Here at the Timeshare Information Bureau, we are specialists in giving expert advice on the timeshare industry. We have compared the best timeshare exit companies, resorts sales and timeshare resale companies and put them altogether in one place, and our independent advisers can offer you impartial advice on which one offers the best solution for you.
Many owners we speak to found that rising maintenance fees mean that they are unable to afford their timeshare anymore. The fees charged annually are supposedly there to pay for the maintenance of the resort eg, paying cleaners and other maintenance staff. However, many feel they are being exploited by the resorts as a way for them to continue to make money from owners after selling them a timeshare. Most maintenance fees have risen year on year and this has been going on for decades. This has caused financial difficulties for many and now most owners are paying far more than they had ever expected for their timeshare.
Owners that try to exit their timeshare contracts have found that their contracts are in perpetuity. This means that the contract never ends and can even be passed on to the owner's children. Initially timeshare owners were told that this was to protect their investment. However a timeshare is not an investment. Not only were owners unable to make any profits from their timeshare, they were also tied in for life with no chance of reselling their timeshare.
Resort developers then started offering floating weeks. Meaning an owner would be assigned to a range of weeks in the year they could choose from instead of the traditional fixed week timeshare. This at first seemed as though it would offer more flexibility and choice, but again it soon became apparent that securing the week which they wanted was nearly impossible.
Resorts recently started selling fractional ownership contracts. This meant that a property was actually sold to multiple people with each one receiving a set number of weeks per year in which to use the property or rent out. This has proven to be a tactic for resorts to distance themselves from the bad reputation associated with timeshare. Unfortunately fractional ownership schemes still have all the pitfalls of a traditional timeshare, including higher maintenance fees and some are still held under perpetuity within their contracts.
Recent changes in consumer law states that floating weeks have been ruled null and void and in perpetuity contracts have been ruled illegal. Another change involved deposits taken during the 14-day cancellation period. Whilst we see this as a step in the right direction, it raises some issues. Owners that own floating weeks suddenly found themselves owning nothing as their week simply ceased to exist. In addition to this owners that signed contracts in perpetuity before 1998 found they weren't covered by the new laws. This has left many owners with an uphill struggle if they wish to terminate their timeshare contract.
We provide intelligent, impartial and independent advice and solutions to all of these problems. Our team of expert advisers will only ever offer you advice on your options.
Timeshare Information Bureau is an independent advisory company that helps timeshare owners clearly understand their current options, depending on their individual situations.