Many people purchased their timeshare believing it would entitle them to hassle-free holidays year after year.
Sales people working within the timeshare industry used clever sales tactics when presenting all the benefits of owning a timeshare. They highlighted many ‘advantages’, such as – having a holiday when and where you wanted if you opted for points or exchanges, if you had set weeks you could return time and time again to your favourite place and see friends that you have made while there at the same time each year. Another popular sales pitch used was that purchasing timeshare was a good investment for you and your family as the value of the ownership would likely increase.
As it turns out many of these ‘advantages’ were found to be untrue. People struggled to book the time they wanted due to limited availability, some people with set weeks were convinced to convert to points and the ‘investment’ was worth next to nothing.
Many potential clients really believed everything that the sales representatives sold them and in turn became timeshare owners. It has since been discovered that many of the terms written in the contracts were glossed over and not explained in full, leaving many people confused as to where they stand.
Some timeshare contracts were signed in perpetuity. In basic terms, this means that the contracts last forever, even after the death of the named owners with the agreement being passed down in their estate.
At the time of signing this type of contract it is possible that people were led to believe that this was a great opportunity to invest for you and the family, with potential value increases or that future generations would continue to reap the ‘benefits’ of all that timeshare has to offer.
Timeshare contracts that were signed in perpetuity are now causing many owners undue stress and worry. Once believing that the purchase of this ‘asset’ would be a benefit to their family has now turned in to a burden.
What can be done about this?
In January 1999, the Spanish government ruled that timeshare contracts could only have a maximum term of 50 years and any contract signed in perpetuity after this time would be deemed null and void.
Despite this law being put into place, many timeshare companies chose to disregard the law and continued with their usual business practices and continued to accumulate profits in this unlawful way.
Some timeshare owners felt that they needed to go to court to get this problem sorted and by January 2016 many of the issues had reached the Spanish Supreme Court, with many of the cases having rulings against the timeshare companies which have included Anfi and Silverpoint.
If you are looking to release yourself and your family from the burden of your timeshare, please contact us today. Even if you signed your contract before 1999 there may be something that we can do to help, we may discover that you were mis-sold your timeshare by other means.
Not only could you be free from your timeshare you may also be entitled to compensation.