Top Reasons Why People Want to Exit Their Timeshare Contract
When we enter a timeshare contract, often we don’t think about needing to exit it. We are excited about our new holiday resort or villa and are looking forward to our weeks away. But, there are many reasons why we might want to leave our agreement and be free of the burden of a timeshare. Read on for the top 5 reasons why you might want to exit your timeshare and have more financial stability and stress-free life.
Rising Maintenance Fees
One of the biggest reasons why someone might want to exit their timeshare contract is because of the rising annual maintenance fees. When you sign a timeshare contract, often the information about the maintenance fees are in the small print, meaning you likely overlooked them. This means when companies raise their fees each year, you are surprised that they are allowed to do this according to the contract you signed. Timeshare companies need maintenance fees for the upkeep of the resorts, but they can raise them as high as they like if they provide a reason. If you didn’t know they could do this, you could fear for your financial future and want to exit your contract.
Inherited Timeshare Blindly
When you die, your timeshare contracts gets passed on to your next-of-kin or a beneficiary. It’s up to them whether they want to accept the timeshare or let the fees be paid through your assets. If they accept the timeshare contract, they have to keep up with the fees and can benefit from holidays at the resort. A son or daughter might accept the timeshare, thinking of it as a blessing of holidays every year, not knowing about how timeshares and their fees work. Then when they start to see the rising fees year of year, they begin to regret their decision. But, they can’t back out now and feel trapped in the contract.
Unaware of Contract Length
When we sign a timeshare agreement, we should be told everything about the contract, the fees and the timeshare itself in line with the timeshare regulations. It’s the law we are given all the information we need to know. But, some companies might break these regulations and hide the truth to sell a timeshare to vulnerable people who don’t know a lot about the laws.
A timeshare contract is for life, and you have to pay fees for it until you die. Even after you pass, your assets can be seized to pay for these fees as well. But, some companies might lie to you and tell you that you can exit your contract early and quickly when your contract doesn’t state this. When you discover this lifetime commitment, you might want to exit your timeshare and be free of this burden.
No Longer Suits Our Needs
The idea of a guaranteed holiday every year might have been what pushed you into purchasing a timeshare. But, there are different types of contracts and companies. You could find yourself stuck with the same resort for years to come, making you feel disheartened after a while. You are used to the same place, the same sun and the same holiday every year. You want to travel somewhere new and experience new places but you can’t because all your holiday money goes on the fees for your timeshare. This is a huge reason why some people want out of their timeshare contract. They want to be free to stay at new hotels in new countries and make different memories, rather than reliving the same holiday.
Not What They Expected
When we are sold a timeshare, we are sold a certain expectation of what our resort or villa will be like. Maybe you were shown images of the place where you’ll be staying with a list of amenities available to you as timeshare owners. But, when you arrive on the first day of your holiday, you are let down. The resort itself might look different than advertised, or there need to be lots of repairs and maintenance on the villa. This can cause you to be unhappy and disappointed with your timeshare and looking for a way to exit the contract. Being mis-sold a timeshare like this is often great grounds to exit a timeshare agreement, so always remember to take photos of everything as evidence.
If you want to exit your timeshare contract for one of the reasons above or something else entirely, then contact us today to learn more about how we can help you. We can help you be free of the financial burdens of a timeshare and look towards a brighter future.