What is the problem with timeshare?

Is it time to say goodbye to that timeshare you purchased years ago, or you felt pressured into purchasing, or perhaps you simply have not been able to use it, or you cannot for whatever reason? Well, it probably would not surprise you to know that there are more unhappy timeshare owners than happy satisfied ones. For most people who enter the world of timeshare or holiday club membership, they soon realise that they are way more trouble than they are worth. For people who find themselves stuck in timeshare contracts and desperate to get out of them, the path to freedom is sometimes difficult and strewn with obstacles. So why are there so many people in this position and what is exactly the problem with timeshare?

Many people come to us after learning that they could book a holiday at their timeshare cheaper online. This is a massive gripe for owners who often may have paid thousands to own a timeshare at an ‘exclusive’ resort and later find out they could have paid a lot less and not signed up to paying yearly fees. Salespeople often sell timeshares on the basis that they are exclusive, but this is simply not the case. A simple online search soon exposes the amount of timeshare resorts selling rooms online for way below the price an owner is asked to pay.

There is no value in a timeshare, apart from the odd exception timeshares do not increase in value, in fact they decrease rapidly overtime too almost nothing. The timeshare resale market is almost non-existent in Europe and you can find them listed on eBay and other similar sites listed by desperate timeshare owners selling them for pennies just to be rid of them once and for all. There is a dynamic resale market in the U.S but they still sell for way less than the initial buy in cost.

Maintenance fees: Undoubtedly the number one reason people want to get rid of that pesky timeshare. Every year timeshare owners face a huge bill to pay for the upkeep at their resort. And it is anyone’s guess as to how much they would have increased by. Typically, they start off quite modest around the £400 mark, but without doubt the following year they would have increased, and this trend continues every year, above the rate of inflation, and can end up costing an owner over £1,000 a year. If an owner is also making loan repayments to pay for the initial cost of the timeshare, which are normally high interest, then this can end up costing in the thousands. So, if you were to add all these payments up annually, they would more than likely cost way more than the average family vacation.

People who enter into timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of timeshare owners and offer fake products, along with timeshare exit schemes. Before agreeing to any timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.

It is also important to remember that purchasing a timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.

The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these types of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.

If you have purchased a Lifestyle / Concierge Service, a timeshare or a ‘holiday points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Money Back Claim.