Timeshare Cold Call Scams
Cold calls are a common way for criminals to con people out of money. That’s why it’s vital for people to be much more aware of the tactics used by these malicious fraudsters going forward.
Make sure that you’re familiar with all your rights under the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010. If you’re looking to resell, exchange, or leave a timeshare for good, then this information is especially useful. This will help you considerably.
Exiting a timeshare agreement is never an easy feat. However, with Athena Law by your side, our timeshare solicitors are available to to understand and advise you where it’s most appropriate.
So, Should Timeshare Agreement Contracts Be Completely Avoided?
Although timeshares attract bad press more than they do good press, people genuinely do have happy memories associated with their timeshares. However, before signing that all-important timeshare agreement contract, you need to do your due diligence and research the company.
Owning a second home abroad can be expensive, and that’s why many people opt to go with a timeshare in the first place. It’s just unfortunate that there are criminals out there looking to exploit this. But a legitimate timeshare contract allows you to visit a shared property multiple times during the length of the entire agreement. This is typically set to be around one year.
There are other options to consider as well, such as:
- A resale contract;
- A long-term holiday product contract;
- An exchange contract.
A resale contract involves you entering into a deal with a trader to buy or sell a timeshare or long-term holiday product. A long-term holiday product contract is similar to a timeshare agreement, although you’re entitled to additional discounts/benefits with the holiday property. An exchange contract involves you entering a trader’s timeshare exchange scheme for a fee. Please review these types of contracts before signing them away, just in case of fraud.
If You Are Looking To Enter A Timeshare Agreement, Here’s What You Need To Know:
Be sure to gather as much information as you possibly can regarding this timeshare agreement. If they invite you to a sales event, then by all means go to it if you want to. Just remember to keep your wits about you and exercise caution; you could still be misled into a fake timeshare.
Honest traders will give you time to choose whether or not the timeshare deal is right for you. Criminals, on the other hand, will harass and pressure you into buying it on the spot or when calling about the timeshare contract. Be wary of those that attempt this aggressive tactic.
Do You Wish To Withdraw From A Timeshare Agreement Contract?
Timeshare agreement contracts have a 14-day cooling-off period. So, if you have reservations regarding it at all, then you can act upon them and withdraw without any hitches whatsoever. Regardless of the contract type, all agreed finance for the purchase is automatically terminated.
Remember: “Regulations state that the contract should be in writing and include specific information, such as your right to withdraw from the contract.” (Lancashire County Council).
The 14-day cooling-off period stays the same no matter the agreement, even if it’s a temporary one for a timeshare or a long-term holiday product. Be aware of your rights and you’ll easily navigate between the legitimate timeshares and fraudulent timeshares when signing contracts.
Have You Been Misled Regarding A Timeshare Agreement?
Cold callers may use scare tactics or play on your FOMO (Fear Of Missing Out) with claims that you only have a very limited window of opportunity before you can claim your ‘free’ holiday. There’s a tactic called the ‘winning scratch card’, in which the prize often has to be collected personally from a timeshare sales event. At this event, you’ll instead be pressured into signing a contract that’s binding. Watch out for these tactics. Be vigilant and aware of all the signs.
These sales events often subject you to a hard sell, but the small print doesn’t exactly match up. If they misled you or used an aggressive sales technique, then they may have breached the Consumer Protection from Unfair Trading Regulations 2008. (Lancashire County Council).
This regulation provides you with “the right to unwind the contract, the right to a discount and the right to damages.” This legislation is also in addition to all the rights that are clearly stated within the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010.
If You Have Been Misled With A Timeshare Agreement, Then Athena Law Can Help.
Together, we can take back what is rightfully yours!