Struggling to free yourself from a timeshare agreement? Firstly, know that you are not alone. Secondly, take a moment to consider the three ways discussed here, as one of them might just prove your key to freedom.
- Find Out if Your Timeshare Contract is Even Legal
The point of going to the effort, time and trouble of drawing up a contract when entering into a financial agreement of any kind with another person, or accompany, is in ensuring said agreement is one which meets the following criteria:
- the terms for all involved parties are clearly stated and agreed upon
- there is proof, should it be needed, that all parties understood the terms and had access to them
- a signed contract is then proof of the above and that all parties willingly entered into the agreement
Of course, this is overly simple, when in actual fact timeshare contracts are often overly complex, so much so that a portion of those who have entered into them have been purposefully deceived into believing they understood what they were doing when in actual fact they didn’t. Further, and another means by which timeshare sales people operate is via presentations and utilising pressure tactics that intentionally prevent potential buyers from being able to think over their decision or properly read and process the terms before signing on the dotted line.
Once upon a time when this happened there was little an ‘investor’, or perhaps more accurately a ‘victim’, could do; a contract was signed, after all. But because timeshare sellers exploited this reality to such extremes, UK and now also European Law reform and amendments are at least attempting to stomp out this underhand means of selling timeshares to consumers. Better yet, this means for those who are all too familiar with this reality due to having fallen prey to it, there is real scope in 2016 to not only have your contract rendered void, but to even recoup your ‘invested’ money. Some people have even received compensation to take into account the amount lost and spent paying the annual fees attached to the timeshare in the meantime.
Hence, before thinking you would know instantly if your contract had been mis-sold or was void due to the means by which it was presented to you, head over to the Timeshare Consumer Association website and give their Common Misrepresentations Consumers are Subjected to article a read – whilst doing so can do no harm, there is a chance that it could offer you both freedom and financial dues, where and when deemed appropriate according to UK law.
- Act During the Cooling Off Period
Another part of the legislation in force here in the UK (you can read more via the In Brief Online Legal Resource) states that all timeshares sold must feature a 14 day cooling off period. This reform was put in place in order to specifically stem the problem of mis-selling and prevent timeshare sellers from being able to rely on using underhand tactics to shift what is in 2016 an extremely hard to sell and little wanted commodity – due in no small part to the murky tactics and ways of timeshare providers as much as changing travel fashions.
Hence, if you have purchased a timeshare within the last 14 days and already want rid, fortunately this is relatively simple to do. Simply put your request in every medium possible (write it, email it and speak it) and get it to the company or club from which you purchased the timeshare. They have no right to deny your request. Further, legally the amount you paid should be held not by them (to ensure they cannot spend it) but in a holding account during this period, making having your money returned to you straight forward and a realistic expectation.
- Legal Timeshare Exits Due to Extenuating Circumstances
Due to the many refusals a lot of timeshare owners have had attempting to exit their timeshare agreement when a death or financial hardship have befallen them, there is today a misconception amongst current timeshare owners that neither the death of a partner (with whom you bought a timeshare) nor financial hardship can ever be successfully used to escape a timeshare contract.
Fortunately, this is not the case in 2016. In fact, both the death of a partner or anybody with whom you entered into a timeshare contract and the inability to afford your timeshare any longer can be used to successfully argue and ultimately end a timeshare agreement.
They can only be used though if you are able to provide actual and irrefutable evidence to support your claim. Further, in many cases, you must be willing to fight and unwilling to back down when or if initially rebuffed, as discussed and explained in more detail via the Telegraph Newspaper website article: I no longer want my timeshare, what are my rights?