Timeshare owners advised: Get your contract and paperwork in order.
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The timeshare industry is facing challenging times at the moment, with many experts believing the entire future of the sector to be under threat. Owners are being cautioned to prepare themselves in case they need to claim against the unexpected insolvency of their resort.
“The biggest and most successful timeshare companies are dropping like flies,” says Jack Dawson, timeshare expert at European Consumer Claims. “Many of the smaller clubs have been out of business for years, and now even the mainstays are struggling. Several Club La Costa companies are facing liquidation, as are Azure and Silverpoint. Diamond have ceased a lot of their sales operations in Europe, and there are credible rumours about other industry leaders being about to file for bankruptcy.”
Outdated
“The timeshare model of holidays simply hasn’t kept pace with the rest of the holiday business,” explains Jack. “It is seen by today’s consumer as being dated, expensive and restrictive. Now COVID may have accelerated what many viewed as the inevitable demise of the holiday ownership sector.
Many members have been caught by surprise to discover that their timeshare company filed for bankruptcy. People who have been members of a resort for decades are suddenly scrambling to find the original contract they were given when they first signed up. Often the documents are nowhere to be found; discarded in a house move, thrown away by mistake, absorbed by the fabric of the years…
Prepare
At the point when a club folds there may well be no administration staff left to provide copies of the all important contracts. Without that paperwork any chance for compensation or other claims will now be out of reach.
“The time to prepare is now,” says Daniel Keating, media officer at the Timeshare Consumer Association (TCA). “Email your resort today to request a copy of your paperwork, pay the fee if there is one. It’s worth it for the security it gives you in case the worst does happen.
“No matter how dependable and healthy your club seems, in the current climate it makes sense to be ready for all eventualities. Maybe you will not need the paperwork, but its better to have it and not need it than the other way around.”
“Anyone needing advice on a timeshare related matter, please contact the TCA on the contact details below.”
Article first published on NewsDesk.
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