RCI - Cancelling a timeshare
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Scaysboom
Posts: 1 Newbie
Hi all
Looking for any advice I can get regarding a Timeshare that my parents have been part of it for several years. They are with Club Infinti which is part of the RCI group.
I've only just discovered the money they outlayed originally and the maintenance fee they are having to pay every year, I won't talk numbers but let's just say it brought me to tears when I found out how much of their hard earned cash they have wasted.
Apparently they have signed a perpetuity contract, and upon speaking to others who have tried to cancel RCI always prosecute, which is obviously such a concern to my parents that they have simply stuck with it through fear.
My parents can no longer afford the maintenance payments and although it's a huge blow I believe they would be willing to write off the original lump sum invested. Does anyone know if they can cancel without prosecution? Surely their are laws in place to help people that are in this position? So many more questions but I've rabbled on for long enough.
Any help would be hugely appreciated.
Looking for any advice I can get regarding a Timeshare that my parents have been part of it for several years. They are with Club Infinti which is part of the RCI group.
I've only just discovered the money they outlayed originally and the maintenance fee they are having to pay every year, I won't talk numbers but let's just say it brought me to tears when I found out how much of their hard earned cash they have wasted.
Apparently they have signed a perpetuity contract, and upon speaking to others who have tried to cancel RCI always prosecute, which is obviously such a concern to my parents that they have simply stuck with it through fear.
My parents can no longer afford the maintenance payments and although it's a huge blow I believe they would be willing to write off the original lump sum invested. Does anyone know if they can cancel without prosecution? Surely their are laws in place to help people that are in this position? So many more questions but I've rabbled on for long enough.
Any help would be hugely appreciated.
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Comments
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Hi there I worked for rci for about 10years so I can try and answer your question, rci is not the persons that will be taking the money they only take a yearly membership fee to be able to swap the timeshare to a different time of the year. So when you buy for example a week from the 1st -7th of say may you can only go to that same property on the same date every year. Rci allows you to 'bank ' your week and then swap it with other members. If you want to cancel or change anything you need to speak to Club Infiniti directly. HTH.
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as above. RCI don't own any timeshares. They are a trading platform to exchnge weeks and points. You may be able to offload via worldwide timeshare hypermarket. I rec them.
However,if they just write to Club Infiniti sayingthey are cancelling membership as they can no longer afford it. +CANCEL DDs @ bank!!! Club Infiniti may huff n puff,threaten this and that etc,
If they do, a strong letter from you advising legal action if they keep harrasing your elderly parents.
Be firm. You cant get blood out a stone and you don't get jailed for not paying timeshare fees.0 -
You, or others in the family could use the parent's timeshare weeks, and pay for them, couldn't they?
And as someone mentioned above, can't they sell it on to someone else?0 -
You, or others in the family could use the parent's timeshare weeks, and pay for them, couldn't they?
And as someone mentioned above, can't they sell it on to someone else?
my parents were in a similar position - they could not give the timeshares away - there is hardly a market for 2nd hand timeshares .... the maintenance is so expensive nowadays - just not worth it!
They just told the company that they were giving up the timeshares & stopped paying! Lots of letters - but not much else so far ...
MarkWe’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
Your problem is NOT with RCI, they are just an exchange company. You have to deal with the people your parents bought the timeshare from. Check or have checked by a Solicitor the exact wording to see If there is any get out clause. Also contact the Consumers Timeshare Association, many people have used 'misrepresentation' to get out of the contract, say the fees are unreasonable, or your parents didn't get the exchange they asked for. A lot of people are just walking away and surrendering all rights. Read the timeshare forums. This is happening to so many people the law has got to change if we all pull together. Good luck0
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Although not relating to "Club Infiniti" (whoever they may be) this link from Tony Hetherington the well respected financial writer is worth a read:
http://www.dailymail.co.uk/money/article-1323162/TONY-HETHERINGTON-Death-doesnt-bring-end-timeshare-fee.html
As others have suggested, have look at the various timeshare sites to see if there a way out. Be very careful with whom you deal- there are loads of sharks out there."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 -
Echoing all the above - the only real issue is ongoing maintenance, as the resort will not wish this resource to end. If they have a deeded property, they can 'will' it to any 'beneficiary' and a transfer takes place. I'm assuming there is no mortgage on the property/week? If so, it still retains a value as you can use this yourself and get excellent holidays - exchanging it for alternative locations for much lower costs through the UK's Dial An Exchange than paying RCI lots of money additionally to be in their 'club'.
Rather than not pay - if nobody in the family wants to make the commitment, WRITE to the developer, saying that due to age they are unable to return and make use of their investment, and would like to know what options are available to give up the property?
Changing owners involves court registration costs. But there are ways to avoid these - a number of US charities actually WANT unwanted timeshares and will pay your legal fees if you agree to donate them. Next, some developers will do the same (doesn't make you feel better as with the charitable donation) so see what is offered.
If you simply stop paying, they will (a) deny access. (b) Place an inhibition on use and apply to the court for adverse possession. Once completed, this gives them the right to pursue you for any costs or balances they say are due - this would be the owed maintenance (up to the possession order) and the court costs. They could then get a UK-based DCA to pursue them.
Donation only works before all this kicks off.
Having used Timeshares for 25 years, there were a great and I would do this all again, but they were never an investment and should never ever be sold as one.0 -
my parents were in a similar position - they could not give the timeshares away - there is hardly a market for 2nd hand timeshares .... the maintenance is so expensive nowadays - just not worth it!
They just told the company that they were giving up the timeshares & stopped paying! Lots of letters - but not much else so far ...
Mark
Hi, I was wondering if you have had any further information to add to this post. I am in a similar position to your parents and am wondering how to proceed.
Regards, Joe.0 -
Hi, I was wondering if you have had any further information to add to this post. I am in a similar position to your parents and am wondering how to proceed.
Regards, Joe.0 -
There is a new code of conduct for the time share companies coming in that will make it easier
I've heard (probably the same) radio programme about it recently - probably on you and yours or moneybox on R4 - but the BBC web site is useless about tracking it down0
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