Timeshare exit

still_here · 1 February 2016 at 12:58PM

We bought some time share points in Sep 2000 from GVC who became Sunterra who became Diamond Resorts International (DRI). In the intervening years we have used our points for many pleasant holidays, in Spain, UK, USA and the Caribbean. We have always known that our small number of points was very inefficient in terms of the annual service charge.
I have been told that when DRI bought Sunterra they were in a bad way, so DRI said we must put up the charges, and we will tell the members (truthfully), "Don't worry, we are going to raise standards so you will still get good value holidays." I think that happened in 2008 and many members were furious at the subs rise and declared they wouldn't pay, then became even angrier when they found that their obligations continued whether they liked it or not.
I admit I had not thought about an exit from the contract with DRI. I would like the option to end when I am 75 years old in 2 years time. Will this happen? Has anyone exited gracefully from DRI? I have recently succumbed to the charms of DRI salesmanship and bought more points, for three reasons. 1: To get a new contract which is much more thorough than the one 15 years ago. 2: To get more points to improve efficiency relative to my subs. 3: DRI threw in many inducements that appealed.
We have a week left of our 14 days 'cooling off' time in which to cancel. Should I cancel?

purcel · 1 February 2016 at 9:25PM

I don't know much about timeshares, but I do know that it's not easy to get out of it, even if you die it gets transferred to family members.
I'm sure someone else more knowlegeable will come along, but if I were you i wouldn't spend any more money on these scams

http://www.tripadvisor.co.uk/ShowTopic-g1-i10700-k4239296-o530-Diamond_Resorts_International-Timeshares_Vacation_Rentals.html

Alan_Bowen · 1 February 2016 at 10:19PM

You were already thinking of looking for an exit in 2 years time, so spending more money makes no sense at all. I would cancel without hesitation, it seems many people cannot give them away for free because of the costs involved. I will be honest and say that I cannot see the point in spending capital sums of money for something that I would normally pay out of income and I have seen hundreds of people regret the purchase, but it must work for some people....

still_here · 2 February 2016 at 1:34AM

I am genuinely uncertain about what to do before my 'cooling off' time runs out, but I think this subject needs some calm discussion. MSE has an older thread that gives a terrible impression of timeshares and Diamond. But that is very misleading. Our holidays have been of a reliable standard and neither a bargain or a rip-off, but we always had the minimum points which was the least efficient. If our health keeps up we will go on using them for longer, but I want the peace of mind from knowing I can be released. Diamond assure me that is the case and my new contract appears to say that I will be but it would be good to hear from anyone who has been released in a friendly way by Diamond!

littlereddevil · 2 February 2016 at 9:02AM

Let a solicitor read it over

takman · 2 February 2016 at 10:53AM

I would cancel it ASAP, especially if your not planning on keeping it long. I would try and cancel the entire timeshare as soon as possible as well but that may be difficult/impossible.
I really don't see the appeal in timeshares, your paying a set amount of money to have to go to certain places each year on holiday. Why would someone sign up to this when you can get cheaper holidays and have unlimited choice without a timeshare?.

sheramber · 2 February 2016 at 10:22PM

I think the only way to exit is to sell the points privately or through DRI. You are reliant on someone buying them. You cannot simply exit from a contract.

You will incur fees for the sale/ transfer of the points

budgetflyer · 3 February 2016 at 12:08AM

Your only exit is to sell .most points on the resale market are worth 10p in the £. So if you want to increase your points, buy resale. Cancel your recent purchase pronto.
Have a look and discuss with worldwide timeshare hypermarket.. I have bought and sold thru them.

still_here · 3 February 2016 at 12:58AM

Thank you to all. I am being pushed towards cancelling the purchase, (including by my wife) but I am not 100% convinced. For one thing I was looking forward to some deluxe holidays! But I must decide soon. The days are running out.

Alan_Bowen · 3 February 2016 at 9:15PM

Timeshare companies love people like you, please act before it is too late. Most timeshare companies are based off shore, in some cases in Gibraltar which is not part of the EU and your consumer rights are very limited. Please realise if you are paying another £3000 now, that will shrink to £300 when you want to sell, assuming anyone wants to buy, and if you want to sell in 2 years, I think I could buy a very good holiday for the £2700 you are about to lose. At the end of the day it is your money but it can only be your decision

takman · 4 February 2016 at 12:13AM

still_here wrote: »

Thank you to all. I am being pushed towards cancelling the purchase, (including by my wife) but I am not 100% convinced. For one thing I was looking forward to some deluxe holidays! But I must decide soon. The days are running out.

You can get much better holidays for a lower price without buying timeshares!. All your doing is limiting yourself to a few places and paying a premium for it!

Timeshare exit

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