Timeshare Trap

Timeshares are one of the worst investments you can make. This journal is to inform people who are thinking about purchasing a timeshare not to do so and help those trying to get rid of their timeshare.

Sunday, March 19, 2006

Unloading Time Share Likely A No-Win Deal Article

Our Comments: We were quoted in an article by Gregory Karp in the Chicago Tribune titled Unloading Time Share Likely A No-Win Deal and are happy that the truth about getting out of a timeshare has been highlighted - it isn't going to be easy and you're likely to lose money. The list of steps to take in trying to get rid of your timeshare is good advice:

  • Don't pay an upfront listing fee.

  • Do try to sell it back.

  • Do try renting your time-share week.

  • Do try to sell it online

  • Do try selling it yourself

  • Don't abandon it

  • Don't ask too much for it.

  • Do consider using a pro.

  • Do your homework on resellers.

  • Do try to transfer payments.

  • Do consider donating your time share.


    • It's nice to finally see a mainstream media outlet addressing this issue as most people are left on their own when they find themselves in a Timeshare trap.

    posted by savingadvice @ 6:55 PM  

    8 Comments:

    • At 7:46 PM, Anonymous Anonymous said…

      Anyone have experience with "Owners-Edge/Travel Smart"? They were going to handle the rental of 2 of our properties. We decided not to go with them,and did not sign any forms, but they're going to hit us for $750 because, they say, we have a "verbal agreement". They never posted an ad, as we didn't sign, and no one has rented either property, but say we still owe them the money. Comments?

       

    • At 8:13 PM, Anonymous Anonymous said…

      If there is no signed contract, then there is nothing they can charge you for - especially if they never did anything. They are just trying to scare you into paying. File a complaint with the better business bureau

       

    • At 11:37 AM, Blogger James and Linda said…

      My husband and I just attended a meeting with Timeshare Collectors, Inc, who sent out a mailer offering to buy back our timeshare.

      Here's their deal: YOU pay THEM $3495, and they take your timeshare and resell to Hotels.Com & other travel clubs! What do you get? You get out of your timeshare, and you get to deduct the loss as a capital loss on Schedule D on income tax. (We didn't do it, but that's what their offer is, just in case anyone is curious about how their offer works).

       

    • At 9:24 AM, Anonymous Anonymous said…

      Why in the world woul anyone pay out that kind of money to get rid of a t/s when you can go online and sell it?Stay away from that rip-off deal!

       

    • At 6:49 PM, Anonymous Anonymous said…

      How many timeshare owners have actually been sucessful in selling their t/s on their own? The stats indicate only 3% have ever been able to re-sell.

       

    • At 12:04 PM, Anonymous Anonymous said…

      I also have 4 weeks with Owners- edge/travel smart to be rented. I have a contract running from June 2006 till June 2007. I was watching the website to see if any of my timeshares were rented and in Dec. 2006 the website went away. I tried to contact them through the phone numbers I have and there was no answer. I also have $700, supposadly in an escrow account. I am pretty sure that I won't wee that money and no time shares will be rented. Even more disturbing I had the credit card number stolen I used for the $700 payment. Over $2000 was spent on my card before it was cancelled. One of the last places I used this card was the with Owners edge travel smart. I have no proof this is who stole my number but want to let others to beware and check and see if their cards have been used.

       

    • At 1:59 PM, Anonymous Anonymous said…

      Owners-Edge/Travel Smart-They must be a very bad business because Western Union refuses to transfer money from my credit card to this company for my protection.

       

    • At 10:05 AM, Anonymous Anonymous said…

      I got involved with Owners Edge also and nothing was done, but they just kept wanting more money for exchange fees. No reimbursement for anything. Anyone received any money back?

       

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