The timeshare boom of the 1980s and 1990s promised many customers foreign holidays at affordable costs, with a range of flexible exchange programs. Many sales tactics focused on timeshares as an “investment” for the future. But with no regulation on the industry, important contract small print was skimmed over and high-pressure sales tactics forced customers into quick decisions.
This led many customers to buy timeshares without actually being aware of what they were purchasing and the long-term financial implications and commitments they were making. In the early period of timeshare ownership, many customers gave no thought to the annual maintenance fees, due to their relatively small nature. However, with each passing year, these fees were raised until they reached significant sums.
Combine this with the ever-rising yearly charges, which were committed to in mis-sold contracts, tying customers into long-term deals and you can encounter major problems.