Timeshare owners suffering from cost-of-living crisis and rising maintenance fees

As the UK cost-of-living crisis deepens, more people may look to step away from timeshare commitments that no longer feel affordable or worth it.

Stuck in long-term timeshare contracts

The cost-of-living crisis is really starting to take its toll in the UK, and many households are changing how often they travel and what they spend on holidays.

For timeshare owners, however, that flexibility is often limited.

About 600,000 British families currently have timeshare memberships, with over 455,000 of them owning timeshare in Spanish resorts. For many, it isn’t simply a case of switching to a cheaper break or taking a year off.

Why? Because they’re tied into strict, long-term agreements that can be difficult to end.

Priorities are shifting

Timeshare owners are facing the same pressures as everyone else during the cost-of-living crisis:

• Wages are stagnant and hardly going up at all.
• Pay freezes have been put in place for many in the public sector.
• High inflation is leading to big problems right across Europe.

As budgets tighten, many households are prioritising essential bills — and holidays inevitably slip down the list.

Holiday habits are changing

In response to the current crisis, many Brits are looking at practical ways to cut holiday spending, such as:

• Going on fewer holidays
• Choosing budget breaks instead
• Enjoying a staycation closer to home
• Taking less time off work

In some cases, people are deciding not to go away at all.

Not for timeshare owners…

The options for timeshare owners can be far more limited. While most people can change their holiday plans year to year, timeshare owners are stuck with ongoing obligations.

They can be contracted to pay every year, even if they don’t travel.

Timeshare companies enforce these annual fees, and they sometimes use debt collection services too.

What’s more, resorts may increase the annual fees they charge. With maintenance costs rising, as they are across the hospitality sector, those increases can be significant.

Unlike choosing not to book an expensive hotel, timeshare owners may be legally committed to keep paying.

What are your options?

Are you locked into a timeshare contract you can no longer justify — and want advice on how to end your membership?

It’s true that timeshare agreements are designed to be binding. However, it is possible to escape them with expert assistance.

In some cases, it can take as little as a couple of months to be free of your timeshare — sometimes faster, and sometimes a little longer depending on the circumstances.

If you want to cancel your timeshare membership or simply understand your options, start by contacting our team of specialists at The Timeshare Advice Centre for a free and confidential assessment.