Timeshare’s Ups and Downs

The timeshare industry growth is undeniably phenomenal. Many have enjoyed the luxurious vacation packages that these timeshare resorts have offered for the last four decades. Still, it is considered to be the best vacation option that families would possibly love to keep for the rest of their lives.

Unfortunately, the growth simultaneously encouraged frauds surrounding the timeshare community. In effect, a lot of timeshare owners are paying for fees that don’t actually help them--in fact, financially trap them even more.

With this, the industry continues to suffer as potential buyers and those who wanted to give up their units are threatened with the increasing scams. Good thing there is Transfer Smart that helps in transferring to unload timeshare properties.

Authorities are worried with the ongoing operations of these scammers to timeshare owners. Apparently, the number of noted complaints has been increasing since 2008 and is escalating day in and day out. Fair Trading Office said that promises were made by these scammers to the consumers through collection of upfront fees to materialize the advertisements of these units for quick selling. Yet still, the timeshare owners do not receive any feedback or a return call from the agencies.

The upfront fees gathered by the scammers can reach a thousand dollars. Imagine the millions of dollars that these frauds have collected over the past two years.

The employed schemes are highly sophisticated and that an ordinary timeshare owner would not be able to spot a loophole. They trap these poor owners in an offer which they thought could benefit them in the long run. For example, representatives from these companies call you up and ask for your credit card number so you can successfully advertise your unit. Little did you know that they had ripped off a huge amount of money from your card. Some sells you scratch cards that serve as a game promo and ask you to claim the prize in their office. The guaranteed prize traps the client in the office where the illegal selling begins.

Citizens Advice proposes customers to be wary of upfront fees. Likewise, it is better to put into writing the promises that timeshare dealers have been talking about since day one. Always check if there is a 14-day cooling off period. If there are problems report it to the OFT and Trading Standards.

To reduce these types of problems, a law shall be passed to standardize timeshare-like products. Holiday Clubs or Discount Travel Membership Clubs or long-term holiday products under 36 months will be protected by the law. This legislation shall be of help to the consumers whether to pursue a deal or not. Consumers must still be very vigilant until the new bill is passed.