An increasing number of timeshare owners have in recent years been resorting to desperate measures to rid themselves of the financial burden of having purchased a timeshare.
One of the most popular (although by no means legal) way to try and escape a timeshare commitment is to simply stop paying annual fees. Whilst this works in some cases, it is a risk; annual fees attached to a timeshare are legally binding, hence refusing to pay up could land you in court or result in having the bailiffs knock at your door.
Then, to avoid either of those eventualities, here are five legal ways to exit a timeshare to explore before resorting to desperate measures.
- Sell Up
Selling a timeshare is almost impossible in 2016. Of course if you are here because you own one and are trying to sell it or have tried previously, it is likely that you will already know that for every person looking to buy a timeshare there are currently and literally hundreds trying to sell up. Hence, even those who manage to sell their timeshare without being conned out of it are likely to make back only a fraction of what they spent on buying it in the first place.
Then, and if you are determined to sell up (and you will need to be to stand any chance of succeeding) a good place to begin learning how to go about it and how to maximise your chances is by visiting the Timeshare User Group website and by familiarising yourself with the advice they provide via their guide: Cold Hard Facts about Selling Your Timeshare.
- Give Away Your Timeshare
For those so desperate to be rid of a timeshare that they no longer hold out any hope of recouping any of their financial losses and instead simply want to cut their losses and escapes the nightmare of having to continue paying annual fees, one perfectly legal way to do so is to simply gift a timeshare. You can gift a timeshare to anybody who might want or be willing to accept and receive it. This includes friends and family.
You can also in many cases gift a timeshare back to the resort or company from which you purchased it, although many people avoid doing this at all costs as this only enables the resort to then sell the timeshare onto another person who, like you, might well not realise what they are getting themselves into.
- Return Your Timeshare
Speaking of the resort or company from which you purchased a timeshare, rather than gift your timeshare back to them, there is scope to instead attempt to return the timeshare to them which in almost all successful cases willat least see some of your money returned to you, if not all of it.
In cases in which a person or couple have bought a timeshare within the last fourteen days, for example, it is in fact relatively simple to return the timeshare and you can in this case expect and demand your full investment amount to be returned to you.
For more information as to how to return a timeshare within the first two weeks of having purchased it, continue your research via the UK European Consumer Centre website.
- Special Circumstances
In certain and very specific circumstances there is a chance that timeshare owners might be able to have their contract squashed. Unfortunately and as reported and discussed in more detail via the Telegraph Newspaper website, these circumstances are almost always consigned to instances in which a joint timeshare owner (such as a spouse or partner) has passed away or a person or couple have declared themselves bankrupt.
Still, it is important and worth being aware that should a person you jointly own a timeshare with happens to pass or you and / or your partner become bankrupt there is scope to have you contract ended.
- Discover Whether Your Contract is Void
Finally, a substantial number of people over the years have been mis-sold their timeshare. In some cases a mis-sold timeshare has even been deemed null or void by the courts and in others timeshare owners have been actually holidaying in a timeshare property and paying fees for a property whilst their contract has in actual fact meant nothing; the terms of it or means by which it was sold and bought mean that it was never legally binding in the first place.
For a small fraction of timeshare owners who make use of and wish to continue making use of what they believe to be a legally standing timeshare agreement this is potentially terrifying news. Meanwhile, for the millions more who are looking for a way out of their timeshare contract, this news could be exactly the news they hoped to hear.
Then, to discover whether you timeshare was mis-sold to you and if so what this means and whether it in fact renders your contract void, head over to the Timeshare Consumer Association website and begin by reading their advice contained in the article: How to cancel the acquisition of a timeshare or holiday clubs and get your money back.