Death doesn't bring an end to timeshare fee
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terryw
Posts: 4,396 Forumite
Various other threads on MSE have pointed out the dangers of time-share concerns. Tony Hetherington the well-respected financial journalist points out :
"I thought that over the past quarter of a century I had read, or written, just about everything possible about timeshare companies.
But one that pursues people beyond the grave has to be in a class of its own. Macdonald Resorts seems to have based its business on the idea that when an owner dies, their timeshare will be inherited by a relative or sold."
This one defies belief!
Here's the link.
http://www.dailymail.co.uk/money/article-1323162/TONY-HETHERINGTON-Death-doesnt-bring-end-timeshare-fee.html
"I thought that over the past quarter of a century I had read, or written, just about everything possible about timeshare companies.
But one that pursues people beyond the grave has to be in a class of its own. Macdonald Resorts seems to have based its business on the idea that when an owner dies, their timeshare will be inherited by a relative or sold."
This one defies belief!
Here's the link.
http://www.dailymail.co.uk/money/article-1323162/TONY-HETHERINGTON-Death-doesnt-bring-end-timeshare-fee.html
"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling
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Comments
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£500 maintenance for a week at Forest Hills? Now whilst I agree it is a nice peaceful place to stay, and that pond in the picture is literally teaming with course fish, that figure quoted seems a bit of an exageration.
This was originally a Barrett timeshare, I am wondering if the purchasers from MacDonalds are doing so under less favorable terms?
As far as I know the original timeshare would pass through one generation (parent to child) and no further. Problem in this case may be the difficulty in selling the week, or indeed renting it out at profit.0 -
£500 maintenance for a week at Forest Hills? Now whilst I agree it is a nice peaceful place to stay, and that pond in the picture is literally teaming with course fish, that figure quoted seems a bit of an exageration.
This was originally a Barrett timeshare, I am wondering if the purchasers from MacDonalds are doing so under less favorable terms?
As far as I know the original timeshare would pass through one generation (parent to child) and no further. Problem in this case may be the difficulty in selling the week, or indeed renting it out at profit.
The £500 is not an exaggeration. Here's a link to a one for sale on Ebay at the moment - the seller is just after £200 to be rid of it! the annual fees are well over £500!
http://cgi.ebay.co.uk/Timeshare-Forest-Hills-Trossachs-Club-Scotland-/320604224788?pt=UK_Tickets_Travel_Accommodation_ET&hash=item4aa5803d14#ht_500wt_942"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0 -
I read that story as well and was quite shocked, I had no idea that some of these time shares were bought in pertuity and would just carry on attracting fees from the deceased estates.
I can imagine dozens of people all over the country deciding which relative they dislike the most and will leave the time share to, although as it says in the article the person who is gifted it can still refuse to take it on and then the estate continues to build up fees.
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It would seem that a Timeshare is an asset of an estate and as such billing will continue in the same way that council tax on a deceased's property does until its inherited or sold..................
....I'm smiling because I have no idea what's going on ...:)0 -
It would seem that a Timeshare is an asset of an estate and as such billing will continue in the same way that council tax on a deceased's property does until its inherited or sold.
Yes, this appears to be the crux of it. But there is virtually no market for
second-hand time-shares and it could well never sell so consequently the estate of the deceased could be responsible for the annual fees for the rest of eternity! Frightening."If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0 -
Not really, I suspect any Timeshare on ebay with a Buy it Now price of 99p would sell......................I'm smiling because I have no idea what's going on ...:)0
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Yet another reason to steer clear of Timeshares."You were only supposed to blow the bl**dy doors off!!"0
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Not really, I suspect any Timeshare on ebay with a Buy it Now price of 99p would sell.
I fear that you are mistaken. Here's a one currently on Ebay with opening bid of one penny and BIN 99 pence. No bids yet and only twenty minutes to go.
http://cgi.ebay.co.uk/2-BEDROOM-APARTMENT-SAHARA-SUNSET-Benalmadena-SPAIN-/330485048463?pt=UK_Tickets_Travel_Accommodation_
Most people are too worldy-wise to get involved with time-share at any price!"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0 -
I suppose that when these 'in perpetuity' time shares were bought, it seemed like a n excellent deal as the buyer retained full ownershop of the week' ( a bit like freehold on a house ) rather than it reverting back to the company at the end of x number of years (like leasehold). You could leave it in your will if it was 'in perpetuity' but not if it was on a fixed lease. Now, with cheap packae tours, high maintenace charges and high flight cost, nobody wants timeshare so its impossible to sell on and your relatives won't thank you!
We had a couple of timeshares - one we are very happy with and still continue to use, the other had constantly escalating maintenance fees and, as we weren't using that one so much, it became a bit of a white elephant. We kept getting cold calls from various companies that promised they could sell it for us and get us a profit - but, of course, they wanted around £1000 upfront to cover their 'initial admin costs' ! I'm not daft and all of these were immediately told to take a hike.
Fortunately, there is one foolproof way of getting rid of a 'lease' time share - stop paying the maintenance and, after a couple of warning letters, they will re-posess it. You've lost whatever your initial investment was but, if you've had some good holidays, thats just a fact of life. Doesn't work with the perpetuity thing though.ELITE 5:2
# 42
11st2lbs down to 9st2lbs - another 5lbs gone due to alcohol abuse (head down toilet syndrome)0 -
very interesting - it's got me wondering though - if someone leaves you something in a will (like a timeshare) can you simply refuse to accept it or are you stuck with it and possibly a lot of hassle thereafter?NO FARMS = NO FOOD0
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