About to purchase our first timeshare

Started by ads1980, November 02, 2015, 18:10:03

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ads1980

Hello all,

Completely new to this so treat me lightly


charlie1

Quote from: ads1980 on November 02, 2015, 18:10:03
Hello all,

Completely new to this so treat me lightly


Welcome to the forum.

This is a guide only that may enable you build your own set of questions when considering timeshare. If new to timeshare ensure that you check out all the links within the article. Any questions just come back to the forum, as there are experienced timeshare owners that can guide you further. http://www.timeshareweekly.com/considering-timeshare 
Timeshare Weekly is an Independent website working with those who share similar ideals. We are here to guide the consumer make the very best of timeshare. We encourage positive change and solutions. Your either living in the problem or your living in the solution. Contact graham@timeshareweekly.com

daveh44

Make sure, there is a written exit clause that you can action at some point if you so choose.

ads1980

Thanks daveh44. Is there a standard principal to the exit clause or do they all vary? I.E. would it be 20% of the initial fee paid or something like that? I have already asked the question to them about what should happen should we want to exit the timeshare but I've not had a response yet. We're currently in the 15 day cooling off period so havent paid anything yet either. I've read the guide that charlie1 posted a link to and we have already pretty much covered everything in there. As part of our first year, the timeshare company pay for our first year's membership with Interval International. I was keen to be able to have a look on there before I sign up just to see what is available on there should we not wish to go to our own place every year and also see how straightfoward it would be to swap. 

Cogland

If you are prepared to name the company there are  likely to be  plenty on here who will be able to advise you. Exit policies are a big problem and if you look back on here you will soon see the problems. Look at Holiday Property Bond it has a lot of advantages and if I had my time over again its the way I would have gone but I am a Diamond Resorts Member so my money is spent.

ads1980

Well the contract is headed "Vacation Club Membership Agreement" and then our contract states we are in a contact with St. James's Club Antigua

daveh44

The "principle" to an exit clause is generally that they " won't give you one"!
Which means , once signed up, you are committed in perpetuity (watch out for "in perpetuity", technically it means "forever". That's not just your "forever", but for ever!!
The legal guys on here will advise you that such contracts are being declared as illegal/null and void, and no doubt they are right, but at the moment the industry is rife with sellers/providers trying to make such things stick and being pretty unpleasant about it on the way. e.g. debt collectors, legal letters, threats.

The difficulty is finding out what the resort sales force are not telling you, as opposed to what they are telling you. It's generally the former that lets you fully appreciate what you are getting into.

Your exit clause wants to be very simple, along the lines of " at any time with x period notice, you can terminate your contract and all liabilities, hand back your ownership and walk away". The notice period may run into a number of years, there may be a termination fee of 1 or 2 years maintenance fees, BUT you need an exit!!

I feel you will reach the end of your cooling off period without all the information you need to satisfy yourself. My advice - don't panic. Just research the points you need to and make sure you have all the answers. The "sale" will wait - trust me, despite what the salesman says.
And if they pressurise you - do you really want to be contractually bound to these people??


ads1980

Ok so here I have it on headed paper....

"TRANSFER OR SALE OF YOUR WEEK

The unused portion of your membership is a personal asset and can be part of your estate. A member can transfer his membership to any immediate family member at no charge.

Under the terms of your contract, you are entitled to sell your week if you choose. We have the right of first refusal on any legitimate offer. If we don't purchase the week from you, you are free to sell the week to whomever you choose. There is a $250 fee to cover the transfer of the week to the new owner.

At any point during term of membership you may surrender your week back to St. James's Club with no liability to you and no further payments or money due."

So does that all sound above board? I think it does.



Cogland

Probably ok but read it all. My agreement signed with GVC  ( now Diamond)says that I can resign at any time by giving 7 days notice in writing. That sounds as clear as your agreement unfortunately in another part of the agreement it says that members remain responsible for annual fees until such time as the points are sold and the company view is that yes you can resign but until you have sold your points you remain responsible for all annual charges even though you have resigned your membership and cannot use your points.

So when I asked can you leave if you want to the clause showing the right to resign was pointed out with the comment ( but why would you?) but the other little detail about being responsible for annual fees until the points were sold was not mentioned.

My fault of course I should have read the agreement and all the small print .

To be fair Diamond have improved their exit policy but its still expensive and many continue to walk away from these agreements which have never been tested in a UK court probably because a judge may well feel that the contract is so unfair to the consumer. The UK banks have had to pay out millions for miss selling financial products and Timeshare companies are reluctant to test the contract in case they end up in the same situation.

daveh44

The last sentence certainly appears to be in your favour

cmsammy

DON'T DO IT

Owner for 25 years, finally rid of the burden !!

charlie1

Quote from: cmsammy on December 14, 2015, 16:22:02
DON'T DO IT

Owner for 25 years, finally rid of the burden !!


Hi cmsammy this is where timeshare is wrong! There are timeshare owners that are steered in the wrong direction for personal gain and never shown how to work timeshare. Thats what needs to be put right!!
Timeshare Weekly is an Independent website working with those who share similar ideals. We are here to guide the consumer make the very best of timeshare. We encourage positive change and solutions. Your either living in the problem or your living in the solution. Contact graham@timeshareweekly.com

cmsammy

Quote from: charlie1 on December 14, 2015, 21:40:36
Quote from: cmsammy on December 14, 2015, 16:22:02
DON'T DO IT

Owner for 25 years, finally rid of the burden !!


Hi cmsammy this is where timeshare is wrong! There are timeshare owners that are steered in the wrong direction for personal gain and never shown how to work timeshare. Thats what needs to be put right!!


Not sure I understand what my "personal gain" could possibly be is recommending that someone should not buy a timeshare ??

The product is excellent and I have used it extensively for 25 years but getting past the crooks an plain nasty people involved in the industry is tiring, 25 years of it and I for one have had enough. As an example, every time I get collared by a salesman there is a better way of taking my holidays and it always costs over £3000 !! at a very special discount of course !! I wouldn't recommend it to my worst enemy.

cmsammy

Perfect example, I surrendered my points and I am now receiving demands for payment of management fees for this year. Even after explaning the situation they still want money, just par for the course !

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