Timeshare Vacation Resort Mortgage Defaults

Our Comments: It's important remember that the promises that the sales representatives make are not to be believed unless you can get them in writing. It's also important that you know the true cost of the timeshare - as this article shows, a lot of people defaulting on the timeshare vacation resort mortgages indicates the timeshare vacation resort is selling to people who can't really afford it. They will always use numbers that make a timeshare appear to be cheap, but when all those little expenses are added up (and especially if you have to borrow money) a timeshare isn't going to be a good deal. Yet another reason to avoid timeshares...

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Most of the people who defaulted on their Sunterra loan payments owed between $6,000 and $12,000, according to court documents. Interest rates on the loans were commonly 14.9 percent....

"Our difficulties with the Sunterra purchase started almost immediately," Wendy Fendall wrote in a 2000 letter to the company. The couple told company representatives they wanted to use the timeshare for a particular week in 1999, and sales staff told them they could, but after the sale, they learned they couldn't.

"Three weeks later there was no record of our timeshare purchase in any systems associated with the 800 numbers given to us in our timeshare owner documents," Wendy Fendall wrote, "and our temporary membership card was useless."

The couple had hoped to go to Sedona, Ariz., or South Beach, Fla., but ended up having to come to Santa Fe, an hour up the road. "This experience left us anxious, upset and fearful that we had not only been bamboozled, but deceived and taken advantage of as well," Wendy Fendall wrote...Entire Article

Get All Promises In Writing

Our Comment: Yet another example that you must insist that any promise that a vacation resort timeshare company makes needs to be written into your contract. Imagine being in thi situation - you purchased your timeshare with a beautiful view with the promise that the view would never be obstructed to find the timeshare planning to onstruct your view after all the units have been sold. Pretty sleezy in my book and my guess is that the unobstructed views they were promised will go to others...

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Several Pelican Resort timeshare owners have posted an on-line petition collecting signatures for a campaign intended to block the construction of a new high-rise marina at Pelican Resort...

It reads: “We, the undersigned, hereby petition the Board of Directors of the Tenants Association Pelican Resort Club to cease and desist the building of the new Marina Complex at Pelican Resort Club at Billy Folly Road, Simpson Bay, Sint Maarten, Netherlands Antilles, as it is currently planned.

“The design of this complex directly contradicts specific promises made to buyers of the C and D Buildings at Pelican, who were told that their views would never be compromised.

“On that basis thousands of timeshare owners bought in good faith, only to see their investments devalued in their view by the construction of a high-rise directly in front of their units... Entire Article

Couple Warns About Timeshares (UK)

Our Comments: Let's give a loud round of applause to these two! If only everyone had someone as dedicated to give the warning when a timeshare salesperson went into their selling mode, there would likely be a lot less people currently stuck with the vacation rental timeshare that they don't want.

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Two timeshare victims who lost thousands of pounds are tailing the firm' s salesmen in a 'scambulance' to raise the alarm.

Campaigner Allan Thompson bought the old ambulance on eBay and tours the country to warn potential customers off timeshare firm Sunterra.

Allan, 57, an oil rig worker, and wife Christine spent thousands on 'points' which they found were not enough to get the holidays they wanted...

The Thompsons research their sales tours and park the Scambulance outside. They were at the Ramada Jarvis hotel in Glasgow city centre eight days ago. Allan said: "I suppose it's turned into a bit of a hobby.

"We bought an ambulance for £2300 and renamed it the scambulance. We travel wherever Sunterra hold their sales pitches."

Christine, 50, said: "We do this because we're absolutely bloodyminded. It's a national scandal... Entire Article

European Commission launched Timeshare Directive

Our Comments: It's good to see the European Union is taking the initiative and looking for ways to close the loopholes that some timeshare companies are using to get around the current legislation. If you happen to be in Europe and have had timeshare problems, be sure to contact them and let your voice be heard.

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The European Commission is today launching a wide public consultation on the Timeshare Directive (94/47/EC). Timeshare contracts entitle consumers to spend a period of time (at least one week) in a holiday property for at least three years. The Timeshare Directive sets minimum standards for consumer protection throughout the EU, such as ensuring that consumers receive adequate information on the property. The legislation also seeks to prevent “pressure selling” by allowing for a cooling-off period where withdrawal is possible and money deposits are not allowed. However, some operators have introduced new timeshare-like products which take advantage of regulatory loopholes, leading to a number of complaints by consumers.

“Consumers should have every confidence that they will not be taken for a ride if they opt for a timeshare formula or similar products” said Health and Consumer Protection Commissioner, Markos Kyprianou. “I want to make sure that unscrupulous traders do not take advantage of potential clients – many of whom sign up to these products after falling in love with a holiday resort... Full Press Release