It has been just over 2 years since the referendum took place that resulted in ‘Brexit’ and unfortunately, at present, it doesn’t seem that many people’s minds have been put at rest with regards to what this actually means. News outlets are reporting on the many meetings and talks taking place but it seems that not everything has received mutual acceptance by all involved.
Timeshare owners are amongst those worrying about how Brexit will affect them and with no hard answers, speculation is running rife. Here at Timeshare Compensation, many owners have been enquiring about how and if Brexit will affect them and what can be done about it.
There has been substantial fluctuations in the pound to euro exchange rate and this has affected all aspects of the holiday industry, including timeshare. There is no certainty of receiving a good exchange rate when getting holiday money, so this will make a difference to what people can spend while away.
With many British timeshare owners being members of EU resorts, many are wondering if this is also going to affect the cost of their maintenance fees. Often people feel the ever increasing costs of their maintenance fees is getting too much to bear and with the uncertainty that Brexit is bringing, will they now increase even more?
“Countries that are part of the EU, such as Spain, the Canary Islands and Portugal, have a huge timeshare community with a lot of British members. Timeshare companies that are based in the EU convert their costs from euros to sterling and with the uncertainty of the exchange rate, this could raise owners maintenance fees before annual inflation fees are even taken into consideration.”
Mark Rowe, Founder
There have been reports that a ‘visa-like’ payment may be required for people to travel in and out of the UK, but once again this is speculation. If this does come into force it will be another added cost for all holiday maker as well as timeshare owners.
Another concern for timeshare owners is, if the UK is no longer part of the European Union, will the EU directives relating to timeshare still apply? Nothing has been confirmed or denied regarding this at the moment but to theorise, if you own timeshare in a EU country they should still abide by the laws set out for the EU.
Many people are looking to be released from their timeshare obligations due to the ongoing, unanswered questions that Brexit poses. People that are already struggling financially because of the costs of their yearly fees are wanting to exit before things get any worse. This is likely to have a domino effect, with more people exiting from timeshare it leaves fewer people to take the brunt of maintenance costs.
“We have already seen an increase in the cost of flights over recent months, with the potential for further increases in maintenance fees and other uncertainties yet to be resumed, many timeshare owners are really feeling the strain.”
Mark Rowe, Founder
At this time, nobody knows for certain what impact Brexit will have but if you are looking for further advice or are seeking to exit from your timeshare call us on 0800 046 5855 and speak to one of our advisers today.