Every
year many desperate Timeshare owners look for quick ways to get rid of their
contract. In the process they fall prey to resale scammers who offer to resell
their ownership for thousands of dollars. Here are some of the most common
warning signs to look out for to avoid falling in the timeshare fraud trap.
The Timeshare Resale Scam
Often
a resale company will first contact you making claims that they have enough
buyers or that your property is worth a lot of value. In these cases, always
check the company reviews and complaints online, research them with the
Attorney General in your state. A resale scammer will often request for
registration fees, maintenance fees or closing costs upfront. They will ask
that the money be paid through a wire transfer or via credit card and all
before a contract has been signed. Don’t make any payments unless you have
thoroughly investigated the company and you have the paperwork containing all
the services, fees and instructions. Since Timeshares usually have little
resale value on the secondary market, resale companies will convince sellers to
cover the transfer and closing fees. Every so often, after you have made all
the necessary payments, you will stop hearing from the resale company and
you’ll realize that you will never get your money back.The timeshare industry
is fraught with timeshare fraud and
cyber fraud. People are often conned into buying timeshares that don’t really
exist or have illegal clauses and these aren’t just restricted to timeshare
presentations but also on online schemes. Professional looking websites hide in
plain sight and trick unsuspecting customers who are ignorant, unaware and
vulnerable.
Free Bonus Timeshare Weeks Scam
A
very common timeshare scam is the lure of a ‘bonus’ timeshare week or unlimited
availability in a particular resort. While the offer may sound good, the
underlying motive is to entice you and hard-sell a product. The gruesome
presentation lasts for several hours and is strategically crafted so as to wear
down the customer with information and persuasion so that they finally give in.
During this bonus timeshare presentation you will be requested to hand over
some money which should not be done. This payment is illegal and there is no way
you will be able to get it back once the card details have been given out. For
those who already own timeshares, these companies will coax you into buying
offers and schemes related to holiday products such as a ‘reclaim scheme,
investment scheme or a cash back scheme. They may also offer a holiday
membership or a discounted travel membership club. These investment schemes
work at making consumers lose their money and then vanishing into thin air.
If
you have ever been a victim of timeshare fraud or scams, it’s important to remember that time is of the essence. The
longer you wait to get justice, the less likely you are to gain back your
losses. Get in touch with expert timeshare legal experts and they will help you
on this timeshare journey.
