how to dispose of the timeshare and get out of the contract

Timeshare – When “Yours forever” is not just a sales pitch!

When signing a contract or agreement, it is always crucial to be aware of your rights, and the timeshare industry is certainly no exception. Unfortunately many timeshare owners become disillusioned after the initial inception.

Timeshares are not only an expensive investment for leisure, but also a lasting financial responsibility. After a few years of owning a timeshare, there comes a time when some people can’t keep up with this responsibility and the annually raising maintenance costs.

This is the time when timeshare owners share the experience of an additional unpleasant surprise – the perpetuity clause. The ‘point at issue’ is how to dispose of the timeshare and get out of the contract?

Selling it will usually be for a substantial loss, if owners can sell it at all. The main issue is that many people find themselves tied up in a bad deal for decades being contractually bound to occupy their units. Furthermore, they are forced to keep paying the annual maintenance fees, which are increased yearly.

The case of Mr and Mrs Sullivan isn’t one with a happy ending. They tried to cancel, but the deal they signed locked both parties in for 30 years. What’s worse – they are responsible for £1200 maintenance fees every year for the life of the deal and several restrictions in the contract make it too expensive to get out of it.

“We have to pay whether we use the week or not, but we can’t ever find suitable exchange opportunities”.

This is a very common complaint from timeshare owners. Even though the timeshare concept pledges flexible holiday opportunities, owners often can’t find an acceptable exchange interval. When they complain about a lack of exchange opportunities, promoters often urge them to upgrade to better located and more expensive intervals. These are supposed to expand exchange opportunities, but in reality it is wasted money and it doesn’t really change anything.

When members fall on hard times and are unable to pay maintenance fees they are forced to pay under the threat of CCJ’s (County Court Judgement for non payment).

This is the case Mr. Middlehurst is facing. He has lost his job and is dealing with serious health problems and hence can’t afford to travel any longer. “I tried to cancel, but the developer I bought from wouldn’t take it back”. The fact is that developers don’t tend to buy back timeshares from its members.

Moreover many contracts specify that the ownership of the timeshare is conveyed not just to the owner, but also to their heirs, successors and assigns. That means that the children of the owners could actually be held accountable for this membership and its yearly dues.

It’s no wonder that so many people eventually become desperate to get rid of their timeshares after a few years. The few fun holidays that they may get out of their timeshare rarely outweigh the on-going burden of this kind of ownership.

Forever is a long time and forever is often what people agree to when they sign a timeshare contract that includes a perpetuity clause.

Bookmark It