War in Ukraine – How does it affect timeshare owners?
The war in Ukraine has now been ongoing for almost a month. The effects for those involved will last for many years, with no end yet in sight. Whilst no-one can imagine the hardships that those in Ukraine are suffering, the knock-on effects have already been felt worldwide. This is likely to also have an effect on timeshare owners.
Previously, we have already highlighted the leap that energy prices have taken, as the prospect of fuel shortages become more stark. However, there are other potential problems. Already, the Consumer Prices Index (CPI) rose by 5.5% in the 12 months to January 2022, up from 5.4% to December 2021. This is the highest CPI 12-month inflation rate in the National Statistic series, which began in January 1997, and it was last higher in March 1992. This all happened prior to the conflict and the cost-of-living crisis, which will inevitably lead to more inflation.
In addition to the conflict in Ukraine, interest rates have now started to rise. The Bank of England has increased interest rates to 0.75% in an attempt to tackle rising inflation. After many years of stable interest rates, this is the second such rise in short order. If inflation continues to rise, then interest rates are likely to rise too.
All of the above issues will be issues for timeshare resorts too. When costs rise for timeshare resorts they will pass them on to consumers, by increasing maintenance fees. Such fees have already risen significantly in the last few years, notwithstanding the post-Covid economy, the war in Ukraine, and the current squeeze on living standards. It is inevitable that they will increase yet further, and potentially at a faster and steeper rate than seen previously.
Now is the ideal time to dispose of your timeshare, before such increases are implemented. The safest way to do this is by instructing a firm of solicitors, fully regulated by the Solicitors Regulation Authority and with many years of experience. For a no obligation chat, please call us on 01920 481499.
What Can You Do With Your Timeshare?
The timeshare industry unfortunately, is one that has been littered with scams and continues to have such issues to this day, but there are circumstances under which you could make a successful timeshare compensation claim.
Some of the types of contracts that could have grounds for a claim include;
- In Perpetuity Timeshare Contracts
- Mis-sold Timeshare Agreements
- Floating Week Timeshares
- Timeshare Points Clubs
Taking legal action against the timeshare company can help to get you the financial compensation you deserve and, in some cases, terminate the contract for breaching the law. Timeshare law is extremely complex and is not something that can be taken on by anybody but requires the professional expertise of a specialist timeshare solicitor.
If you think that any of the above are relevant to your timeshare agreement then get in touch and the team at Sarah Waddington Solicitors will be happy to speak to you about your case. If you would like to get an idea of just how much compensation you could be owed then try our free timeshare compensation calculator.
Finally, remember any genuine timeshare solicitor will be extremely careful to manage a client’s expectations. They will be honest and realistic with what could possibly be achieved in regard to your individual case. If someone claiming to be a lawyer or solicitor has been in contact contacted, be sure to do your research and check if they are regulated by the SRA and if the individual is registered as a solicitor.