If you like the many other millions of timeshare owners have been forced to re-think your timeshare due to the pandemic, you are not alone. Many timeshare owners have lost their jobs and are no longer in a position where they can justify paying large maintenance fee bills and loan repayments on timeshares. With mounting bills and financial worries people are looking to get rid of their timeshares and be free from paying ever rising maintenance fees. So, what are your options when you are desperate to get rid of a timeshare?
You could put it up for sale: This is often the first thing a timeshare owner tries when they are wanting to unload their timeshare. And why would not they, after all they were told it was an investment when they purchased it. The problem is that although there is a fairly buoyant re-sale market over in the States, on this side of the ocean it just simply is not the case. The market is saturated with unwanted timeshares and people list them for as little as a penny. Or far under what they paid for them. Timeshares are a liability, and no-one wants to buy something they are contractually obligated to for years on end. They also depreciate in value quicker than almost any other product, so even if you do manage to sell it, it will be way under what you initially paid in the first place.
Appeal to the timeshare resort: Many of our clients come to us after having approached the resort first. Some resorts have been known to release members if they pay up in full or the remaining years of maintenance fees on the contract. Unfortunately for some people this is not an option, and they simply cannot afford to pay-out a lump sum to be released from their contract. It is also important to remember if you do go through the resort, they will more than likely not give you any of the money back that you paid to own the timeshare in the first place, and they will make you sign a contract which stipulates you will not make a claim against them in the future for compensation.
Seek professional help: After the rescission period has ended you are contractually obliged to pay for that timeshare and the maintenance fees. Getting out of a contract can be difficult, time consuming, costly, and stressful. The resorts make it as hard as possible to exit a contract, so it pays to seek independent professional advice. Of course, this causes additional problems as there are many scam timeshare exit companies that are operated by ex-timeshare sales agents looking to scam timeshare owners. Before enlisting the help of an outside party do a bit of research and check to see if the company you are working with is registered with The Financial Conduct Authority or Trading Standards. Exiting a timeshare can be a stressful process but by enlisting the help of timeshare specialists you can put it in their hands and let them take care of it for you provided you seek the right help from a reputable company.
Here at Praetorian Legal our aim is to provide a professional and courteous service to our clients. Our experts have extensive knowledge and a proven track record in Timeshare Termination. Our experience in dealing with this extremely specialised area means we are ideally placed to handle even the most challenging timeshare termination cases. Get in touch today for more information.