If you have purchased a timeshare there are several ways you can exit your agreement. Here are the three most frequent way by which timeshare owners exit theirs, how and information as to whether they may apply to you.
Got Cold Feet During the Timeshare Cooling off Period?
Legally speaking, contracts both verbal and written are in the UK binding. Therefore, no contract of any description should be entered into lightly. Cancelling a legal contract, in instances when this is even possible, is rarely simple with consumers often understanding far less about the legalities surrounding or pertaining to a contract they have entered into than the parties belonging to a business or company.
To further complicate things, the timeshare industry is fraught one. Waning interest in timesharing and mounting horror stories about innocent ‘investors’ who were conned or pressured into purchasing a timeshare are rife. Consequently, the law has put into place certain rules and regulations by which all timeshare agreements are made and as such all timeshares are to be bought and sold.
One of the most important pieces of legislation put into place to minimise the instance and numbers of parties who regret entering into a contract, and which can permit timeshare purchasers to exit their contract, is known as ‘the 14 day cooling off period’. This has been done to protect timeshare purchasers against being pressured or manipulated into purchasing a timeshare and means that a timeshare purchaser can cancel the contract within the first two weeks of having agreed to it. The regulations and details are contained in the ‘ The Consumer Protection (Amendment) 2014’ which you can learn more about in detail via the Timeshare Exit & Support Services website.
Mis-sold a Timeshare?
Unfortunately for a large number of people who are unhappy with and so wish to exit their timeshare agreement 14 days is not enough. The good news is that those who are able to prove that they have been mis-sold a timeshare or whose contract has been contravened by a party other than themselves are as such legally entitled to cancel or exit that contract without incurring any financial penalty.
Whilst being able to exit a timeshare contract on the grounds of it having been mis-sold or breached is good news for anybody who has experienced this when purchasing a timeshare, it is an unfortunate reality that this happens within the timeshare industry, and at a far higher level of incidence than many other industries. As such, it is doubly important when purchasing a timeshare to read, re-read and be sure to understand a timeshare contract before signing on any dotted lines.
Lastly but equally importantly, it matters in which country you happened to sign upon that dotted line. Different countries practise different laws and regulations and afford consumers different rights. Those who has taken out a timeshare contract in the UK are protected under the ‘breach of contract’ rule, but you may not be in other countries.
To learn what the law is in the UK and access the advice about timeshare contracts, you can visit the Trading Standards section of the UK Government website where you will be able to access and read their official advice and information on timeshares and holiday clubs.
Considering Reselling Your Timeshare?
If you cannot exit an existing and binding timeshare contract because the 14 day cooling off period has elapsed and no breach of contract has been made by any parties, you may need to at least consider re-selling your timeshare.
Selling a timeshare is not, in itself, complicated. That said, because timeshares are often referred to as an investment, many people are disappointed to learn that timeshares rarely in 2016 fetch their owners much if any financial gain. In fact, because the public demand for timeshares is at an all time low and looks unlikely to improve, selling for many is very much seen as a means of being ‘freed’ of paying what often become mounting annual fees attached to their timeshare property, and not a way to make money.
Further, because timeshares are hard to sell, there is a real danger when attempting to resell a timeshare of falling prey to a scam such as those operated by so-called brokers who promise (for a ‘one off’ fee) to find you a buyer at a ‘good’ price. Hence, if you are considering reselling a timeshare, it is highly advisable to seek the advice of an expert such as, the Timeshare Exit and Support Service aforementioned above.