A judge in Toronto has ordered the closure of two timeshare properties managed and run by Wyndham Vacation Clubs. The resort has 250 units spread over 2 locations situated in a major ski and golf resort with 11,000 timeshare owners owning units there.
Following a survey which was ordered by the judge investigating the case, found that the majority of owners wished to get out of their contracts as the properties had not been maintained to an acceptable standard and had fallen into disrepair. In addition to this the timeshare contracts were ‘in perpetuity’ meaning they were lifelong agreements and upon the event of the owners death, the timeshare and any debts and bills associated to it would be passed on to unwilling family members.
The judge concluded that following the survey and so many owners expressing concern that the timeshares were no longer fit for purpose, the properties should be sold and handled by liquidators going forward. The properties will now be put up for sale, however, timeshare owners are unlikely to receive any money from the sale but will be allowed to exit their contracts free of charge.
Following the announcement the resort would be sold, timeshare advocate for owners at the resort Karen Levins told MSN News “Many owners have been saying for a long time that the resorts are past their prime and that timeshare ownership in Ontario has not been a good model, especially because for these particular resorts there was a contractual in-perpetuity clause that bound owners to pay their maintenance fees forever. Even after they die, the responsibility to pay those maintenance fee transfers over to their heirs, so even death doesn’t get you out of your timeshare commitment.”
Do you have a timeshare contract in perpetuity?
Terminating a timeshare contract is difficult for a reason, simply put resorts do not want you to stop paying maintenance fees, that is why it is so difficult for you to surrender your ownership.
A perpetuity clause essentially means that you will own your timeshare forever and your children and their children will be liable for the fees when you pass away. This is a scary thought for many people who have likely been through the timeshare turmoil mill for some time and do not want to pass the burden on to their loved ones. You can’t simply give up your timeshare either, if you have an in perpetuity contract, Very few companies let you do that as losing you as a member means they will lose out on management fees. Even if this is an option with your resort, bear in mind that any financial investments you have ever made during your ownership will be lost and you cannot get your membership back if you change your mind.
You may be able to make a claim!
Many Timeshare owners who have been trying to get out of Timeshare for years are just happy to be free from the crippling maintenance fees and an inflexible holiday system, however making a claim is still possible under certain circumstances. Timeshare Finance Claims are the leading provider of regulated timeshare claims in the UK. Contact us today to be considered for a claim.