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Helping you to understand your options for getting out of your Timeshare contract
Our clients often ask what their real options are with regards to getting rid of their Timeshares. The real answer is, they are limited.
1) RELINQUISH IT
Although some companies will allow people to hand their Timeshare back, this is not common. Most people who write to their Timeshare company requesting this service are told they cannot do this and are advised to try to sell it themselves. Most resort companies do not offer an in house resale service so you are really on your own with this.
2) SELL IT
This is an option that most people try. Although your Timeshare does have a value to you, it may not have a value to anybody else. At any time there are thousands of Timeshares up for sale and very few actually sell. People tend to buy Timeshare while they are on holiday, just like you did. By advertising Timeshares for sale on resale sites or public auction sites like eBay they usually quickly realise that this will not work.
3) LEGAL ACTION
Timeshare law is complex and often covers multiple jurisdictions. This in itself often puts people off taking this course of action. We specialise in the area of Timeshare claims and have successfully assisted many people in relinquishing their Timeshares and in some cases received compensation for the unfair and sometimes illegal actions of the companies. You can find out more about the legal process here.
Many companies offer this service however, buyer beware.
It is illegal, for companies who are not law firms, to ask for money in advance to sell or dispose of your timeshare. Under the terms of the amended Timeshare Directive of 2008 which came in to UK Law in February 2011, a Timeshare relinquishment or timeshare resale company cannot charge any upfront fee. We often deal with clients who have paid – sometimes multiple times – for disposal services and now not only own their original Timeshare and still have the liability they started with, but have paid out thousands for holiday packages which their Timeshares were supposed to be traded in against. This then complicates the legal process with multiple actions now being required. Don’t be too alarmed if you are in this position, our team have dealt with some of the most complex cases involving many different parties and can still help.
5) STOP PAYING MANAGEMENT FEES
This is a course of action we would not suggest. Most companies have a clause in their contract that they reserve the right to repossess, however, rarely act on this. In fact more often than not we hear of debt collection agencies harassing people. You have signed an agreement (regardless of how one sided) and are generally liable for management fees.
We are confident that we can help you with the best course of action, whether that is relinquishment or a claim. Talk to us for a free, no obligation assessment of your circumstances.
Contact Us Today
Contact Sarah Waddington Solicitors today by calling us direct on 01924 675039 or emailing us on [email protected]. Alternatively Send us a message and one of our professional team will be in touch with you shortly.
Remember, there is no obligation to instruct us so contact us now for your free consultation.