How to avoid a Timeshare scam
Blue skies, sandy shores, and sunshine on tap – it’s easy to understand why an estimated 600,000 Britons have become timeshare owners.
However, recent figures report that 41% of owners are now looking to get out of their timeshare and it’s believed that timeshare mis-selling and scams are contributing towards this statistic.
TLW’s timeshare solicitors are working with clients who have been mis-sold timeshare and received soaring maintenance fees, been pressured into making repeat investments and bullied into buyback schemes.
Whilst we’re always on hand to help with expert legal advice about timeshare scams, we also like to make sure we’re helping people to be as informed as possible before they buy a timeshare, to make sure that the dream really does become a reality and you do not become a victim of financial mis-selling.
We’ve put together a handy guide of things to consider when you’re thinking about buying a timeshare.
A timeshare is not a property investment
It’s actually a criminal offence to state that a timeshare opportunity is a property investment so beware any salespeople that promise a multiplying return on investment – It’s actually unlikely that your timeshare will hold its value.
Be extra cautious when it comes to timeshare costs
Buying a timeshare is a binding agreement, before you sign on the dotted line make sure you’ve got a clear transparent breakdown including the full charges, this should include legal fees, management fees, maintenance charges and any utility bills. Don’t be afraid to interrogate the timeshare costs, ask what’s included, how they’re calculated, how might they be increased or decreased in the future and what duration the costs apply for.
Don’t be pressured by a timeshare sales presentation
You might be approached in a hotel lobby with news that you’ve won a holiday or some kind of prize as a guise to get you to attend a timeshare sales presentation. It’s likely there’ll be a very hard sell. It’s likely that you’ll be asked to sign up on the spot with major ‘today only’ discounts or promotions to try and tempt you. Our advice? Leave your credit card locked away, ask lots of questions, get any promises made put down in writing, go away – think it over, sleep on it, be sure it’s the right decision for you now and in the future before you sign anything.
Whilst there are many legitimate timeshare companies providing lifelong happy home-from-homes in the sunshine, sadly there are also many fraudulent timeshare companies. This makes it important to research a company before signing a binding agreement, so ask for references, and search for mentions of them in online forums to get a full understanding of their reputation.
Know your rights
You’ve done your research, you have a clear breakdown of all costs associated and you sign on the dotted line, but find that you’re struck with pangs of doubt? If you’re signing an agreement that lasts over a year in a European Economic Area, regulations give you 14 days to change your mind. This cooling off period means that you can cancel your timeshare agreement for any reason and get your money back without paying a timeshare cancellation fee.
Even with the most stringent checklist in place, expert sales teams mean that the most savvy of people can fall victim to timeshare scams, so if the worst does happen, you can turn with confidence to TLW for timeshare help and expert assistance.
Our team of experienced timeshare solicitors are on hand to assist clients in re-claiming losses, even if the company you dealt with is no longer trading.
For more information on how we can help with timeshare scam claims call 0800 169 5925, email email@example.com or make a claim enquiry and we’ll be in touch.