A quarter of a million Britons may be trapped in timeshare agreements, paying more than £250 million a year to maintain properties that many do not want or use.
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Timeshare may have been all the rage in the Eighties, when masses of Brits snapped up weeks in holiday apartments in Europe, but with households feeling the pinch, many are now trying to sell up and get out.
Timeshare maintenance fees have grown unaffordable, and many of those who bought timeshares are aging and can no longer travel. In some cases, people have been subject to financial mis-selling in that they have been sold a timeshare without being made aware of the full conditions of the contract.
Selling a Timeshare
In some cases, the bogus companies offer to buy owners out of their contract or sell the timeshare for an upfront cash fee of, say, £6,000. Some also promise owners a “reclaim” of a percentage of the value of the property. However, those who have fallen for such timeshare resale scams say the firms fail to organise a resale, or demand more money once they claim to have found a buyer. In some cases, the scammers disappear with the cash.
The TCA says there are a million timeshare owners in Europe, 40 per cent of whom are British. For every prospective buyer, there are an estimated 400 owners wanting to sell a timeshare. The Timeshare Association (Tatoc), another consumer group, says more than 50 per cent of people who really need to sell their timeshare fall for resale scams.
However, in many cases, getting out of your timeshare is still possible. Our timeshare solicitors have helped many people get out of their contracts and secured timeshare compensation on a no win, no fee basis.
Don’t be one to fall to the scams, we are a regulated law firm, helping legitimate timeshare owners.
Read our Timeshare Mis-selling Compensation Success case study for more information.
You can call us 0800 169 5925 or email info@tlwsolicitors.co.uk.
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