Timeshare Canal Boat

[jcanavan]

We took out finance to buy Timeshare but financial company have gone bankrupt. No more money has been taken as a result of us cancelling our direct debit once we heard of them going under. Where do we stand with regard to the deeds of the timeshare/ownership etc?

[buildersmate]

Please, please I urge you to try and extract yourself from this situation if you can.
Timeshare at the best of times is dodgy (but it does work for some people - including me).
But canal boat timeshare is the most dodgy because there is a huge surplus of supply over demand. Think about it - who wants go on a British Waterways canal between the months of November to May? - not many people. Those who therefore use the asset for exchange purposes are going to find it not worth much if they have a winter slot. Those with a summer slot that enjoy a bit of canalboating in the sunshine are finding that the maintenance costs are shared between those few who have bought the summer slots.
As a business model, it just does not work.
There is some relatively impartial stuff about canal boat timeshare here, though personally I feel that even the TCA has a vested interest in promoting timeshare in general.
http://www.timeshare.org.uk/canal.html

[jcanavan]

Answer to builders mate!!

Thanks for your reply.

We are in quite a fortunate state, if there is such a thing in the world of timeshare!! We agreed to a figure of �7000 for our canalboat of which we only paid �1000 on a finance agreement, before they went bust!! (company name Clearwater) The trustee is Hutchinson and Co. What we are wondering is this:

If the finance company have gone bust, do we still get to own the timeshare, and it is just their bad luck going bust, or when/if we get to sell the timeshare will it be like opening a can of worms if we try and then proceed with the sale!! We would only be looking to secure what we paid, �1000, as a sale price

[buildersmate]

I suggest that you use the Enquiry Form on the TCA website I gave you above and ask them about it. I don't think you have anything to lose by doing this.

If you can still extract yourself the deal I suggest you do so - but I imagine the cooling-off period is long since past?

I believe that you will still have a contract with the timeshare company, and a separate contract for the finance. So just because your finance company has gone bust doesn't mean that's the end of the deal. You are debtor of the finance company and some organisation will buyout the debt and want you to restart the payments.

It shouldn't impact the Timeshare Ownership certificate.

But do your realise that resale value of your 'asset' is less than �2000? This is just one reseller's offering on one scheme - Canaltime at Alvecote - but they all similar.
Sorry to be telling you this but people are desparate to get rid of these things.
http://www.aberfoyleholidays.com/alvecote.htm

[jcanavan]

We DO want shot of it believe me!! We have never even seen/been to the barge!!! �500 back would be good!!!!!!!