It is becoming more and more common for Timeshare owners to relinquish their Timeshare contracts. Everyone has different circumstances, whether that be due to financial hardship or owners not being able to enjoy their Timeshare any longer. Such owners are keen, some desperate to unburden themselves from their Timeshare contract, and due to this fact, unfortunately some are so desperate to sell that they will take almost any offer in order to resell their unit.
Desperation for many means falling into the trap of the resale scammers.
Yes, there are some reputable timeshare relinquishment companies out there, however, there are many more scammers ready to prey on willing Timeshare owners by promising ‘hassle free quick cash’. Sound too good to be true? It probably is.
That’s why we at TCA would like to warn consumers of the warning signs when approached by such resale companies.
Timeshare resales scams tend to follow a pattern.
- Firstly, you will be contacted by a representative asking you “if you want to dispose of” your Timeshare. Then offering their services and telling you they are the ones to help!
- Always be vigilant of any resale company that contacts you first, especially if they are claiming that the Timeshare you own is ‘hot’ and widely sought after or if they promise they have buyers already lined up. At this point you should request a call back and do some research on the internet. See how long the company has been trading, reviews, complaints, owners, where the company is based etc. etc. Collate as much information as possible before proceeding any further.
- Scammers will always ask for monies upfront usually via a credit card or bank transfer, claiming that the said fees are to cover administration/registration costs. These fees will normally be requested before you have even seen a contract let alone signed the contract. You will normally be informed that the company offers a money-back guarantee. We at TCA strongly advise you not to send any money nor agree to anything should it be online or over the telephone. This gives you time without feeling pressured to do some research on the company. Only when you have everything in writing which explains the fees, commissions etc. should you consider sending any monies.
- If you have paid any fees before receiving the contract, terms and conditions it is highly likely you have been caught in a scam, the scammer will now disappear. At this point it becomes evident that there never was a buyer and due to the fact that you never signed, received or read a contract, terms & conditions or a refund policy, you have no claim to get your money back.
- Always be on your guard, as for most unfortunate consumers the scam is not over yet. A second call could be made by another company asking if you need assistance to reclaim the monies you have just lost…Think with caution. How did this company get your details and how do they know about the initial scam? Do your homework and if you feel this is another scam please contact the authorities immediately.
Please always bear in mind that timeshare resales generally have very little value on the secondary market. Many owners will offer their timeshare on eBay for as little as a few pounds.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk