More frequently these days, we hear stories about owners who want to get out of their timeshare units. But despite the reported disadvantages regarding timeshare ownership, there are still an increasing number of owners who go into this kind of vacation offer. Recently, the Claims Directive asks one of their timeshare compensation clients to share their experiences and asks how they come to part with over eighty five thousand pounds in purchases, have a home repossessed, get divorced, are still twelve thousand pounds in debt and will never set foot out of the UK again. This story is just one of the many owners who are victims of timeshare scams.
Mr. and Mrs. J of Wales originally purchased their first timeshare in Tenerife in 1989. .The concept seemed great with only an initial investment of just six thousand pounds for a one bedroom unit. But after 13 months, it became apparent that not only had they been advised to purchase the wrong product, but even worse there was nothing they could do apart from upgrade at a cost of another five thousand pounds. Now, they realized that they had spent more money.
On another instance, they took on cruise holiday to Balearic Islands and yes to their surprise it was a timeshare resort. This time it was different, no sales people around and then from nowhere they were in the middle of a very good timeshare investment sale pitch. As it was a very persuasive pitch, they signed up and with an amount payable of twenty thousand pounds. They remortgaged their house, paid up, waited and suddenly the original timeshare marketing company disappeared.
The above-mentioned story is no doubt an example of a timeshare scam. While some owners are getting rid of their timeshare like hiring a timeshare transfer company such as the Transfer Smart, other consumers are being lured into this type of vacationing without validating the existence of the salespersons or companies that they are dealing with. However, this will serve notice to others, if it sounds too good to be true, it’s a timeshare.