The timeshare industry is regularly hitting the headlines and not for good reasons. Time and time again the reasons for bad press are completely justified.
Many timeshare owners feel that they were duped into purchasing their timeshare by sales representatives using unethical methods. Some of the methods used, include being taken to a timeshare presentation and being kept there for hours on end with only alcoholic beverages on offer. Some owners were lead to believe that they would be investing in their future and the futures of their families and others felt so pressured by how and what the sales reps said that not only did they not fully understand everything said they were also forced to signed on the dotted line.
Some owners bought their timeshare on the understanding that it would be an investment, but contracts that were signed where in perpetuity. What this means is that not only does the contract last for the owner’s lifetime, it then gets passed onto to the next of kin or family members when the named owner passed away and goes down in their estate.
Whether these timeshare owners fully understood this at the time of signing the contract can’t be completely known as sales reps would convince them that it was a great idea. They were also told that not only would the family be able to continue to use the timeshare but their ‘investment’ would also increase in value. A statement like this is likely to encourage many people to go ahead and purchase this great ‘asset’.
As time has gone on many timeshare owners have realised that many of the benefits stated in the initial presentation didn’t come into fruition and now feel they are left with a ‘lifetime and beyond’ burden that is causing a financial strain to many due to the extortionate maintenance fees.
Unhappy timeshare owners have gone directly to the timeshare resorts with the hopes of exiting their contract but found that the “in perpetuity” clause has stopped this from happening. Some owners have even been convinced to hand over more money when the resorts offered them ‘better’ deals.
Don’t get disheartened, there is hope for anyone looking to exit their timeshare. There have been changes in the law meaning the scales of justice have tipped in favour of timeshare owners. Contracts that have been signed in perpetuity have been declared illegal and can be null and void so owners with this type of contract now have a way out.
The changes in the law comes at great relief to timeshare owners looking to exit their timeshare. It also means that people may also be entitled to receive compensation. So, not only will you and your family no longer have the financial strain of your timeshare, you can also enjoy any compensation that you may receive.
We strongly advise that you do not contact your resort to exit your timeshare as it is in their best interests to keep you as a client, so they can continue profiting from your maintenance fees.
Contact us today and speak to one of our advisors who all have the knowledge of how best to assist you further.