One common problem facing our country is the abundance of timeshare companies that are not upfront about their inflated costs and decreasing benefits. Unfortunately, many people who want to cancel a timeshare contract feel that they are left with few options for how to make the most of their situation. Companies looking to take advantage of this situation will often telephone timeshare owners with the promise of being able to sell their ownership for an amazing value. This approach often proves to be ineffective and only serves to further stymie individuals in need of support services.
Wesley Financial Group was founded with the sole task of helping consumers with timeshare cancellations and timeshare debt elimination. Since 1989, our consumer rights group has worked diligently to optimize the outcomes for individuals who have experienced false claims, misrepresentations, and general fraud throughout the process of purchasing their timeshare. Today, we’ll begin to discuss the warning signs of mendacious representatives not working to gain business through ethical means. If you are wondering how to cancel your timeshare, be sure to contact our experts today!
The Better Business Bureau (BBB) has released numerous statements over the past year warning consumers about the dangers of increasingly creative timeshare resale scams. Typically, these companies will cold call consumers, offering amazing results with nearly no risk of failure. You could be solicited via phone, internet, or mail to provide callback information for a great opportunity for a timeshare exit. These agents will make various claims of how right now is the perfect time to sell your share for maximum value. Often, the many factors that go into deciding the chances of success for this venture are rarely considered in making the promise of recovering your money and more.
Smart consumers can be misled by these individuals, as money-back guarantees and incentives such as government bonds are offered as a surety. Companies have been known to skip out on refunding their clients’ money, and in some cases, bond compensations were nearly worthless! It can be very frustrating dealing with paying for a timeshare you want no part of, and a company taking advantage of your situation can only make matters much worse.
Types of Resale Scams
The approaches for how to scam consumers are varied, but a few common methods include:
- “Guarantee” Sellers are based on the methods mentioned above, as a sale for your timeshare is promised to be done in a set amount of time. Unfortunately, there is no way to guarantee the length of time needed to sell property, and the practice is outlawed in numerous states.
- Purchasers calling from a national company. Some timeshare owners have been contacted out of the blue from individuals claiming to be part of a large corporation. Consumers will be informed of the opportunity to sell their share for a high price to this entity as it focuses on employee happiness, vacation programs, or even in some cases that the buy is needed for tax reasons. In any case, a fee is expected up front for goods and services later.
- Waiting buyers is another approach that emphasizes the value of your timeshare and the readiness to buy. This is usually a scam, especially if you have not been marketing your share.
Next time, our timeshare cancellation experts will continue this topic by looking at more warning signs of a resale scam. If you are stuck with a timeshare that you want no part of, be sure to reach out to the Wesley Financial Group today!