The words ‘timeshare’ and ‘investment’ should never be seen in the same sentence, unless that sentence is ‘timeshare is not an investment’. Nonetheless, countless people have been sold timeshare on that very premise.
You may have been told something similar when you signed up for your timeshare. But if you were, then that could be grounds for nullifying the contract on the grounds of misrepresentation.
If you were told that your timeshare would “increase in value” or any words to that effect, then you were, quite frankly, lied to. Investments must be covered by a specific regulatory body. In the UK, it is the FCA, but is different in every country. You won’t see the logo for any of these regulatory bodies on your contract or anywhere else.
The difficulty lies in proving that you were sold the timeshare on the basis of it being an investment. The first thing you’ll do, on reading this, is to go through the contract, website, and any brochures you may have to see if it’s said anywhere in writing. This, however, is unlikely considering timeshare companies know all too well that timeshare is not an investment product and they are not allowed to sell it as such. So, most of the time, it’ll come down to what you are told during the presentation or sales pitch.
That clearly creates problems, as there is no way of proving what was actually said during a verbal conversation or timeshare presentation. Unless you have reliable independent witnesses or a recording, you’re out of luck.
If you find yourself in a timeshare presentation or sales pitch, then listen very carefully. If the word ‘investment’ crops up, leave immediately. You may also be drawn in by promises that it is ‘not a timeshare’ but a complicated kind of investment product. In 99% of cases, it is a timeshare, regardless of what they say.
Timeshares do not accrue value. In fact, you’ll find hundreds of eBay listings of people trying to sell their timeshares for £1. That should tell you all you need to know.
If you have any queries about timeshare investment or misrepresentation in the selling of timeshare contracts, please do give us a call. We will be happy to advise you.