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.

Saturday, April 01, 2006

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

1 Comments:

  • At 11:45 AM, Blogger Linda said…

    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 Timshare Collectors, Inc. the equivalent of 7 times the maintence 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. 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! I'm still looking for ideas, if anyone has one. The Quit Claim Deed sounds like a good option, and I'll look into it.

     

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