American Time share in perpetuity

[Silvo]

Hi hope someone can point me in the right direction - This huge problem is praying on my mind constantly. Normally I champion my own problems - but this one is bigger and badder than me.

 

Well I will start at the beginning and not make it too boring for you; in 2005 my husband and I and own then 17 year old Son went to Florida, for my Sons 18th birthday and we got sucked into the timeshare talk, with false promises of being able to rent it off and sell getaways with Interval International, only £7,000 - so we signed and I had my doubts. Should have listened to my inner sense. But hey, lots do it, so it can't be that bad, can it?

 

What we hadn't realised, we had signed up for life and beyond! So, I am told my Son and his decendents will be forced to take this noose around their necks too.

 

I have contacted the company - Star Island in Florida to ask them to take it back - I don't even want paying for it. We paid the £7000 and every two years pay about £600 maintainance (which is OK) - we have got our use from it as we use Interval International to trade it in. Star Island won't just let me give it back.

 

I have contacted The Time Share association in the UK who tell me just to send the deeds back, recorded delivery and ignore the threats and letters they send. I am a sensible person and have never been in trouble and always pay my way. I am so worried that with this company been in the U.S. they can cause all sorts of problems for my family.

 

My Son is now 28 with his own family and I am so so freightened for the future - Inneed help the correct advice as to how to take this mill stone from round our necks. I cannot be the only person who is worried about this.

 

As my husband says - just our signatures under pressure cannot ruin the lives of so many people. There has to be a way out.

 

If at all possible, please help, if not, please point me in the best direction, to get my love back on track. I am in my late 50's now and would need to sort this before I burden anyone one else with this stupid mistake.

 

I could put a clause in my Will which says not to pass it on, but I'm told these companies just take any monies owing from the Estate. How can I Rest in Peace knowing this.

 

Thank you

[steampowered]

The first step is to read your contract. What does the contract say about termination?

 

If you have the ability to upload a copy of the contract without your personal details, that would be magic.

 

This doesn't affect your son. The only people bound by a contract are those who signed it - i.e. you and your husband.

[Silvo]

Thank you for your help - the contract is very complicated and has pages and pages a full book it say we cannot terminate and if we managed to sell it they (Star Islsnd) would have to agree who bought it - I would willingly give it back and pay the transfer of deed fee - they could either rent or sell it.

Thank you again

[Silvo]

Hi - just to update this and it may help other people in the same predicament - I emailed the resort and appealed to their better nature. They emailed back and advised that they are willing to take this back for a fee of $150 - which are the legal fees - they are emailing the legal docs over on Monday - so very very relieved and happy. So before you go paying exorbitant fees to these so called legal eagles ie EZE lawyers try writing to the resort first. I even contacted the so called Timeshare helpline in London - beware of these as they book you in with EZE lawyers and can cost a fortune - they wanted an upfront "deposit" of £150 to make an appointment - they are suppose to be independent - but when you google them they are linked. So just beware.

Anyone thinking of buying a timeshare - please don't - there are so many scare stories out there -,I know I have had a lucky escape.

Hope this is of some help to anyone.

Thank you

[honeybee13]

That sounds like great news, well done.

 

And thank you for updating the thread so it can help future caggers with the same problem. Please let us know when you have written confirmation and we'll change your thread title to reflect your success.

 

HB

[citizenB]

Hi - just to update this and it may help other people in the same predicament - I emailed the resort and appealed to their better nature. They emailed back and advised that they are willing to take this back for a fee of $150 - which are the legal fees - they are emailing the legal docs over on Monday - so very very relieved and happy. So before you go paying exorbitant fees to these so called legal eagles ie EZE lawyers try writing to the resort first. I even contacted the so called Timeshare helpline in London - beware of these as they book you in with EZE lawyers and can cost a fortune - they wanted an upfront "deposit" of £150 to make an appointment - they are suppose to be independent - but when you google them they are linked. So just beware.

Anyone thinking of buying a timeshare - please don't - there are so many scare stories out there -,I know I have had a lucky escape.

Hope this is of some help to anyone.

Thank you

 

This is very good news. I would suggest you photocopy everything you have in connection with this before letting any original paperwork out of your hands.

[Ethel Street]

Glad to hear that this sorted Silvo. Just for other readers who may have this issue though, can I query the point about whether this debt can continue 'down the generations'. (I'm raising a question that hopefully others can answer, I don't know the answer)

 

It's obviously true at one level that your debt couldn't have been made the debt of someone who wasn't party to the original contract you had with the timeshare operator. But the issue I've seen described on other consumer affairs programmes is what happens when you die. The asset (ie the timeshare) is an asset of your Estate and as such passes to who ever you leave it to in your Will, (or if no-one in particular, whoever gets the residue of your Estate). AFAIK there is no way you can say that you don't leave one of your assets to anyone, it has to pass to someone. But with the asset goes the obligation to pay the maintenance charges and whatever else is due to be paid under the time-share contract.

 

I've heard of cases where outrageous sums had to be paid to the time-share company and when the original timshre owner died the family assumed the debt was extinguished but discovered it wasn't because the debt attached to the asset and whoever inherited it also inherited the payment obligations.

 

As I say, i don't know the answer, it's a question.

 

Is it possible for all beneficiaries to disclaim an asset? Even if the asset is a contract with regular payment obligations attached?

[steampowered]

Well done, Silvo.

 

Is it possible for all beneficiaries to disclaim an asset? Even if the asset is a contract with regular payment obligations attached?.

Yes, it is possible for beneficiaries to disclaim an asset under a will. See http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm35161.htm.

 

A timeshare is fundamentally just a contract. I don't see how the contract could be enforced against descendants unless they have signed up to the contract.

[Ethel Street]

Well done, Silvo.

 

Yes, it is possible for beneficiaries to disclaim an asset under a will. See http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm35161.htm.

 

A timeshare is fundamentally just a contract. I don't see how the contract could be enforced against descendants unless they have signed up to the contract.

 

The issue I had in mind was more that the Timeshare contract can be enforced against the Executors of the Estate. Even if all beneficiaries could disclaim a Timeshare *** it doesn't solve the problem that the Executors faced in the cases I heard of. If no beneficiary will accept it it remains owned by the Estate surely? And wouldn't that mean that the Estate has to keep paying the Timeshare charges? The Estate is liable to pay sums under contracts entered into by the deceased - they're debts of the Estate. And wouldn't that mean that the Executors couldn't wind up the Estate and distribute the other assets?

 

 

*** BTW I'm not clear from HMRC link that is the case. It suggests a disclaimed asset follows the residue of the Estate, and that whoever inherits the residue cannot pick and chose which bits of the residue they will accept. You either have to accept the whole of the residue or none of it.

 

EDIT I found this article online. Also it seems 'in perpetuity' clauses in EU have been or will be banned but that probably wouldn't have helped in Silvo's case as it was a US Timeshare. Fortunately Silvo has resolved it.

 

http://www.saga.co.uk/legal/legal-experts/emma-myers/timeshares.aspx

[madmatt101]

surely the easiest way would be to leave it in the will to the timeshare company, who then have to pay themselves.

 

Or better still, a DCA

[Silvo]

surely the easiest way would be to leave it in the will to the timeshare company, who then have to pay themselves.

 

Or better still, a DCA

I've just heard from the timeshare company and they have sent me a screenshot and a copy of the quit claim deed - I NO LONGER OWN THE TIMESHARE - woooo - so happy - I just asked them to take it back

[Silvo]

This is very good news. I would suggest you photocopy everything you have in connection with this before letting any original paperwork out of your hands.

 

I have everything on email