originally purchased their timeshare was because they were sold a dream of luxurious accommodation, great value for money, exotic locations and superb bargains. The idea was that they would now own their holidays rather than just renting them from a High Street travel agent and this situation would mean that they had a sound, tangible investment that could be sold on for a profit when the time came to leave the system.
This attractive deal made complete financial sense and people were prepared to invest their money to enjoy quality holidays around the world safe in the belief that they would be able to sell and recoup their money once they no longer had a requirement for a long term timeshare product.
This fantastic opportunity attracted millions of families to become the proud owners of a week or two of luxurious timeshare in great resorts and wonderful locations. Not only could they enjoy their own ownership but they were also able to exchange their apartments for apartments of equal quality in thousands of resorts globally. This system worked well and it is recognised that timeshare owners rarely have complaints about the very high standards of accommodation that is the hallmark of the timeshare industry.
The Truth About Timeshare Resales
Whilst the standards and high quality of timeshare holidays were never in question, over the years owners began to become disgruntled with the ever spiralling maintenance fees and the inadequacy of some of the exchange companies. This is when they tried to sell on their investment only to find that this part of the sales pitch was in short a pack of lies.
Basically there was no genuine resale market available to them. Some owners were simply stuck with their ownership. Others where not so lucky and were sucked into shady deals where bogus promises were made to get them released from the system with thousands of pounds changing hands for usually zero in return. The sharks and conmen preyed on the vulnerability of naïve owners desperate to rid themselves of this financial burden by offering non-existent solutions for timeshare exit.
It was this type of underhand dealing, combined with the sharing of information made possible by the dawn of the internet, which eventually led to the industry gaining a terrible reputation for conning people out of their heard earned cash. This bad reputation put off potential new customers meaning that the chance of finding a buyer for a resale was virtually nil.
It wasn’t just the bad reputation that was getting in the way of any possible resale market. The developers too were going back on their original promises to provide a resales service. Although they had originally painted the picture that timeshare was an asset that would be easy to sell on, the developers were finding far more profit in selling their own weeks in new resorts. It also made far more sense to keep owners tied in with a perpetuity clause in the contract meaning they were committed to paying their annual maintenance fees. This clause also ensures that the liability does not cease on death but is passed on to the owner’s children.
Obviously, many owners want to get free of this financial burden without going down the unpleasant route of litigation, worry, debt collectors and stress – but how can they do it?
The Way Forward
The goal should be to achieve complete relinquishment – finally and unequivocally with no more come back. In order to do this you are going to need specialist help. Although there are many legal firs around it is important to engage one that has the relevant experience. Timeshare law can be extremely complex so it is important that your legal representation is expert in this sector on an international level.
Avoid The Scams
Because of the high demand for an exit solution that is genuine and complete there have been a large number of bogus relinquishment companies springing up to offer the unsuspecting customer a fraudulent deal. Their shady schemes part the unwary from their cash without doing anything in return. Unfortunately these scam companies are beginning to outnumber the legitimate ones so beware.
Alarm bells should ring if a company contacts you with promises of an immediate timeshare exit solution for a considerable fee up front. Even if you are desperate to get rid of your timeshare NEVER give these people your personal or financial details or pay them any money.
Let Us Deal With It Once And For All
One of the biggest mistakes we see people making is trying to deal with situation themselves and making a go of it alone against the big companies and developers. You will find this method extremely difficult at best as you battle large teams of lawyers who are trained to ensure that the process of leaving your timeshare contract is as tough a journey as possible. We strongly recommend that you avoid trying to deal with the matter yourself as the outcome can often be financial ruin.
The Timeshare Help Centre is expert in the field of timeshare relinquishment. Get in touch with us today and we will analyse your situation and identify any grounds you might have for relinquishing your timeshare or indeed making a claim for compensation. Take this step to get rid of timeshare completely and remove this millstone permanently from your life.