Escaping an unwanted timeshare contract can feel like attempting to pull off a houdiniesque feat. None the less, it is possible and does not require being a master magician to do so. To prove as much, here are three entirely legal ways to escape your timeshare contract in 2017.
- Cancel Your Timeshare
As explained in full detail by the Timeshare Consumer Association via their article: “Cooling off periods”, the term describes a period of grace in which consumers are permitted to return a product or otherwise decide to opt out of a legally binding contract without being penalised. What is more, within a cooling off period consumers are also entitled to have their initial and full ‘investment’ money back without being required to provide a reason as to why they have decided to cancel their contract.
The fourteen day cooling off period affixed, by law, to timeshare sales here in the UK was put in place in an attempt to protect would-be timeshare buyers. This protection is unfortunately necessary. Prior to the cooling off period being in place there was little to prevent timeshare buyers from falling prey to unscrupulous and overly aggressive timeshare sales people and companies who employ unethical sales tactics. The most common and unethical tactics include cold calling and presentation events, both of which are used to create pressurised situations in which buyers are not afforded sufficient space or time to think over or even make an informed decision before signing on the dotted line.
Hence, if you have been the victim of an aggressive timeshare sales person or wish to dispose of your recent timeshare purchase (for any other reason) and haven’t yet owned it for fourteen days, act now because doing so is by far the most straightforward and least complex means of getting rid of a timeshare.
- Resell Your Timeshare
If you happen to have owned a timeshare for more than fourteen days, you can still get shot of it, and there are two legal and realistic means of doing so open to you. It should be understood though that both involve accepting that whilst you stand a fair chance of successfully and legally ridding yourself of your timeshare commitment, either option will rarely see you receiving much if any of your initial investment amount back, never mind turning a profit on it.
That made clear, the first means many timeshare owners explore is resale. This is because resale, when possible, provides the hope at least of recouping some of your original investment amount. Whilst the amount you can expect to receive if you are one of the fortunate few who manage to resell at all will in most cases be meagre, successfully reselling a timeshare can help to assuage some of the otherwise sense of injustice many timeshare owners feel upon trying to rid themselves of what was sold to them as an ‘investment’.
Because scammers are all too aware of the desperation and injustice many timeshare owners feel and their desire to resell though, those looking to do so must exercise caution; in 2017 you are about as likely to be targeted by a scammer when selling a timeshare as when attempting to purchase one. Then, for those looking to resell, ahead of doing so and to prevent becoming a victim of a timeshare resale scam, begin by reading the advice provided via the Citizens’ Bureau website. You can also turn to the Citizens’ Advice Bureau in person for free and impartial support.
- Return Your Timeshare
The second means of breaking your timeshare chains and an option many who fail to resell their timeshare turn to is to try and return it to the company or holiday club from which you initially purchased it. This is often the savviest means of legally escaping a timeshare contract, although some timeshare owners are deterred by the fact that doing this rarely garners them any of their investment amount back, never mind a profit.
Further, returning a timeshare to the company from which you purchased it does mean that the company can once again resell it to somebody else. This means that they stand to profit from your loss. This also makes some timeshare owners reconsider taking this route to freedom.
That said, when the alternative is to continue paying the very same holiday club or resort via annual fees to maintain a property no longer used or wanted, returning the timeshare can be well worth attempting and with perseverance often the most successful means of breaking free.
Then, for those wishing to make a clean and legal break from their timeshare as soon as possible, returning a timeshare is an avenue well worth exploring. You can learn all you need to know about how to go about it and do so in order to maximise your potential of successfully doing so via the Timeshare Users’ Group website, which also features a forum where timeshare owners can communicate with and offer advice, support and reassurance to one and another.