Should there be a label letting you know exactly what comes in the “tin” of timeshare?
When we are doing our weekly food shop we are all free to read the labels on what we are buying to see exactly what all the ingredients are and any additives so it only seems fair that this is the case with everything we buy in life, including a Timeshare.
Although when sold a Timeshare you are explained briefly about the product (which of course in many cases is either not explained properly or false information has been given) you are never given a complete detailed contract, for example try and find the word “Timeshare” in your contract…it is not there! Words such as “holiday product”, “long term holiday club”, “fractional ownership” or “holiday property” will replace it to make it sound more appealing along with verbal statements convincing you that it is an investment you are buying into.
We are fully aware that these contract are carefully written to not reveal exactly what the client is buying as the majority would not have signed based on the truth. If Timeshare came with a label it would state that when buying a Timeshare, you are signing up to a club with yearly maintenance fees for a period of 50 years or more.
Should anything happen to you, you will be passing on this financial responsibility onto your kids who are obliged to take over the Timeshare when you die…this will also pass down to their children and so on.
There will be an increase in maintenance fees annually which is calculated by the resort and owners will not have any right to dispute these changes, nor will any owners get to vote for any disputes on issues that the resort may occur.
The resort will continuously change the product that they sell and whilst owners are trying to enjoy a relaxing holiday we will ask you to attend another presentation to try sell anything else telling you it is an “upgrade” to make more money however just like the first product it will be worthless.
Any data collected will be kept and potentially sold onto other companies who will make unsolicited calls and hound people into paying money for anything from “bonus weeks” to services for releasing you from your timeshare which they are unlikely to perform.
If the Timeshare is not affordable to you, financed will be arranged through a chosen banker who will charge high interest and defend the timeshare company as they have an interest in what they do.
The seller has the right to completely change what you bought at any time whether this be changing your apartment or resort or period in which you travel to changing the week’s system into a points system.
The above are just the most common however there is also much more which could be added to the small print. We are pretty sure if this is what clients read and was made aware of before signing the contracts many would not have lost out on the thousands of pounds that they have spent based on false promises and vague descriptions.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk