We are all familiar with the story.  You go on a family holiday to enjoy lounging by the pool but instead end up sat in a presentation for timeshare.  Caught up in the holiday feeling and eager to get back to the pool, you agree to buying a timeshare with a long list of benefits which can soon turn into a long list of problems that can leave you wanting to get out of the contract.

The problem is that not only did you sign up for a timeshare, but you signed up for an obligation to pay yearly maintenance fees on a contract with an end date that sounds almost biblical in its length.  Those maintenance fees have to be paid whether you use your timeshare or not and can be increased at the Resort´s discretion and without your consent.

Aside from the ongoing maintenance fee obligations there are other reasons why you may wish to cancel your timeshare;

Holidays have become too run-of-the-mill.  When you fell in love with your timeshare, it was all a novelty that you looked forward to returning to each year.  But after many years of returning to the same Resort, whose standards may have slipped since you first bought (so what have your maintenance fees been spent on), it may have become boring and predictable and you want some spontaneity back in your life.  Maybe you´re only going back to the same old place every year to make sure you are getting your money´s worth and not because you really want to go there.

Your health is not what it used to be.  Some owners have found that since they purchased their timeshare their health has declined, and they are no longer able to travel and make use of their ownership.  Even so, many resorts are not sympathetic to the fact that health issues can prevent their clients from using the ownership and offer no help with cancelling the contract.  It is then up to the owner to search for an alternative route to find a solution to cancel their contract.

You´re fed up with the lack of availability.  It may be that you contracted to a floating or points-based timeshare but have found that you have to book too far in advance or have found availability hard to come by (or in some cases impossible) and have decided that enough is enough.

You don’t have as much disposable income any more It may be because you are retired or want to retire, or you have been made redundant at your job, got divorced or you´re just not making as much money as you did when you bought your timeshare.  Flights and other holiday expenses may be too much for you at the moment, so a timeshare seems like an unnecessary luxury.

You feel like you have been mis-sold. If you were sold a dream that turned out to be more of a nightmare, not only does it make for a miserable holiday, but it impacts on the other areas of your life.  You may have also experienced the feeling that you´ve made a bad decision, even though your decision was based on statements made by the sales representative which now seem far-fetched.  In this instance you may be looking to claim your money back as well as cancel the contract.  Perhaps you were told that you could make money from your timeshare but you´ve now found this not to be the case so you want to stop paying more money out on a dead-end investment.

The maintenance fees keep on rising.  Many owners have found that they were not properly informed as to the yearly increases in maintenance fees.  It is normal for the fees to rise each year, but many timeshare resorts use their discretion to raise the price of the maintenance fees much beyond the rate of inflation.  Some owners have even found that since the purchase of their timeshare, they are now paying double the amount in maintenance fees without any explanation of how the fees are being managed.  If you don´t pay the fees, then you could risk the knock of a collection agency at your door and a bad credit rating so it´s important to keep up with the yearly demands.  It´s sometimes a bitter pill to swallow if you feel that you are not getting any value out of your timeshare and yet you still have to pay the maintenance fees for the duration of the contract so sometimes the best option is to seek a cancellation of your contract.

Your timeshare resort has been taken over by another company.  As with many other businesses, a timeshare resort can be bought out by another company which can sometimes change the terms of use of the timeshare ownership.  For example, if the resort becomes part of a group of resorts, the owner may find that they have lost the right to use the original resort where they bought their timeshare and may not want to use the other resorts that are available.

It´s not worth the stress of making it pay for itself If you are not using your timeshare, it may be that to justify keeping it, you have to find people who are willing to rent your timeshare which means trying to attract, screen and manage the rentals.  This is a lot of effort and stress and the rental money may only just cover your maintenance fees.  Sometimes, cutting your losses can be better than continuing to pay.

If you are looking for a solution for your timeshare troubles, send us an email at tellus@o-yoo.com or call us on 01793 251 080 and we´ll be happy to help.