We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Time Share
Jays
Posts: 410 Forumite
Does anyone have any advice about how to walk away from a time-share property?
Some years ago I was talked into taking over my mother time share studio apartment in Spain. She and my father have bought and paid for it years ago, as she was not using it but still paying maintenance fees she wanted to give it up but was persuaded by the company to give to someone in the family.
We have not used it, except to exchange a few weeks for a holiday in the UK via RCI. However, it means I am paying maintenance fees yearly, and an RCI fee for the privilage of being able to exhange the week but as it is only a studion flat it has a poor exchange value. It is not something I would have entered into myself.
A few years ago I asked the company what it I stopped paying the fees and was told I would be pursued through the courts, which frightened me into continuing paying. Now I want to get it sorted out, and I'm not sure if they actually could persue me, but I don't know the legality of it all
Does anyone have any advice?
Many thanks
Jays
Some years ago I was talked into taking over my mother time share studio apartment in Spain. She and my father have bought and paid for it years ago, as she was not using it but still paying maintenance fees she wanted to give it up but was persuaded by the company to give to someone in the family.
We have not used it, except to exchange a few weeks for a holiday in the UK via RCI. However, it means I am paying maintenance fees yearly, and an RCI fee for the privilage of being able to exhange the week but as it is only a studion flat it has a poor exchange value. It is not something I would have entered into myself.
A few years ago I asked the company what it I stopped paying the fees and was told I would be pursued through the courts, which frightened me into continuing paying. Now I want to get it sorted out, and I'm not sure if they actually could persue me, but I don't know the legality of it all
Does anyone have any advice?
Many thanks
Jays
0
Comments
-
You need to read the contract that was signed to see what you options are.
Sounds like you should sell it and cut your losses, as you are caught for the fees.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards