Timeshares are known for their hefty fees. Such fees are the main reason why many owners today want to get out of their timeshares. In Reynoldsburg, Ohio, one family said that they've paid out $20,000 over the past 25 years for a campground timeshare membership. Suddenly, they stopped paying two years ago and creditors started to call.
Last 1985, Jack and Mildred Kidwell, in their late 40s, bought a timeshare for camp sites around the country. Since then, they are paying thousands of dollars in finance charges and dues.
According to Kidwell, they tried to sell or cancel it but the company refused. At 72 years old and with severe arthritis, Kidwell said they had to sell the camper. But Equity Lifestyle Properties which is the parent company of Thousand Trails Campgrounds is trying to keep him paying.
He said, he just wanted them off his back and to quit trying to bill him for more money. Meanwhile, Joan Coughlin, Spokesperson for the Central Ohio Better Business Bureau, in this particular contract there is no right of rescission, that's an important element to look for in any contract. Right of Rescission is a language that allows the buyer with notice to terminate a contract.
On the other hand, the said company has an F rating with the Better Business Bureau. In 2001, as Kidwell said, his annual dues rose from $272 to $500 and in the last two years. He and Mildred decided to stop paying for their vacation and the creditors are calling.