A time will eventually come when you will decide to dispose of you timeshare or points, perhaps because you or your family are too elderly or infirm to travel or your personal circumstances have changed. Here are the steps that you might consider in selling your timeshare.
First and foremost, don’t be rushed into making any decisions you will later regret – a cold call could leave you significantly out of pocket!
— Check if your developer or resort has a trade-in programme, perhaps to a shorter term or alternative product.
— Your resort or developer may also offer a resale service. If it does not, there are a number of options available, including selling privately or using a resale company to sell it on your behalf.
— Only use a resale company that is a member of RDO or TATOC, all of which sign up to a code of conduct that gives you extra levels of protection than those required by law.
— The resale company will take you through the selling process and will give you an idea of the price you might expect to obtain for your timeshare, the time it may take to sell and the costs involved.
- Never respond to cold calls –your number has probably been obtained illegally.
- Don’t be taken in if you’re offered an unusually high price for your timeshare – this is usually a con, a way of getting you to part with your money.
- Walk away if you’re asked to pay a registration fee – you probably won’t see this money again and this practice is now illegal.
- Don’t be pushed into travelling to a company’s offices to discuss ways of getting rid of your timeshare – you may well find you’re persuaded to sign up to a holiday club/cashback deal you never wanted in the first place.
- Beware of cold calling companies representing compensation groups or ‘legal companies’ with an invitation to join a class action to help owners recover any funds allegedly paid illegally.
- Beware of conversion re-sales programmes offering alternatives such as a “guaranteed bond”?
- Beware of any company saying that they can sell a timeshare ownership right for more than originally paid and private owners should never pay an upfront fee irrespective of the reason given, such as a claim that a buyer is already lined up and ‘committed’ to purchasing your timeshare.
- Never provide anyone with credit card details even if the company claism it will not take an advance payment (this is illegal).
- If you’re not sure of a company’s credentials, check it out with RDO on email@example.com or TATOC, the timeshare owners’ association, on 0845 230 2430
- Only deal with RDO members as they are bound by the organisation’s rules
The good news!
From February 2011 legislation was brought in around Europe that includes timeshare resales. It is now illegal to take any form of upfront payment and a 14 day cooling off period must be provided.