Timeshares salespeople are notorious for pressuring holidaymakers into agreeing to buy timeshare properties that they don’t really want, making the properties seem like great investments that will return money over time, when in fact, quite the opposite is true.
Ultimately, in many cases, this is simply not legal and means that lots of holidaymakers have a right to legally exit their timeshares.
While it’s a complicated area of the law, there are now specialist groups such as the Timeshare Consumer Association (TCA), who are working to help free people from timeshares that they were wrongfully sold, and they’ve shared some of their tips with us.
Make Your Mind Up Early
Ideally, if you decide that you want to cancel your timeshare early, then you can do so simply and easily within what is known as the ‘cooling off period’.
This period usually lasts two weeks and allows you to fully cancel your contract get back any deposits you may have paid.
This is by far the easiest way to get out of a timeshare contract, but all hope is not lost if you are outside of this window.
Sell the Timeshare
While it is possible to get out of a contract, it is a legally binding document, so it will take some legal wrangling.
So before going down the legal route, it’s a good idea to see if you can get rid of your timeshare through the normal channels.
Initially, this means trying to sell it on. In an ideal scenario, you’ll be able to not only get rid of your timeshare (and all of the additional costs that come with it), but you should also get some of your money back too.
However, it isn’t always this straightforward, with far more people looking to sell timeshares than there are looking to buy.
As you can see in this article from This is Money, many people simply can’t sell their timeshares, with many listed for as little as £1 on eBay!
This said, it’s still worth a try. Just be wary of agents who claim to be able to find you a buyer.
Often these will be scammers, who will come to you out of the blue claiming to have found you a buyer but request an upfront payment to authorise the deal.
Do not trust anyone who approaches you out of the blue like this, and don’t make any upfront payments to anyone claiming to be able to help you sell your timeshare.
Terminate the Contract
If you’ve tried in vain to sell your timeshare, then it’s time to try to terminate the contract with help from the experts.
While timeshare companies may have you believe that you are bound into a contract for life, this is rarely the case.
There are many reasons you can legally cancel a timeshare contract, whether it’s because you were the victim of fraudulent tactics, or because you were mis-sold the property.
For more information on the various reasons you can give for cancellation, check out this post from Timeshare Cancel Centre.
Our number one piece of advice is to consult specialists on the matter, such as the TCA as timeshare law is very complex and specialist guidance is definitely required to get out of your contract.