Timeshare resale
The scam
You receive a phone call, or respond to an advert, from a company claiming to have found a 'definite buyer' for your timeshare.
The company demands an upfront payment, usually several hundred pounds, to cover 'administration costs' and to secure the sale. You are told the amount is refundable once the sale is complete.
After you've sent the payment, the company tells you the definite buyer has fallen through and asks you to come and meet another buyer, probably referred to as a 'corporate buyer'. Often this meeting takes place abroad at a holiday resort. There, you are subject to a high-pressure holiday club sales pitch. The sales reps offer you membership of the holiday club in exchange for your timeshare - plus an additional payment of several thousand pounds. If you do give up your timeshare and join the holiday club, you find that the range, price and quality of holidays are not what you were promised in the sales pitch.
Even more seriously, once you've made your upfront payment to the timeshare resale company, they simply disappear - along with your money.
Protect yourself
- Be cautious about unsolicited offers from companies claiming to be able to sell your timeshare, especially if they request an upfront fee, offer an unrealistic price, or say they have a confirmed buyer waiting.
- Genuine avenues for timeshare resale do exist, but take advice before making any decision and do some research on the company making the offer.
- Don't be pressurised into making a decision on the spot - insist on taking the contract away with you.
If you think you've been a victim of this scam, call Consumer Direct for advice on 08454 04 05 06.
