More than 600,000 people in the UK own a timeshare.
However, many want to relinquish them but are finding it incredibly difficult to.
Timeshares have previously been advertised as a lifetime of holidays without hassle. However, the annual maintenance fees, and the costs of using it and purchasing travel insurance is becoming too expensive for people that have “invested” in a timeshare decades ago. Many are unable to keep up with payments due to retirement and / or poor health. Others are stuck in a contract that they no longer want to be a part of.
Those who have looked into selling their timeshare were unable to as “no one was buying them”. When asking the resort to terminate their contract they have either been declined or have been handed a large exit fee.
In addition, when meeting with the resort’s team, they were told they had to buy another product. They were told that the product would give them a financial return and make their timeshare worthwhile. This was all a money making scheme which didn’t have the owners’ best interest. Instead, it was a mechanism to persuade them to keep it, purchase another product and make the resort more money.
If you are seeking advice about relinquishing your timeshare then get in touch with Consumer Reclaim.