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.

    10 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 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 9:13 AM, Blogger dupted said…

      We were contracted to rent two weeks of our time share and paid Owners-Edge/Travel Smart $700.00. The contract ran from Sept, 05 to Sept, 06. We were to be refunded if they did not rent our two week. Well time is up and I'm trying to get in touch with them to get refund. Well all phone numbers I have for them has been disconnected. I guess I'm out of $700.00.,

       
    • At 9:14 AM, Blogger dupted said…

      We were contracted to rent two weeks of our time share and paid Owners-Edge/Travel Smart $700.00. The contract ran from Sept, 05 to Sept, 06. We were to be refunded if they did not rent our two week. Well time is up and I'm trying to get in touch with them to get refund. Well all phone numbers I have for them has been disconnected. I guess I'm out of $700.00.,

       
    • 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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