I still owe money on my time share but can’t afford it. They won’t let me out of my contract
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Dear Brenda,
Thank you for your question.
So many people are struggling right now to pay the repayments, we hear this a lot and we are sorry for that. The truth is that I am not 100% sure if you are talking about maintenance fees or about the loan attached to your timeshare, so here is a response for both:
Maintenance Fees:
Maintenance fees are generally assessed by the number of units and weeks in a given resort, along with common areas, facilities, and operating costs.
It is also important to specify that these fees do not remain fixed. Due to changes in the economy, the maintenance of a timeshare changes every year. In some cases, a special charge is added to cover unpredictable operating expenses.
When maintenance goes up to the point that you cannot pay for it anymore, it is best to nip the problem at the root, and the best way to do that is by canceling your timeshare contract. Our advice regarding the payment of maintenance fees is that the consumer pays them because as long as the contract nullity is not declared, the said contract is valid and the buyers are responsible of their payment, which is used by the resort at their convenience.
Timeshare companies do not want owners to have an easy option to get out of the contract because their primary income is maintenance fees so often enough, they refuse.
If you have simply called them to ask about an option to cancel the contract, I would then send them your request in writing and wait for a response. That way, you have their reply in writing and have proof of it should you decide to take action against them in the future.
If by writing to them does not resolve your issue, (as they should now look at this as a more serious concern), then your next step is to consider legal advice from a timeshare specialist.
A Loan:
If you are talking about a loan attached to the purchase of your timeshare, a loan is a separate entity. It is like buying a car with a loan, if you sell the car you are still liable for the loan. In the timeshare, a loan agreement will run until the debt has been paid off.
Your first step is to approach the loan company to see if they can offer an affordable payment plan, again request this in writing. If you do not keep up with payments you could end up having to deal with a debt collecting agency or worse a County Court Judgement (CCJ) and subsequently a bailiff.
If there is no positive outcome where both parties agree, then your next step is to consider legal advice with a timeshare specialist experienced in these circumstances.
If you need any further assistance or clarification, please don’t hesitate to contact us again.