As the Covid-19 Pandemic continues into 2021, there seems to be little hope that any of us may get to go abroad this year. Even with the successful rate of vaccinations we have been seeing the new government restrictions being voted on by MPs on Monday may mean holidaying abroad is banned altogether, or at least until the European rates are under control again. However long this may take it seems likely most of us will be booking a staycation this summer.
Travel is now limited due to coronavirus and travelling abroad could mean a £5,000 fine if you do not have a legitimate reason to do so. So, what does this mean for those who own a timeshare? Well, it may come as no surprise to learn not much has changed for the resorts. Since the travel and leisure industry has come to an almost complete standstill, resorts have closed their doors but are still demanding maintenance fee payments be made. In light of the pandemic, timeshare owners may be reconsidering their timeshare commitments, after all being tied down to a long-term financial commitment like a timeshare does not seem worth the money when most of us have been hit financially because of the pandemic and travelling abroad to visit our favourite resort seems like an expenditure that not many of us can justify at this unprecedented moment in time.
The pandemic has prompted many of us to re-evaluate our personal finances and budgets. Most of us have had to make cutbacks and forget the little extras we might have once enjoyed and worked hard for. Whilst some are still happy to keep paying for their timeshares, even though they cannot use them, many people have been forced to look at ways in which we can exit those lengthy expensive contracts and work out what options they have when it comes to exiting a timeshare.
Some of the major timeshare companies have responded favourably to timeshare owners during the pandemic by waving reservation and cancellation fees for owners who were not able to get abroad during 2020. Some even allowed owners to bank their points and double up for this year but will they continue to do this if the pandemic restricts our travel options for a second year in a row. If you like the many other timeshare owners out there are frustrated and simply want to find a way out, you do have options despite being tied to a legally binding contract.
Firstly, you can contact the resort directly, and some (not many) offer you an exit policy, but this will come with conditions. They will most likely ask for a fee, or maintenance fees to be paid upfront for several years and they will more than likely ask you to sign a waiver. This means you will not make a claim against them for compensation or mis-selling, so if you do have a potential claim against your resort you will not be able to pursue it in the future.
You could look to sell your timeshare, but this will be incredibly difficult unless you have someone you know or trust willing to purchase it off you. In doing so they are taking on that financial liability for you. Selling timeshares is incredibly difficult as the market is flooded with them, in fact you can find them for sale for as little as a penny on eBay so do not count on this as an option.
You could enlist the services of a timeshare exit firm, however there are many rogue traders out there, so it is important to trust who you are working with. Try to find a company that has a proven track record of helping people. Check they are listed or registered with reputable governing bodies like The Financial Conduct Authority.
If you are stuck in a timeshare contract with mounting maintenance fees and ever-growing stress, our timeshare termination specialists can help you get out of your timeshare contract today. Thousands of people have timeshare or holiday club agreements. Getting out can be difficult, time consuming and costly. Praetorian Legal provide timeshare owners with a fully guaranteed, cost effective timeshare termination service, and have helped thousands of people end the burden of timeshare legally and permanently.