What are timeshares?
An originally British concept, timeshares are also known as holiday ownership. Those who invest in such a scheme are obligated to a lifetime commitment of annual payments to cover visits to the same resort.
Timeshare owners prepay or choose to finance an upfront fee in addition to yearly maintenance charges. For some resorts, upgrades are available for an additional cost if you choose to stay somewhere different or more expensive than the place you originally invested in.
The popularity of this exciting concept skyrocketed across Britain during the 1980s due to clients being drawn to the idea of owning their own holiday home for multiple weeks of the year and in a more cost-effective manner.
Why did timeshares seemingly disappear?
Fast forward to 2022 and an abundance of self-catering platforms and opportunities have made timeshares an almost obsolete offering.
If you were to ask people why they never chose to invest in this seemingly sensible and exclusive arrangement, many would reference the former stigma around timeshare offerings such as the in-your-face marketing, and notoriously hard-sell reps. Typically during the 80s and 90s timeshare selling was aggressive, lacked a cooling-off period, and was at times a real nuisance for holidaymakers. Negative press around timeshares became commonplace in the 2000s and by this point, people were very skeptical of the poor practices coming to light from unhappy and ‘trapped’ owners.
How do timeshares work?
Traditionally timeshares were available in two contract forms. Such contracts highlighted who actually owned the property and the flexibility around visiting rights.
The first type of agreement was a shared deeded timeshare contract which split the ownership of a property between multiple timeshare owners with specific weeks or set times allocated for usage.
Furthermore, this shared contract allowed investors the opportunity to transfer ownership by selling or donating their offering.
The alternative contract was a shared lease or right-to-use agreement that did not include set ownership rights and selling or renting the timeshare to others was forbidden. The lease simply allowed customers the opportunity to use the timeshare for a number of years.
Who is eligible for a timeshare refund?
During their prime, timeshare agreements could include anything from questionable grey areas to outright predatory clauses. With this in mind, timeshare compensation is now being actively sought out by customers across the UK.
If you or someone you know had a timeshare contract they may be eligible for such a refund if they meet certain criteria. Circumstances in which people may be due financial remuneration include being sold the property under the influence of high pressure and intense sales tactics. Perhaps you were given an insufficient amount of time to make a reasonable decision on your timeshare purchase. Did you know that customers who were sold a scheme dressed as an ‘investment’, can also be eligible for refunds?
If the company you bought your agreement from committed to taking back your timeshare at any time and failed to do so, you may also be in line for money back.
Sadly, many timeshare firms have chosen to actively ignore protective consumer laws for more than ten years and compensation is a relatively new phenomenon. In fact, timeshare businesses that are at the forefront of such claims have consciously made calculated decisions to manipulate and exploit vulnerable customers for profit.
If you believe you were mis-sold your timeshare you certainly have nothing to lose by inquiring about potential compensation. Companies that pursued illegal practices, in some instances, encouraged catastrophic financial decision making on behalf of their clients.
What information is needed for a refund inquiry?
The information you will initially submit to a respected company that is proficient in handling such cases will vary from firm to firm. Generally, to get a good idea of your eligibility potential, details such as your timeshare name, the length of the contract, the yearly maintenance fees, and the amount you paid within the first few months of your purchase should form a good basis.
How can timeshare refunds be made?
There are many newly formed companies offering to reclaim timeshare compensation on behalf of eligible clients and some firms even cold call such customers frequently. When pursuing an inquiry, ensure you choose a firm that has legitimate experience in handling such claims as well as genuine reviews. The last thing vulnerable timeshare owners need is to be taken advantage of by a scam company promising thousands of pounds worth of compensation.
For more information on making a claim, please email email@example.com