Over the years advising timeshare owners, we have heard of few scams worse than ‘the Buy-Sell timeshare scam! It isn’t until you unpick the circumstances and lay out all the evidence in front of you that you get to see the sheer scale of this particular timeshare con.
The aftermath of getting mixed up with timeshare companies practising ‘the buy-sell’, is that you are often left with the cost of numerous unwanted timeshares and huge maintenance bills. However, this is not the only thing, to have gotten to that pointed you will very often have been persuaded to purchase many other unwanted timeshares!
So let’s take a look. If a client wants to change their timeshare ownership, here is how it goes. Firstly, the sales team convinces the client that they can sell the client’s existing timeshare for a lot of money.
They then show the client another, maybe more favourable timeshare, which they could purchase with that money. The client is then convinced to buy the additional timeshare on the basis that the original timeshare will be sold. The purchase of the second timeshare then takes place and a figure is agreed for the sale of the original timeshare. When the client, at a later date, asks about the sale of the original timeshare, they are informed that there have difficulties with the sale. The client now owns two timeshares and has two maintenance fees.
If the client is unfortunate enough to go back to complain about the lack of a sale, they often get into deeper water. Very convincingly, the sales team expresses their concern that the sale never occurred, they sympathise with the client and then they suggest a solution. This solution is based on the client being introduced to ‘more popular’ timeshare weeks, maybe in the school holidays or in a better location. The clients are then asked to buy these weeks on the basis that they will be sold to recoup the monies spent on their previous purchases. Guess what? These weeks don’t sell either! The client is now up to their necks in timeshares and maintenance fees.
It seems unbelievable to think that people get drawn into these scams, but the sales teams are very convincing. Often loans are made available, sometimes with initial interest-free periods so that the client feels that they don’t have to dip into their own pockets. The trouble is that the interest-free period soon runs out and additional interest fees need to be paid too.
There are only two ways out of the timeshare ‘buy-sell’. One, sell the timeshares for a huge loss or secondly seek professional advice.
We at the Timeshare Advice Service are here to help and we have the experience and know how to resolve these situations.