Timeshare is not nor has ever been an Investment. Most people work hard all year round to take a holiday and to get away from the grind which daily life throws our way. Therefore, while on holiday or considering one, some people are susceptible and can be possibly targeted by the touts working for the timeshare developer. During the baiting process, no one will tell you they are selling timeshare. Upon arrival at the resort the term timeshare will not occur anywhere, not in brochures or in any publicity of any sort. When you arrive to the presentation, for sure the word “timeshare” is never mentioned, yet that is precisely what you will be sold.
You can walk into any regular travel agent on the high street and be sold a normal holiday or via the internet and fully describe what it is you are buying. That is not the case with most timeshares, they can be so convoluted and confusing and the full requirements are never explained clearly.
It you see Resort Development Organisation RDO, TATOC or RCI you can bet it’s a timeshare resort of sorts. If it requires you to sit through a lengthy presentation, then it’s a timeshare resort.
We all know what we get from a two-week holiday booked on the high street, just that, a two-week holiday and no further ties. However, if you are lured into the seedy world of timeshare and ‘purchase’ a timeshare we know that the term “owning” is far from the truth in most timeshare resorts, because if truth be told you will own nothing, other than a perpetual liability.
It’s imperative to know what you are signing. If phrases such as leisure credits, fractional ownership, holidays for life, discounted holiday forever, membership in an exclusive holiday club, point systems membership, floating and flexible holidays and rights to occupy a holiday property are all words that fundamentally will at some stage cause you grave distress, however, making plentiful amounts of money for the seller. We at TCA always recommend before entering into any contract it is extremely important to check that the companies are licenced and/or regulated.
Certainly the ‘fixed week’ timeshare system is capable of being an investment, but it will never return you any money if you decide to sell. These potentially good timeshares were substituted by ‘floating timeshares’ then ‘Points clubs’ then on to ‘fractional property ownership’, all these timeshares are non-investments yet they are sold as such. The word “investment” In Europe, in timeshare presentations is “banned”, as is the word “property”, this is banned in some countries; however, many resorts choose to simply ignore the law and still sell timeshare branded as “an investment” or a “property” purchase.
When timeshare is sold, it’s done so under the deliverance of a convoluted language, the product sold, is mis-sold from the start. Basically, are buying into a contractual relationship yet the contract does not feature in the sales presentations. Once the contracts are presented they are rushed and many are forced to sign in that very moment when the contract appears, however, the presentations are lengthy, tiring and last many hours.
You yourself cannot resell the timeshare products, nor can you gift them without the express permission of the resort. Unfortunately, you are trapped. Should you wish to challenge the resort, they will either try and sell you another product, sell you a termination or eventually offer you a free exist on the proviso you don’t sue them for compensation for the mis-selling of the original product.
We at TCA highly recommend you seek legal advice from an independent firm, one who is in no way connected to the resort, and always research the company you choose, as many claim they can help, but be careful as this is another scam and consumers are faced with a selection of different scammers claiming to offer legal advice. Therefore, the consumer gets scammed again and again.
To end on a good note, what is becoming more and more apparent is that the courts are starting to agree with the concept that most timeshares have been mis-sold and are issuing judgments against resorts, as well as the Supreme Courts ruling in favour of consumers and awarding substantial damages. However, and it comes as no surprise that this fact is not reported by the employers of the timeshare industry such as TATOC and Resorts Development Organisation [RDO].
Posted on: May 15, 2017
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 0203 519 3808 or email: info@TimeshareConsumerAssociation.org.uk