A guaranteed way to throw your money away
If you’ve ever wondered what a guaranteed way of losing your money would be, we at Timeshare Help can give you the answer. Timeshare. It is a certain way of throwing good money away.
You can be taken in by the timeshare industry in a number of ways. It starts with a charming individual who approaches you on holiday to inform you that you’ve won a prize if you just attend a short presentation to receive it.
Once there, you are convinced by equally charming and persuasive sales representatives to sign up to a timeshare or holiday club membership. You’ll think it seems like a good idea because they frame it in such a way that it sounds like you’ll be saving money.
When they offer to sign you up to a credit agreement with Barclays Partner Finance or GE Money, you may worry that you won’t meet the criteria. But they tell you that you’ve been pre-approved.
If you don’t question this, you will likely sign up. So you agree to pay a hefty deposit and are sent on your way – now thousands of pounds in debt.
Then you realise that you have to pay between £500-£3,000 every year for your maintenance contract. This has to be paid every year whether or not you are able to book your holidays. If you can’t afford it and decide to stop paying your fees, your timeshare club will likely sell your debt onto a UK debt collector. So unfortunately, you won’t be able to really escape.
When you decide that you simply can’t afford the expense of finance repayments and annual maintenance contract fees, you may attempt to resell your timeshare. But you find that no one is interested in buying.
So when you are cold called by a resale firm or you find one yourself, it’s understandable that you would think it was a way out. They promise that they have a buyer for your timeshare waiting in the wings. All you have to do is transfer a small sum – of up to £3,000 so not very small after all – so that the sale can take place. Once you’ve done that, you will likely never hear from the company or the ‘buyer’ again.
There is the other resale scam which involves listing your timeshare for sale on a company’s website. Again, you are required to pay a fee to have it listed.
Once you pay that fee, your timeshare resale firm will probably not contact you about it again. They have your money so, as unfair and unfortunate as it is, they don’t feel the need to actually effect a transfer between you and a new buyer.
So once you’ve made the decision to sign up for a timeshare contract, you will keep paying for it. It is something that will never go away. Unless you get Timeshare Help involved.
We could terminate your maintenance contract, leaving you free to stop paying the annual fee for that. We could also work to terminate any finance that you have with bank and we may be capable of making a no win no fee claim for your money back.
Call Timeshare Help today to find out if we can offer you assistance.