The prospect of investing in a timeshare was once regarded as a great opportunity to secure holiday accommodation which you could continue to revisit and may also help to save you money in the long run.
Yet today, the idea of having a timeshare is very different to what it once was and is unfortunately associated with scams, which those who are looking for a great holiday deal could, unfortunately, be victims of.
Stories of individuals who have been scammed by timeshares are all too common in the news, and with a host of devious tactics and tricks, it can be very difficult to know when a great deal isn’t perhaps all that it appears to be.
It’s extremely important to have your wits about you and it’s particularly helpful when you know what to look out for, therefore, let’s take a look at a few of the most common timeshares scams to be aware of.
Over the phone
We’ve probably all experienced cold callers in a variety of ways from different industries, whether it’s to purchase a product or donate money to charity.
Cold calling is a popular technique used by scammers as the caller has better access to communicate with individuals more directly, and is, in fact, legal.
The main aim of scam calls is often to try and obtain a person’s bank details and may not actually have anything to do with timeshares, yet by consenting to the caller’s request, this could make the process appear legal.
Common forms of scams include instances such as the scammer stating they are your bank and could ask you for your details to log into your account. Competition winners is another common method targeting individuals.
Timeshare companies could take a more upfront approach by trying to sell you a timeshare, however, these individuals can be very clever in using a set of sales tactics and lingo to try and get you to commit to a payment over the phone.
Recognising scam calls is the key to avoiding getting caught, therefore, if you receive a call which doesn’t appear to be right, or if there is any mention of providing your bank details, then alarm bells should be ringing and you ought to hang up straight away.
The flashy sales pitch by representatives from the timeshare company is another way in which people can often get scammed.
These people can paint you a perfect picture of why investing in a timeshare is an opportunity not to be missed which is all too easy to go along with as you become more and more emotionally involved.
To avoid being sucked in by a fantastic sounding deal it’s important to remain objective and level-headed. Carry out thorough research beforehand so you know exactly to expect, what the process involves and be prepared to ask questions. This is also a good time to suss out the reputation of the timeshare company and look at various reviews of what other people have said about them.
Problems exiting the timeshare
Everything could be plain sailing with the timeshare company until you decide that you no longer want to continue with your timeshare, which one British couple unfortunately found out when looking to exit their apartment in Florida, which you can read more about by heading to This is Money.
The timeshare company may attempt to trap you into various deals in which you could end up losing money. Buy-back schemes, for example, mean that although you’ll have paid an initial lump sum when purchasing the timeshare, you may actually only end up retaining a portion of what you originally paid.
If you are having difficulties in exiting your timeshare, then the best thing to do is to seek assistance from the professionals who’ll be able to advise you about your options.
Timeshare Exit & Support Services specialise in the termination, relinquishment and exits from timeshare contracts and will be able to assist you accordingly to ensure that you receive the best possible outcome.
You might decide it’s time to sell your timeshare for a variety of reasons, however, one of the biggest problems associated with timeshares is their difficulty in reselling.
It’s essential that if you’re in this situation of needing to sell your timeshare that you are watchful of companies claiming that they’ll be able to assist you with reselling your timeshare when in fact they aren’t legitimate.
By either calling or writing to you, the company, whom you ought to be aware could be the same company you obtained your timeshare through, may claim that they have a potential buyer interested in taking on the timeshare which is probably not the case at all.
Scam companies would probably ask for money upfront or administration fees which a legitimate resale expert would not, therefore, it’s essential that you don’t hand over any money or personal details requested of you as the resale company may not be genuine.
These are just four of the more common scams which could leave those looking to buy, or who have already obtained a timeshare in a difficult situation.