Timeshare owners often have to pay high annual membership and maintenance fees whether they use their timeshare or not. With 2023 bills due soon, anyone looking to avoid another year’s charges may be running out of time to start the timeshare relinquishment process.
Ongoing commitment
If you’ve never owned a timeshare, it can be hard to see why the ongoing costs feel like a trap. Here’s a simple analogy:
Imagine you visit a hair salon and they offer you a “members’ club”.
You pay £10,000 upfront and commit to using that salon for a set number of years.
On top of the lump sum, you still pay for every haircut. Sometimes it’s the standard price, but often it costs more.
If one year you choose to go elsewhere for your haircut, you still have to pay the salon.
And if you don’t go at all that year, you still pay an annual fee simply for being a member.
Price increases
To make matters worse, the club can raise prices whenever it likes — and you’re obliged to pay.
It may even cut corners by lowering standards, bringing in less experienced hairdressers, or choosing not to upgrade equipment.
Overbooked
Eventually, you might dread going to the salon and want to move on. Perhaps the salon can’t fit you in because it’s overbooked — often by people who aren’t members.
Whatever the reason, and no matter how strongly you want to leave, you’re still stuck paying the fee.
Would you find that frustrating?
Owner regrets
Many timeshare owners are increasingly fed up. They’ve paid significant sums and often feel they have little to show for it.
What’s worse, some owners say they were sold illegal contracts.
In many cases, members pay similar prices to other guests to use the resort — even though those guests didn’t pay any joining fees and can simply book through Booking.com and similar sites.
It’s a long way from the “exclusive” arrangement many members thought they were buying.
Add disappointment about standards being reduced, and it’s easy to see why so many people want to cancel their timeshare membership legally.
Feeling stuck
For many, the biggest issue is feeling trapped. When they signed in the 80s or 90s, they were promised a lot, and it sounded like good value.
Now, as many as 85% of owners have come to regret their decision.
Many assume there’s no way out.
A helping hand
In reality, it is often possible to exit a timeshare contract — particularly with expert help.
Industry messaging has persuaded some owners that leaving isn’t possible, but that isn’t always true.
When members find a trusted company to guide them, they may discover they can stop paying timeshare maintenance fees without unnecessary complications.
However, timing matters if you’re trying to avoid the next annual bill.
Now is the time to act
Andrew Cooper, the CEO of European Consumer Claims, says that “it takes an average of two or three months to relinquish a timeshare contract”. Sometimes it can take a little longer, and sometimes it can be under two months.
With maintenance bills expected over the coming months, starting now gives you the best chance of completing the process before another year’s fees fall due.
In addition, according to Cooper, “a significant number of timeshare owners’ contracts are actually illegal.”
Where this can be proven, the owner may not only have a route to exit their contract, but could also be owed compensation from the resort.
That’s why it’s essential to have your options reviewed by experts.
If you want to explore your options for leaving your timeshare membership, speak with our trusted and experienced advisers at the Timeshare Advice Centre for free and confidential advice.
