Timeshare law can be hard for ,many people to understand and that is why it is always recommended you seek advice from an expert when trying to figure out what to do. Here at Timeshare Advice, we feel that timeshare owners should be given information to help them understand more about timeshare law. This will help them to feel more comfortable with the process, if or when they have made the decision to start looking into exiting their timeshare or pursuing a compensation claim.
Below is a brief explanation of just three timeshare law facts, in simplified terms, to give you a clearer understanding about the industry.
Firstly, many big timeshare companies have come under the spotlight due to more and more contracts being deemed illegal. There have been several reports of timeshare companies losing in court after timeshare owners have put forward a case against them. Silverpoint and Anfi are just two of these big names that have been under attack for their use of illegal timeshare contracts.
These timeshare companies are not happy about the problems they are having to deal with and once they find out that owners are pursuing a case, many have tried to intimidate the claimants with lies or used unscrupulous tactics to terminate the case. This needs to be taken into consideration if you are looking to go through this process. It is always best to use a timeshare expert and let them deal with all aspects of the case.
The second fact we want to let you in on is, the truth regarding perpetuity clauses. Many people have been led to believe that if you have signed an ‘in perpetuity’ contract that you are stuck with the timeshare for life, having to pass it on to family after death.
Contracts with a perpetuity clause included that were signed after 1999 are now illegal. There are some timeshare companies still using these types of contracts so take a look at your agreement as soon as possible. If your contract contains this clause you may have a valid case against the timeshare company.
Even if you signed your contract before 1999 you can still seek advice from a timeshare expert, they can have a read through your contract and see if anything can be done.
The final fact to consider is the ‘cooling off’ period. This period has to be a minimum of 14 days, although can be extended upon agreement, and is for you to the take time to really think if timeshare is right for you. During this time you don’t pay any money over to the timeshare company.
Your timeshare contract could be deemed null and void if you weren’t told about your ‘cooling off’ period, if you paid money during that time or the timeshare company made it difficult for you to cancel during that time.
Call Timeshare Advice today on 0800 072 4683 if any of the above seems familiar to you or you need further information on where to go from here. We are here to answer any questions that you may have and give you advice about anything can be done to exit your timeshare or if you may be eligible for compensation.
See our recent post regarding how timeshare law helps you.