Timeshare scams are on the rise.
Why are timeshare scams on the rise?
The complex nature of Timeshare Contracts often means they are incredibly difficult to get out of. With yearly rising maintenance fees and other factors that can concern owners such as ill health, inability to travel or a change in life circumstances coming into play, a timeshare owner who wants out can very quickly become desperate. The resale market is oversaturated, and often a timeshare resort will simply not allow you to hand the timeshare unit back or pay to exit. The fact that there are thousands of desperate people who would love nothing more than to get out of their contract means that it is effortless for fraudsters to make money from this situation.
Timeshare scammers prey on the vulnerable people who see their timeshare as a burden and want to cancel their contract. There are many companies out there who mis-sell and misrepresent themselves to scam timeshare owners out of money. There are many different types of a timeshare scam; we looked at these scams in more detail in this article ‘Timeshare Scams | Why you need to be vigilant’. It is the desperation of the owners that play into the scammers’ hands as often this means our guard is down and we are willing to accept deals that generally we would see through as being too good to be true.
How do I spot a scam?
Often, scams originate in the form of a ‘cold call’. This means the scammer gets in touch with you ‘cold’. You have never given them your details or reached out to them for help which shows they have traced your contact details from an outside source. Many times they will ring numbers of anyone they can find who owns a timeshare on the off chance they will find someone who is looking to sell. They will promote their services which will seem on the surface to be legitimate and professional. They may claim to be able to sell your unit for an upfront fee or even to help you claim compensation from your contract. You may notice that they become increasingly manipulative, aggressive and intimidating if you are saying no to the deal they are offering.
How can you avoid being scammed by timeshare?
As timeshare scams are on the rise, it is essential to consider ways to avoid them and to protect yourself from them. Timeshare scammers are professionals when it comes to taking money from their vulnerable or unsuspecting victims. They know how to make their phone calls, websites, letters and emails look entirely genuine. You might think that a fraudster wouldn’t be intelligent enough to scam you, or wouldn’t go to the effort of setting up fake websites and credentials but this is not the case. Many of them have very realistic, fancy websites to help them secure their victims’ cash. Even if a scammer is reported, they will just take down the site and set up again under a new name. They will ‘talk the legal talk’ so it is no surprise that so many people are lulled into thinking they are being offered an honest opportunity to escape their timeshare trap.
To avoid timeshare scams, always double check the company you are dealing with and ask for advice from a trusted friend or a professional before signing anything or handing over any payment. If you are in any doubt whatsoever, trust your gut and put down the phone and do not engage in any further contact. If the person on the phone becomes intimidating say you will report them and put down the phone. A trustworthy company with regulated solicitors, such as Athena Law, will never ‘cold call’ you. It is important to remember this and try not to buy into the scam just because you wish it were true.
You can read our article here on ‘How to avoid being scammed’ for further information.
Let Athena Law help.
At Athena Law, we pride ourselves in our professional, trustworthy advice. If you have been a victim of any of the above types of fraud or feel that you have been tricked involving any other kind of timeshare scam, then get in touch with us today for free and professional advice.
Call 0161 839 8847 today
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We look forward to hearing from you soon.