Get Rid of Your Timeshare Before Maintenance Fees Rise
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There are over 5,300 timeshare resorts worldwide with approximately 20 million households owning a timeshare. So, there’s no surprise it’s a booming industry worth millions of pounds. For example, the U.S. timeshare industry saw it’s ninth year of growth in 2018. But where do they make their money? When you purchase a timeshare, you aren’t just buying a holiday home in one payment and saying good-bye to the timeshare company forever; you have to pay annual maintenance fees which can rise each year. Unwanted maintenance fees are one of the main reasons people try to exit a timeshare contract for good.
The maintenance fees are where timeshare companies make vast amounts of money. As long as they can justify the payments and increased costs, then it’s legal because you signed the contract.
Many salespeople might not mention the ability to raise the timeshare maintenance fees when they sell the contract, and you might have just faced a gruelling, intense sales pitch pressuring you to buy no questions asked. But after a couple of years, you then start to notice the fees rising to unbelievable amounts in the thousands.
Soon, these payments can rise so much you can no longer afford them. It causes you to worry and stress over money, making the timeshare agreement to become a burden more than a blessing. Many people are sold a timeshare, thinking it is an investment. But when the maintenance fees start to rise, you realise you are just losing more and more money.
So, what can you do? Getting out of a timeshare contract is much harder than getting into one. When timeshare companies have you in their grasp, they very rarely let go and make it very difficult for you to cancel your timeshare agreement. Even when you pass away, your kids could end up with the stress and responsibility to pay these rising maintenance fees.
Keep reading to get top advice on what you can do to try and exit your timeshare contract. It’s not going to be a smooth ride, and there could still be a stressful time ahead, but with our support, we can help you be successful in your efforts.
Hire a Timeshare Lawyer
Trying to exit a contract by yourself might be tricky. Timeshare companies are known for using every trick in the book to keep you tied to your agreement, whether that’s with threats or lies. If you don’t understand how the law works around timeshares, then you won’t be able to spot when something is wrong or illegal.
Hiring a timeshare solicitor to help you exit your timeshare contract ensures you have expert advice and guidance. Having worked with hundreds of clients in the same position, Athena Law can help you find a solution to your unwanted timeshare contract.
People who report being mis-sold a timeshare contract through lies and bullying tactics might have an easier way out – as long as there is evidence. Sales pitches can be rife with lies and half-truths to try and sell timeshares to vulnerable people. But, when the time comes to pay maintenance fees, the costs have risen, and timeshare owners are left confused. Specialist timeshare lawyers can take a look at the wording in your contract and see if there’s anything which contradicts what you were told when the unit was being sold to them.
A timeshare lawyer can contact the timeshare company for you and assess your entitlement to timeshare compensation. A specialist timeshare lawyer, like Stephen Boyd of Athena Law, will understand how you can take your case further and assess potential timeshare compensation claims, and more importantly, terminate the timeshare agreement between yourself and the resort in question.
Negotiate with the Timeshare Company
With a rise in maintenance fees almost a certainty for timeshare owners, you need to get rid of your contract now. You might have thought you had a great deal when you first bought your timeshare, but rising fees now make it more of a burden. So how can you get rid of it? Sometimes, you can negotiate your way out of a timeshare contract.
It’s essential to speak to a specialist timeshare lawyer about your options before trying to negotiate with the timeshare company directly. In some examples, people have told their timeshare company that they can’t afford the fees and have stopped paying them. As a result, the timeshare company has taken the timeshare back. But in other cases, this has gone very wrong and resulted in ruined credit.
This is referred to as a deedback, and it isn’t a well-known solution to unwanted timeshare contracts. Not all companies offer this, but some do like Diamond Resorts and Marriott. Because the list of companies who do offer a deedback isn’t well publicised, when signing a contract you might not know precisely what you’re getting into. It is best to always speak to an SRA regulated timeshare solicitor before taking action, only then can you get the tailored and expert advice you need to succeed.
Check out our website to learn more about Athena Law and how we can help you exit an unwanted timeshare. Unwanted timeshare contracts can be complex to escape, but with a specialist, timeshare solictor to advise you and look over the contract, we can help you find a solution.