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Frank Hovis

How to get rid of a Timeshare

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Quick caveat: I have known several people for whom a timeshare has been a happy experience for many years; they're not all bad.

However a lot get caught with them, don't want them, can't sell or surrender them, and have to keep paying annual fees.

The second case in this story made me laugh:
 

Quote

 

Retiree Andrew McNaught bought a timeshare in Gran Canaria for nearly £8,000 in the 1990s. His family rarely use it now because of his wife's poor health, but every year they still pay out 420 euros (£370).

"We looked at ways of coming out of [the timeshare]," he says. "[But] I spoke to a person last time we were there and he said there was a waiting list of over 600 people [wanting to do the same].

"[Then] I saw an advert in a daily newspaper and it said, 'We can get you compensation for your timeshare'. I told my wife, 'we have nothing to lose'."

Andrew met with the company, which promised to help him out of his current timeshare.

But using an intensive selling technique known as "hot room" they managed to persuade him to invest into a second. :D

Mr McGlade claims he knows their tactics well. xD

 

http://www.bbc.co.uk/news/business-42909256

For anyone in this position or with a relative in this position:

Approach a homeless person, either in this country or ideally abroad, and offer them £200 if they'll take on the timeshare.  They will leap at it and sign anything. It will be entirely legal, the timeshare company can do nothing about it and you are no longer liable for the maintenance, and of course the tramp won't be pursued for it as they have no address.

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How about moving or changing your name. Or saying that they don't live here no more? This assumes you cannot sell the timeshare - so it's nil value. Take the £8K hit on the chin and move on. If it doesn't put money in your pocket, but takes it away, it is a liability not an asset. From 2005, at £500 per year maintenance lets say, that's already £5K gone in a decade.

Most people are very honest these days, and still have the genuine mindset that they can leave their front door open. I have no doubt elsewhere in the world, customers would stick two fingers up to them and say never come back here again or we'll ******* **

Edited by 201p

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8 minutes ago, 201p said:

How about moving or changing your name. Or saying that they don't live here no more?

Most people are very honest these days, and still have the genuine mindset that they can leave their front door open. I have no doubt elsewhere in the world, customers would stick two fingers up to them and say never come back here again or we'll break your legs.

You can be pursued in court for the debt.  It's a legitimate contract like buying a leasehold flat; they're (mostly) not an industry of shysters.

The only problem is that like many things they are very easy to buy but very hard to sell; so as long as you want your two weeks in Tenerife every year then they represent a good deal.  As soon as you don't want that anymore you have a problem.

I knew the FC at a Cornish place that sold timeshares at their resort; it was run properly and the most underhand thing they did was rent the properties out for the free week that arose every five or six years or so.

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11 minutes ago, Frank Hovis said:

You can be pursued in court for the debt.  It's a legitimate contract like buying a leasehold flat; they're (mostly) not an industry of shysters.

The only problem is that like many things they are very easy to buy but very hard to sell; so as long as you want your two weeks in Tenerife every year then they represent a good deal.  As soon as you don't want that anymore you have a problem.

I knew the FC at a Cornish place that sold timeshares at their resort; it was run properly and the most underhand thing they did was rent the properties out for the free week that arose every five or six years or so.

I went on a course a few years ago on will writing for the elderly.  The advice was to leave the timeshare back to the timeshare company in the will thereby sparing relatives the aggro and liabilities.

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12 minutes ago, Ina said:

I went on a course a few years ago on will writing for the elderly.  The advice was to leave the timeshare back to the timeshare company in the will thereby sparing relatives the aggro and liabilities.

I know of, met her a couple of times, an elderly woman who was a hotelier with her husband (now deceased) and is reasonably wealthy.  She has 24 hour live in care plus other maintenance staff so that wealth will be diminishing.

She is leaving her big house ?400k ?500k to her daughter and her timeshare in Florida ?-£500 a year to her daughter.  She thinks they are of similar value; I don;t know if her children know her intention, and you hope that they will equalise it after the event.  Or hopefully her solicitor will point out that it's a liability as per your course.

The timeshare as I understand it was something special, as I say they were wealthy people, so I can see why she might be making that mistake.

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15 minutes ago, TheBlueCat said:

Having no knowledge of this, I have a question: are most timeshare contracts assignable? Assuming yes, then the homeless person option sounds ideal and entirely legal, otherwise not a lot of use.

I haven't come up with it myself; it was the conclusion of a big investigation into the first big wave of timeshare sales in the 80s many of which came with escalating bills and people starting finding out that the easy resale that they were expecting was non existent.

As they are transferrable then transfer to someone who is both untraceable and has no assets to lose.

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15 minutes ago, Panther said:

How about sell to a limited company you form for that purpose then abandon the company

Dangerous.  It is complicated and they could go after the director(s) as deliberately driving the company into insolvency.  A clever accountant / lawyer would sort it all out, but it is more complication.

The homeless person strategy would appear to be inspired.

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I would visit them to arrange to upgrade to a bigger, better timeshare. 

Be really enthusiastic but at the last minute point out that you really need to insist they cancel the original agreement whilst you sign the new one. 

And then walk without signing.

May sound unlikely to work but as a 19 year old that is exactly what I did to get my mother out of a £25k conservatory contract she had changed her mind about.

Didn't make it any easier when she informed me, 10 minutes before the meeting, that she had been on a few dates with the salesman.

I guess it is unusual to get fucked by a mother and her son :Jumping:

 

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12 minutes ago, Cunning Plan said:

I would visit them to arrange to upgrade to a bigger, better timeshare. 

Be really enthusiastic but at the last minute point out that you really need to insist they cancel the original agreement whilst you sign the new one. 

And then walk without signing.

May sound unlikely to work but as a 19 year old that is exactly what I did to get my mother out of a £25k conservatory contract she had changed her mind about.

Didn't make it any easier when she informed me, 10 minutes before the meeting, that she had been on a few dates with the salesman.

I guess it is unusual to get fucked by a mother and her son :Jumping:

 

Maybe that's what happened with the people that bought a second timeshare?

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