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The Newest Timeshare Scams: Do Not Turn out to be Their Newest Target

By: John Farrow

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First of all, it is pretty much pointless naming and shaming the companies that are continuing these widespread scams, simply for the reason that as soon as they receive any negative publicity they are closing down and reopening with a new name, even operating from new offices. For that purpose, I have only given a basic overview of the way each scam works:

1) A company will contact you (by telephone) asking if you want to sell your timeshare. They will by and large say that they have someone who wants to shell out thousands for your timeshare. The fact is that after a lot of smooth talking you will be asked to pay them on average anything from £300-£1,000 (US$500 or more) in advance of the sale. They may even claim that you are covered against fraud by paying with your credit card, so this is a very popular scam, which several owners fall for. In actuality you will not collect money for your timeshare as there is no waiting buyer and your credit card payment will be paying for a indefinable item such as 'marketing services' which are non-refundable. At some point your waiting 'buyer' will without explanation withdraw from the deal but not before your payment has been processed.

2) This is a telephone call designed to establish a friendship with you. They will inform you that RCI have a court case in the USA that possibly will entitle you to compensation of up to £15,000 (US$25,000) as an RCI member. They may possibly refer you to a website that provides you with an overview. The idea is to get you to go to a face to face meeting. They will invite you to meet with them to complete a survey as regards your transactions with RCI and then to see what you may be entitled too. The bottom line is that you will be asked to part with cash to join the latest super "Holiday Club" where they maintain you will be able to get into timeshare apartments from £99 with no problems with availability. They also say that you will be able to take as many as you like with the cheapest flights around and perhaps bargain price cruises. They will tell you anything you need to hear in order to get your money.

3) Another telephone call with another tact to put you at ease. This time they hurriedly point out they don't want any money up front. However they have a real client who wishes to purchase your timeshare for x amount. They will receive their commission out of this. They will point out that they are in your locale and only ask that you bring down with you your deed and a utility bill as confirmation of ownership. You turn up to a room with other timeshare owners discover that it's a talk on a holiday club. They will trade in your week worth x amount against theirs which is clearly worth more.

4) This telephone call is to inform you that your resort will not allow you to simply hand back your week if you no longer wish to possess your timeshare and that they will send out the debt collectors to make certain maintenance payments are made. They may also convince you that even after your demise your timeshare will pass on to your next of kin as part of your estate, so they will pursue them for maintenance payments too. They very kindheartedly will take over your timeshare typically if you pay up the next 10 years worth of maintenances to them.

Holiday Clubs. These are best avoided. Their presentations revolve around the idea that you don't have to own timeshare but can access them for as little as £99. They are dressed up now and then with two for one cruises and or heavily reduced flights. Again, whatever that needs to be said to get the sale will be built-in into their presentation.

Most of these holidays clubs don't even exist apart from on paper (they do not own accommodation or have property or systems in place to safeguard your investment). You will only ever see polished sales and marketing materials. Most of these holiday clubs have only very poor availability and only access a limited range of destinations. Their stock is just 'fly-buy' accommodation, where resorts pay them to get individuals to attend timeshare presentations whilst staying at a specific resort. So the perpetrators of these scams get paid by you when you join AND by the resorts that you visit.

The 'Capital Back' Scam continues: this is where a company will dress up their offer with an occasion to get your money returned following a certain period of time.

Usually you are told that you will get your money back after fifty-one months with a generous interest payment too. They describe in order to receive this you have to present your cash-back certificate on a specified day. As most members 'forget' to do this or the official document gets misplaced, this (they state) is how they can have enough money to offer a 'cash back'. They will inform you that they will not remind you and it's down to you to remember and turn up on the day. They will show various testimonials and legal bodies showing you that this is a true offer. They can be very persuasive but yet again, it's a total scam.

TIPS

IF you have been called once, you are more than likely to be on a file somewhere that will be accessed by other conmen , so look forward to lots of calls. Just advise them that your timeshare has been sold. That information will gradually filter down and you should get fewer calls.
The conman will be always be looking at new methods to get your money and convince you that they have something that will be of benefit to you. You will have heard the proverb that if something seems too good to be true, it probably is. Check out claims by using a Google search and don't fail to remember to ask your neighborhood trading standards agency for advice, as they are often the first to hear about the latest scams.

Article Source: http://depositarticles.com/

Article submitted by Bryan Farrow of sell my timeshare and timeshare advice free resources for timeshare owners

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