According to a recent article on Forbes.com, timeshare complaints continued to increase in 2012 from both potential buyers and current owners. The nature of these complaints are similar to those found in past years, but, unfortunately, they continue to grow in regularity.
For prospective buyers, the root of their frustration remained unchanged. Many reported being lured into presentations by luxurious prize offerings that were often times not delivered. Meanwhile, the presentations have been known to last up to 6 hours, and many potential buyers have felt bullied by resort sales representatives.
As far as owners are concerned, there are two primary complaints – unfortunately, we are all too familiar with both. The first is that timeshare owners who are no longer satisfied with their arrangement are still forced to pay their steep maintenance fees, even if they no longer use their property. These fees can extend well into the thousands of dollars, which can cripple the finances of many families, leaving them stressed, frustrated, and anxious about their future.
The other common complaint had to do with the owners’ inability to end their timeshare contracts and the dozens of scam companies that thrive off of this desperation. It seems as though the number one perpetrator of these scams come in the form of false resale companies. These companies usually charge around 3,000 to resell your property, and they often do nothing more than cash your check and vanish.
Unfortunately, in some cases, that’s only the half of it. Once the check has cleared and the scammers have disappeared, the owner will receive another phone call from a related scammer claiming to be a “resale recovery service.” They offer to recoup the owners costs from the initial scammers, but they charge a large fee to do so, and they disappear for good after they’ve cashed this second check.
Basically, there are two very important things to keep in mind depending on whether you are a prospective buyer or a current owner.
- If you plan on attending a sales presentation, just know what you’re getting yourself into before going in. Many people really enjoy timeshare ownership, and they get a lot of use out of their property. But if you have any reservations at all, it’s best to really consider your options before you commit to anything. It’s also very important to read your contract thoroughly and be aware of possible exit solutions should you ever wish to terminate ownership.
- If you already own a timeshare, but you no longer use it, be very careful when looking for viable exit solutions. Make sure to do you homework: check with the BBB, contact your state attorney general’s office, research the company’s website and look for a permanent mailing address to ensure authenticity. Just a few easy steps to verify a company’s legitimacy could save you and your family thousands of dollars in the long run.
At Newton Group Transfers, we encourage you to learn as much about our services as possible. You can visit our website at newtongrouptransfers.com to learn about our process, read our customer testimonials, and reference our FAQ section for answers to common curiosities. If you’d like to learn even more about how we conduct our business, please call one of our expert Consumer Advisors at (866) 202-1106.