We often have people contacting us to find out if they are eligible to claim compensation or requesting information regarding terminating their timeshare agreements. We hope this post can help answer some questions.
It used to be a much quicker process to terminate a timeshare contract, however, now it seems that the process can take several months to finalise!
How long does it take?
This is dependant on your resort, you could receive confirmation within 6 weeks of starting the process.
Give your self plenty of time. The most common mistake timeshare owners can make is to leave things until the last minute. Some timeshare resorts will try to drag the process out if your next maintenance bill is due soon.
What happens if my resort closed down?
Several timeshare resorts in Europe have closed down or have entered into liquidation, while some others have entered an acquisition stage. This shows that the future of timeshare in Europe is coming to an end. This doesn’t necessarily mean that the burden of paying those ever-increasing maintenance fees will now disappear.
Your contract could be with the management company agreeing to maintain the resorts “subject to availability”. If the resorts are closed, your accommodation is “not available” but the grounds are still your responsibility to maintain. This may not be the case for everyone; however, it could be very likely.
Can you claim the money back?
Many timeshare owners can, however it is not a guarantee that all timeshare owners can recover the money that they have spent when buying the timeshare. You would need to speak to a specialist for accurate information. Feel free to use our online compensation calculator to find out.
Where can I get this information?
Speak to a specialist for free. The information costs nothing, and it is up to you what you decide to do with that information. If the outcome is not what you are looking for, then at least you will know.
It could be great news!
We understand that timeshare resorts will advice you to continue with your ownership and continue paying them, those annual fees. They are a business, and they are in business to collect your maintenance fees. Not every timeshare resort has their members wellbeing as a priority. It is in their best interest, financially, to keep receiving payments from you.
What are you waiting for?
Request a call and a specialist will answer all of your questions.