A timeshare sales agent will promise you great value holidays all over the world in first-class accommodation. However, they often do not deliver on their promises made in the sales pitch.
What the salesperson won’t tell you is timeshare and holiday products should never be viewed as a financial investment, it is simply an investment in lifestyle, in future holidays and there is absolutely no resale value to a timeshare. However, this will not stop the salesperson from selling you a timeshare or holiday product as an investment. In fact, many timeshare resorts sell their products as a profitable financial investment, but they soon turn into a financial liability that most people find themselves desperate to get rid of.
If you have ever attended a timeshare sales presentation or have been invited to them there may be some important facts, you wish you would have known beforehand. Here are just some of the things to be on the lookout for if you do:
Aggressive sales pitch:
You may be forced to sit through a sales presentation that lasts for hours, and in some cases, people have spent an entire day and well into the evening before they or the sales rep gave up. They are relentless and will stop at nothing to get the deal done. Incredibly, we have spoken to many owners who have signed up to a timeshare contract just so they could leave as they could no longer take the pressure.
No investment value:
A timeshare has no value because you do not own anything, in reality the value goes down the second the ink is dry on your contract. This will not stop a timeshare sales rep from trying to sell you one as an investment. This is a trap many people find themselves falling into. They are told how after so many years they can sell the timeshare and make a profit, this is simply a sales tactic and completely untrue.
You cannot re-sell timeshares:
There are thousands upon thousands of people trying to sell their unwanted timeshares, eBay is full of them. The resorts make it so difficult to get out of the legally binding contracts, often people find themselves trying to give them away. The harsh reality is that you cannot even give them away, even charities will no longer accept them because of all the problems they cause.
Timeshare loans are high interest:
If you have ever taken out a loan to pay for the initial cost of a timeshare or holiday product, chances are you have been directed to use the bank or lender that is affiliated with the resort. These are often high interest loans which are not means tested and people find them difficult to pay.
Maintenance Fee Drama:
If you do fall into the trap and succumb to the sales presentation, once you have bought your timeshare, that is not the end of it. Every year without fail a bill for maintenance fees will arrive through the post and every year this will increase in price. Maintenance fees are cited as the number one reason for people wanting to end their timeshare agreements.
People who enter into timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of timeshare owners and offer fake products, along with timeshare exit schemes. Before agreeing to any timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these types of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a timeshare or a ‘holiday points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Money Back Claim.