As the popularity of timeshares has grown, so too has the number of people who feel they have been mis sold one. If you find yourself in this situation, what can you do?
The first step is to gather evidence. This could include contracts, brochures, and other documents relating to your purchase. It may also be useful to get in touch with other timeshare owners who bought the same product, if possible. If you are part of an association representing other buyers, they may also be able to provide helpful information and could represent you in any future legal proceedings.
Some examples of mis selling claims could include:
• The property was not as described when you bought it.
• You were told you had to buy the timeshare, when in fact you could have rented the property instead.
• You were told your timeshare could be resold easily at a profit, but this was not the case.
How to claim compensation for mis selling
If you feel you have suffered some loss as a result of your timeshare purchase, then there are several ways that you can seek compensation. Compensation may take the form of damages or reparations for direct losses, but can also include reimbursement for indirect losses, such as legal costs on both sides.
Many people who buy timeshares are also given the option of selling them back to the original company. If you can prove that your contract included this clause, then you may be able to seek compensation for any loss in resale value compared with what you originally paid.
If no such provision existed or has been breached, then it may still be possible to demonstrate that the initial purchase of the timeshare was on condition that you would receive this option at a later date. This could be considered an “entire agreement” if the contract did not provide for any other options or conditions at the time of sale.
The act also allows buyers to claim compensation in some circumstances, including false information about:
• The reasons why the timeshare was sold to them.
• Someone who told them they would be buying a different product and/or at a later date.
• A third party who it is claimed must be involved in the sale.
Read your contract carefully before you sign up for a timeshare purchase, especially if you are not familiar with the legal language. If you have any doubts, ask a solicitor to read it over for you.
If you believe that you have been mis sold a timeshare, it is important to take action as soon as possible. This is because there are time limits on making a claim, and the sooner you start the process, the better your chances of success will be.
Why people use a timeshare
The main reason people buy a timeshare is to have a second home that they can use for holidays. Timeshares can be a great way to enjoy your holidays without having to worry about the cost, and they offer the added bonus of being able to share the ownership with friends or family.