The timeshare industry is getting ready for a huge exodus of members as the cost-of-living crunch worsens.
Crisis taking its toll
With the cost of living crisis taking its toll, many people in the UK are realising they must change their holiday habits.
But timeshare owners are not so fortunate.
There are currently about 600,000 British families who have timeshare memberships, and over 455,000 of them have resorts in Spain, most of whom are unable to change how they go on holiday because they are stuck in long-term contracts.
Belts being tightened
Timeshare owners in the UK are facing the same problems as everyone else.
- Wages are hardly going up, if at all.
- Pay has been frozen for large sections of the public sector.
- Record inflation is causing problems across all of Europe.
All this means that incomes are plummeting, and many people are struggling to even pay their bills. As such, holidays are understandably not being prioritised.
In the current crisis, Brits are looking at some of the following measures to reduce spending:
- Budget holidays
- Staycations nearer to home
- Fewer and shorter holidays
Many are simply not going on holiday at all.
Timeshare owners are stuck
While most people have the flexibility to change their holiday plans, this is not the case for timeshare owners.
The above options are not possible for them. Because they are contracted to pay every year for the same holidays – even if they don’t go.
Annual fees are enforced by timeshare companies. They sometimes even use debt collection services.
To make matters worse, the fees can also be increased at the discretion of the resort.
Annual fees that are charged for the costs of maintenance are likely to go up a lot, just like hotel costs have increased.
People who cannot afford more expensive hotels simply won’t book them. But timeshare owners have a legal commitment to pay, even for decades.
What can they do?
Andrew Cooper, CEO of European Consumer Claims, says: “Timeshare companies do design their contracts to be ironclad. However, with expert help, most people can be rescued from the financial obligations of timeshare fees.
“The average time it takes to free a timeshare owner from their contract is around two months. It can be quicker, it can also take longer.
“The first step is to contact a reputable timeshare claims and relinquishment firm for a consultation on your individual circumstances.”
If you want to find out about getting out of your timeshare contract, contact the team at ECC today for a free, confidential, no-obligation assessment to find out about your options.