You may have had many good holidays out of your timeshare and now you feel your circumstances have changed and a timeshare no longer suits your lifestyle. If you have been looking for ways to get rid of timeshare, there are a few things you need to know first.
Not all timeshare companies have same regulations when it comes to getting out and some let you surrender your ownership as long as your maintenance fees are up to date. Others will make it very difficult to get out as losing you as a client means losing many years worth of maintenance fees. Companies like that don’t usually put the money back into maintaining the resort, but see it as a source of income.
What should you do?
Your first port of call should be your resort, however many companies are not very helpful when it comes to explaining your options and often will try to get you to upgrade your product. Be very careful when you approach the sales consultant and just say no to spending any more money. Fixed and floating weeks are usually the most difficult types of ownerships to get rid of and the law differs greatly from country to country.
Secondly, if you choose to sign up with a re-sale company, make sure you do your homework. Only 3% of timeshare resale companies actually sell your product on and often at a significant loss. Others only operate on a profit basis and as soon as you have paid them, you will most likely never hear from them again. Dishonest companies will either ask you for an upfront payment or inform you of a prospective buyer and ask you to pay the transfer fees. The safest option is not to give away any of your details to timeshare re-sale companies and cold callers.
Remember, walking away from your timeshare and not paying your fees is not a solution and will result in possible debt collection, court action and your credit rating could be affected.
What are your rights?
In some cases you have legal grounds for terminating your contract. If your financial situation has changed, you have been made redundant or declared bankruptcy, you might have a case for relinquishing your timeshare contract. You may be able to dissolve your contract if you can prove your circumstances have changed, but this can be a time consuming process as you will need to be familiar with the law.