It has been many years since timeshare was a popular, beneficial purchase. Many timeshare owners revelled in the idea of returning year after year to their favourite holiday spot, in a resort or apartment that they may have considered their own little holiday home.
As the time and years have gone on there have been many reports showing timeshare in a very negative light. The benefits of owning timeshare really haven’t come in to fruition and the once believed asset is fast becoming a burden for many owners. The ever-increasing maintenance fees, the non-existent increase in value and the difficulties in booking the weeks that you would like; are making owners holiday dreams become holiday nightmares.
Some of the owners who originally purchased timeshare based on having a set week, meant that they could return to the same unit at the same time each year or alternate years, are now finding that their contracts have changed and they now own points or floating weeks.
Timeshare resorts have been found to have sold the same unit for each week multiple times and it was easy to change people’s contracts than to accommodate this. Obviously, the only people to benefit from this were the timeshare companies who could increase their profits significantly. This change made it harder for owners to get their desired week and the only way to do so was to book many months in advance. This meant that they didn’t necessarily get a good deal on flights and many just had to book was available, no matter what the cost.
Maintenance fees have to be paid whether the owners get to use the timeshare or not meaning that they are paying for something that they are not benefiting from.
Many timeshare owners have been mis-sold their timeshare. There is a variety of ways that timeshare could have been mis-sold. Listed are some of the reasons:
• It could be that you were forced into making the purchase, maybe you were kept at the presentation for many hours without access to food or drink other than alcohol. You may have just signed the paperwork to get the meeting over and done with.
• Some people were asked to pay a deposit or monies during the cooling off period, which again is wrong. You could have been convinced that purchasing timeshare would be an investment for you and your families future.
If you are unsure that you were mis-sold your timeshare, please contact us and speak to one of our experienced advisors who will answer any questions that you may have and discuss what your options may be. If it’s found that your timeshare was mis-sold you may be entitled to claim compensation.
Contact us today then start planning how you are going to enjoy spending the money saved on yearly maintenance fees and the compensation that you might receive.