Getting Rid Of Your Timeshare Shouldn't Cost Thousands

Our Comments: It appears we have a new Timeshare scam developing and timeshare owners are so desperate to get out of their timeshares that they are paying people thousands of dollars to get rid of them. In the vast majority of cases it makes no sense to pay someone to get rid of your timeshare. Don't waste more of your hard earned money - give it to charity or try one of the other methods.

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I just left a meeting where I was to get an "offer" on my time share from Timeshare Relief, INC. The long and short of it was they "offerred" to let me get my timeshare off my hands by giving them $3,495!

Even more astounding, in a room of approx. 25, I was the only to walk out! Have you ever heard of this company?

Get All Timeshare Promises In Writing

Our Comments: Letter from a reader - never take a timeshare seller at their word. Make sure that all their promises are written down and part of any contract you sign. If not, you may end up paying much more than you thought.

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In January I was at my time share in Kissimmee Fla. It is called Spas at resort world. While at my time share for the week I was asked to attend a meeting on the RCI Points system for exchanging your week with points. I was told if I joined now they would pay my yearly maintenance fee for that year. I joined then and gave my charge card to them to bill my card for $999.00. Then 18 monthly payments of 243.68 for a total of $4386.24.Every week I get mail from my resort asking for my maintenance fee. I call them and tell them that RCI was going to pay it. To this date they have not paid it. I call the place at the resort who sold me the RCI program and they said don't worry about the payment that it will be paid. I told them I keep getting these letters asking for the fee or they will pursue further collection action.

New Twist On Paying To Get Rid Of Timeshare

Our Comments: Comments from a reader - a new twist on having to pay to get rid of your timeshare - don't waste your money.

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Here's another angle in the timeshare repurchase business--a company called Timeshare Collectors, Inc. My husband and I got an unsolicited mailer (postcard) offering to buy our timeshare; this morning, we went to a meeting at a local Raddison hotel & they gave their pitch--the deal is, the timeshare owner pays Timeshare Collectors, Inc. the equivalent of 7 times the maintenance fee (or $3495, whichever is less), to cover closing costs, deed transfer, etc. They, in turn, sell in bulk to Hotels.com and 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 "sell" to them; we already got ripped off buying the timeshare in the first place, so I'm not willing to shell out more money to get rid of the damned thing!

Can We Trust The Timeshare Salesmen? No...

Our Comments: Good Advice - We can't repeat it enough. Never, ever, pay an upfront fee to have your timeshare sold and don't deal with timeshare companies that cold-call / SPAM you. They'll promise you the world and take your money...

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"We have owned a timeshare at the Tenerife Royal Gardens in Tenerife for 10 years. We would like to sell our two February weeks in a studio, and have been pestered by phone calls from people in Spain and the Canary Islands offering to sell our timeshare.

They tell us that we can get at least £3,000 for each of our weeks, but they all demand payment in advance and we have been warned not to pay these. However, a new company called the European Timeshare Owners Organisation (ETOO), based in Gibraltar, is being particularly persistent and persuasive. Its impressive website says that it is certified by the International Timeshare Resale Association (ITRA).

ETOO is asking for an advance payment of £670 by credit card and says it should be able to sell our two weeks for about £7,000. The Timeshare Consumers Association (www.timeshare.org.uk) advises against dealing with overseas resales offices. What is your view?"

Gill replies:

"Never, ever pay up-front fees to resales agents - especially when you have been cold-called. I asked ETOO to justify these fees. The company says it advertises timeshare properties for sale on its website, in "international" newspapers, on Sky television and by organising visits for potential buyers..." Entire Article