Inside Timeshare has run several article on the difficulty many people have in “getting out” of their timeshares, not just in Europe but also in the USA.
As we know they have put into place a relinquishment programme, which they believe is fair, most would not agree. Under their system a limited number of people can apply to hand back their membership, this is on a first come first served basis. It is also only offered every other year with limited numbers. Another aspect is the amount of maintenance they require in order to hand back, four years worth. For many that could be a huge amount.
The information Alan has supplied, apparently from the AGM documents is as follows:
From the Villacana Club;
939 Holiday Certificates have been given back to MRL.
Also that £417,163 went into the Clubs Sinking Funds because of the money paid by owners to get out, but what it doesn’t say is that £1,251,489 went into MRL’s own pocket because of this.
I have just found out that they have also got from Elmers Court £1,091,985 that’s £2,343,474 so far from just two clubs.
I wonder just how much they received altogether from all the Clubs for their so called “REASONABLE RECOMPENSE”
In his message Alan uses the term from MacDonalds themselves “REASONABLE RECOMPENSE”. What is reasonable about taking these amounts from members who have paid their maintenance bills for years?
Why do they still pursue old ladies such as Mrs B for non payment, even though they paid for 10 years without using due to illness? (see link below)
It is well known that for these companies to continue to operate they need the maintenance / management fee from you their members. With an ageing membership and the lack of “new blood” buying into these clubs, they have dwindling finances, as they tell you themselves, the cost will be passed to remaining members. That is the excuse they use for “Reasonable Recompense” from those wanting to leave.
The question is why are people not wanting to buy in?
The simple answer is the internet now offers a bigger choice, without the problem of maintenance, another reason is probably down to the industry itself. Many may have seen the problems associated with timeshare from their own parents and family, this would obviously put them off. So again the industry has only itself to blame. Unfortunately it will be the remaining owners who will have to stump up the money to keep these clubs going, after all someone has to pay and it will not be the company.
Thank you to Alan for the information, it is through people like yourself that we can share with and inform others of what is going on.