Is there no way to get out of timeshare bondage?

I WOULD like to get more clarity and guidance on the cancellation of timeshare.

I joined Quality Vacation Club (QVC) in 2005 or 2006, can’t remember the exact date.

The contract is for 50 vacation points per year that can be booked at various holiday resorts.

We have forfeited many points because for the past seven years, we have been living with my in-laws because their health deteriorated to the point where we could not leave them home alone (or take them with us on holiday).

I have written many letters to QVC to try to cancel the contract.

Initially, there were two amounts on credit:

The initial purchase amount (about R90 000), of which we paid R840 a month.

The yearly levy (initially R350 a month).

The initial purchase amount is fully paid up, but I still have to pay the yearly levy fees – this has gone up to R800 a month and is increasing every year.

According to QVC, the contract will only be cancelled when I die, the company goes insolvent or I go insolvent.

This means that I have to get myself under credit review so I can submit a request for the contract to be cancelled.

We don’t use these points. The last time I went on holiday using these points was in 2014. Is there no way to get out of this bondage?

Georgie: The National Consumer Commission’s public inquiry into the industry is under way. The commission’s website was supposed to be updated last week with details of the various dates and venues but is still not.