There are a number of different reasons why owners want to get out of their timeshare, from not being able to afford the fees, having ill health and no longer being able to travel to feeling like they were mis-sold in the first place.
However, the world of timeshare law is extremely complex and often leaves owners feeling frustrated, confused and trapped, not knowing where to turn, what to do next or who they can trust.
This is made even more difficult by the fact that there are illegitimate, unethical and immoral companies and individuals out there who make their money targeting desperate timeshare owners and scamming them out of their hard-earned cash.
We spoke to a professional, qualified timeshare solicitor and put together these helpful tips, guidance and advice on how you can avoid getting caught in a timeshare exit scam.
Cold Calling
When it comes to red flags, none are more obvious than unwanted contact from someone claiming to be able to help you. Whether it’s in person, on the phone, by text or by email, this common tactic is used to catch you off guard and get you to reveal information about your timeshare and situation which they will use to trick you into giving them your money.
- Don’t be fooled by them knowing information about you or your timeshare as these fraudsters often purchase your details from the developer.
- If you answer the phone to them, as soon as you realise what they are asking, hang up and block the number. Never respond to emails or messages.
- Remember that legitimate, credible companies will never cold call you, so if you are contacted this way, it is likely a scam.
- Don’t be tempted by what they offer as they are experts at reeling people in with fake promises of buying your timeshare, having a buyer ready or being able to get you compensation.
- Some of these scammers will be charming and empathetic, others apply pressure and time restraints to urge you to listen to them and others can become quite aggressive when they don’t get what they want, which is why it’s always best to say nothing and cut contact.
Types of Scams
There isn’t just one type of timeshare exit scam, but numerous ones that are dressed up and disguised in different ways to hide what they truly are. Here are some to look out for;
- Being told you are not legally out of your timeshare when you already are and have been through the process. They may claim to be able to help you with it, say that you owe money, or they are collecting unpaid fees.
- Resale scams are common and come in many forms. From claiming to be a timeshare estate agent or resale specialist that will market your property on their site etc to the most common one, saying that they have a buyer lined up ready.
- Being told that, because you were mis-sold a timeshare, you are entitled to compensation along with statements like ‘your claim will be registered with the courts’ and that if you pay the upfront processing/legal fees they will be able to obtain this for you.
- Unfortunately, not only do these unethical scammers pretend to be someone they are not, but they have been known to go as far as to use the name of a real, reputable company or business and claim to be working for them. This is why you must always triple-check that people are who they say they are and never take their word for it. A legitimate solicitor, lawyer or organisation will never have an issue with you wanting to confirm they are the real deal.
Timeshare Scamming Tactics
Because not all timeshare scams are the same or by the same people, they can look very different, which might make them harder to recognise. Here are some tactics that are commonly used by these shameless fraudsters to help you recognise when something is amiss:
Cold Calling
We’ve already been through this one in detail and it’s because it is this simple, if they contact you without you initiating contact first, then they are likely a scammer looking to trick another victim with their lies.
Cut contact, hang up, block, delete and do not engage with them.
Pressure
Putting on the pressure with imaginary timescales and deadlines is a well-known tactic that tries to get the victim to make a quick decision which will inevitably be the wrong one for them and work in the scammer’s favour.
If anyone tries to put short dates on your decision-making by claiming there is some sort of deadline, then recognise this as the red flag it is and bail out.
Threats
Unfortunately, some of these unscrupulous fraudsters threaten victims who are often older in order to scare them into handing over the money they want. It might be the threat of debt collection, claiming you will go bankrupt, that they will take legal action or ruin your credit rating. Do not believe these lies or let them intimidate you into sending them any money and remember that these are empty threats by desperate individuals.
Legitimacy
A real, honest, credible and legitimate company will never worry about having to convince you that they are the real deal and will be happy or even encourage you to check them out.
Some scam organisations can be convincing nowadays with real websites, company logos, branding and even social media pages, so make sure to not be persuaded too easily. Always do your due diligence and do lots of research. Contact them multiple ways via telephone, email and in-person to ensure consistency. Go through their independent online reviews, search scamming sites with their name to see if they are mentioned and if they say they are a solicitor or lawyer then check to see if they are regulated by the Solicitors Regulation Authority (SRA).
Too Good To Be True
These scammers know their targets are usually going to be people who are fed up, trapped and desperate to be rid of their timeshares. This means they will make big claims such as guaranteeing to be able to sell your property, having a 100% success rate with timeshare exits or promising huge amounts of compensation.
Any professional, such as a solicitor who works to help people legally exit their timeshare, knows just how complex each case can be and that it is often a long and arduous process with no guarantees and as the experts, they will always manage your expectations from the start.
So, if what you are being told sounds too good to be true, then it probably is.