You’ve probably by now heard the common timeshare salesman patter: “your timeshare is such a valuable product, in reality it should be regarded as a family asset, so why should it only benefit you? What about future generations?”
It is at this stage that the salesman suggests to you that you should include a perpetuity clause within your timeshare agreement.
What is a perpetuity clause?
What does a perpetuity clause mean? According to the salesman it is absolutely necessary that a perpetuity clause is contained within your timeshare agreement. The reason for this? Your ownership should be perpetual, so in other words it should last forever and this valuable asset should not extinguish on your death. As with other assets, it should be capable of being passed on to future generations. You were told that your shrewd purchase should benefit your children, their children and so on.
What is the problem?
What the salesman does not tell you is that maintenance charges will increase well above the rate of inflation. The salesman also does not tell you that far from being an investment, your timeshare actually decreases significantly in value the minute you sign and the resale market is dormant.
The salesman does not tell you the people that want to rid themselves of their timeshare cannot because they cannot find anyone to purchase the “asset” and take over responsibility for the annual maintenance fees.
Rising maintenance fees
More likely than not you as a disgruntled timeshare owner are desperate to sell, even if that involves paying a sum of money to take the timeshare off your hands when maintenance fees increase year on year.
It is now some years since you originally bought your timeshare. It might be the case that your income has reduced and you can no longer manage the maintenance fees. It may be the case that your health has declined and quite simply holidaying abroad is no longer suitable for you. You may simply want to get rid of the timeshare because the maintenance fees are now out of all proportion to the purported benefit of the timeshare.
This is a particular problem because what you are now paying in maintenance fees could purchase an all inclusive holiday to a variety of destinations, any time you choose.
So what are your options?
Getting rid of a timeshare is not as easy as the salesman most likely made you believe. There are a number of issues that can arise, and we at The Timeshare Consumer Association can assist you through this process.
My personal advice in the first instance would be to not buy a timeshare, but if you have then you should take advice urgently.
By Stephen Boyd
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