Owning timeshare can be very restrictive for many people. Many people can only visit the same country at the same time each year, meaning they don’t have the freedom to explore new, exciting places. With the ever increasing cost of maintenance fees, a lot of timeshare owners are not in the financial position to take holidays other than when they use their timeshare.
Exiting your timeshare not only brings you some financial freedom, it allows you to travel to different places in your home country or worldwide.
It’s not just timeshare owners who have a fixed week that find the lack of flexibility an issue, owners that are part of an exchange program often complain they can’t get the accommodation or weeks they want due to lack of availability. These owners find they have a higher chance of successfully booking their desired location and time only if they book a year or more in advance, and this isn’t always guaranteed.
Owning timeshare decreases spontaneity quite dramatically. It’s hard to be spontaneous when you are either having to visit the same place, time and time again or you are already worrying how you are going to pay this years maintenance fees.
Relinquishing your timeshare opens up so many more opportunities to you. You can visit new places, possibly even book that last minute getaway you’ve been dreaming about or put aside the money you would pay for maintenance fees to one side for a rainy day.
The timeshare industry is regularly in the press for one reason or another, of late it is due to the many people taking their timeshare companies to court for the mis-selling of the timeshare or illegalities with their timeshare agreements. Timeshare owners are now in the position of being able to fight for their rights, they no longer feel they just have to put up with the situation they are in.
If you are feeling the strain of owning timeshare, there may be something that you can do about. European timeshare laws are in place to protect timeshare owners and in recent times many timeshare owners have taken their cases to court and won.
The most recent European Directive was put in place in 1999 and has strict guidelines for timeshare companies to adhere to. Despite this many timeshare companies have continued using the same unethical practices they have always used.
No longer can timeshare companies include an ‘in perpetuity’ clause in any timeshare contracts, all the language within the agreements must be clear and concise, points systems are no longer legal and the 14 day cooling off period must be adhered to.
The points mentioned above are just a few of the reasons that timeshare owners are able to exit from their timeshare. If you would like further information about any of the above or you feel that you were mis-sold your timeshare call Timeshare Compensation on 0800 046 5855. One of our experienced advisers will be able to discuss all the options available to you, you may even find that you are eligible for some compensation.
See our recent post regarding qualifying for compensation.