In recent years, In Perpetuity contracts have become infamous in timeshare. These contracts mean that you are tied into your timeshare for life, and often that the timeshare will be passed on to your children – whether you children want this or not.
Why They Were Sold
These contracts were initially sold to customers as being a sure way of protecting your investment by stopping the contract from leaving your name and ensuring that your investment could be passed on to your children. However, as many timeshare owners found out, this was not the case. Extortionate, and ever rising, maintenance fees left many timeshare owners unable to afford their timeshare. As these owners tried to exit their contract, they found that the In Perpetuity clause stopped them from being able to legally terminate the contract.
What You Can Do
If you have an in perpetuity contract, there is hope. Our industry experts here at Timeshare Advice Service have a great deal of experience in dealing with contracts of this type. Thankfully due to recent changes in the law, the scales of justice have tipped in favour of the contract owner. In particular, contracts in perpetuity were declared illegal and timeshare owners in possession of these contracts now have a way to get out. In addition, if you were lied to, pressured into signing, or if your resort or sales representative took money from you before the 14 day cooling off period had expired, you could also have a strong defence for timeshare mis-selling.
Many timeshare owners have made the mistake of contacting their resort in order to terminate their contract. This simply makes the resort aware of you grievance and gives the them a chance to stop you from exiting your contract. It is in their best interests to keep you locked into your timeshare in order to keep you paying their ever rising maintenance fees. The best course of action is to let professionals handle your case, as they are familiar with the laws surrounding timeshare and the way timeshare resorts operate – we are also less susceptible to the scare tactics employed by some of these companies.
If you feel any of the above applies to you and your timeshare, please do not hesitate to contact us at the Timeshare Advice Service. We can offer impartial advice on your best course of action and help you to exit timeshare, freeing you from the financial and emotional burden of maintenance fees and unscrupulous timeshare companies.