There could be a significant shift away from timeshares as the cost-of-living crisis continues to bite.
Stuck in timeshare contracts
The cost-of-living crisis is really starting to take its toll in the UK, and many people are changing how and where they holiday as a result.
For timeshare owners, however, it’s rarely that simple.
Around 600,000 British families currently have timeshare memberships, with more than 455,000 of them owning timeshare in Spanish resorts. But many of these owners can’t easily adjust their holiday spending.
Why? They’re tied into strict, long-term agreements — which is why so many people search online for how to cancel a timeshare contract.
Priorities
Timeshare owners are facing the same pressures as everyone else in the UK during the cost-of-living crisis:
- Wages are stagnant and barely rising.
- Pay freezes have been introduced for many public sector workers.
- High inflation is causing serious challenges across Europe.
With incomes under pressure, many households are finding it harder to keep up with bills — and holidays quickly drop down the list of priorities.
Holiday habits changing
Because of the current crisis, many Brits are looking at ways to cut back, including:
- Taking fewer holidays
- Opting for budget breaks
- Choosing a staycation closer to home
- Taking less time off work
In many cases, people are deciding not to travel at all.
Not for timeshare owners...
For timeshare owners, the choices can be much more limited. While most people can change their plans whenever they like, timeshare owners are often stuck.
Many are still required to pay year after year, even if they don’t travel.
Timeshare companies enforce these annual fees, and in some cases use third-party debt collection services — which can lead to timeshare debt collection threats UK owners may find worrying.
Resorts can also increase charges when they choose. With costs rising across the travel sector, those fees could climb sharply, leaving owners trying to stop paying timeshare maintenance fees they can no longer afford.
Where someone who can’t afford a hotel simply doesn’t book, timeshare owners may still be legally committed to pay.
What are your options?
Are you stuck in a timeshare agreement and looking at timeshare exit options UK owners commonly consider?
It’s true that many timeshare agreements are designed to be binding. However, it is possible to escape them with the right timeshare contract cancellation advice and support.
The timescales can vary, but some owners become free of their timeshare in as little as a couple of months — sometimes sooner, sometimes a little longer.
If you’re trying to get out of a timeshare contract UK owners can find difficult to leave — including help leaving a Spanish timeshare — start by contacting our team at The Timeshare Advice Centre for a free, confidential assessment and timeshare legal advice UK guidance, including discussion of timeshare relinquishment UK routes where appropriate.
