Timeshare owners suffering from the cost-of-living crisis

The latest news from Timeshare Advice Centre and European Consumer Claims.

There could be a large departure from timeshare as the cost-of-living crisis gets worse.

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 go on holiday as a result.

But it's not so easy for timeshare owners.

About 600,000 British families currently have timeshare memberships, with over 455,000 of them owning timeshare in Spanish resorts. But most of these people will be unable to make changes to how they go on holiday.

Why? They are stuck in strict long-term contracts.

Priorities

Timeshare owners are experiencing the same problems as everyone in the UK in the cost-of-living crisis:

• Wages are stagnant and hardly going up at all.
• Pay freezes have been put in place for many in the public sector.
• High inflation is leading to big problems right across Europe.

Plummeting incomes mean many people are now struggling to pay bills, and holidays are not exactly a priority.

Holiday habits changing

Due to the current crisis, many Brits are now looking at some of these measures to cut down on spending:

• Going on fewer holidays
• Choosing budget holidays instead
• Enjoying a staycation near home
• Taking less time off for holidays

Indeed, many people are deciding that they won't go on holiday at all.

Not for timeshare owners...

The options for timeshare owners are far fewer. While most people can change their holiday plans wherever they want, timeshare owners are stuck.

They are contracted to pay for their holidays every year, even if they don't go.

Timeshare companies enforce these annual fees, and they sometimes use debt collection services too.

And whenever the resort wants to, they can increase the annual fees they charge. Seeing as maintenance costs are going up, just like for hotels, these could increase significantly.

While people who cannot afford to stay in expensive hotels simply won't book them, timeshare owners are legally committed to pay.

What are your options?

Are you stuck in a timeshare contract that you want to get out of?

It is true that timeshare contracts are designed to be biding however, it is possible to escape them with expert assistance.

It can take as little as a couple of months to be free of your timeshare. Sometimes even faster and sometimes a little longer.

If you want to get out of your timeshare contract or just want to find out about your options, start by contacting our team of specialists at The Timeshare Advice Centre for a free and confidential assessment.