Simple Rules to Avoid Timeshare Exit Scams
In order to avoid being a victim of a Timeshare exit scam, you need to understand how they operate. In most cases, fraudulent exit companies will collect your fee and then send vague letters to your resort demanding termination of your contract or the return of your timeshare.
They then claim that you have engaged in fraud and demand documentation from the resort to prove this. Finally, they hope that by sending so many letters and demanding documentation, the resort will eventually give in to their demands and avoid any legal action.
Timeshare exit companies do not understand timeshare law
Timeshare exit companies are notorious for not understanding the timeshare law. This is because timeshare ownership isn’t through a contract, but a deed or license is recorded in the state where you own it. The most common mistake exit companies make is sending a generic letter to the resort claiming that they understand timeshare law and can help you get out of your timeshare without legal problems. However, this is not always the case.
The Orlando Sentinel, home to one of the largest timeshare developers, published a story in June 2018 that details industry efforts to shut down timeshare exit companies. However, when consumers try to contact the company, they find it impossible to reach them, and they are told that they are awaiting final paperwork. In addition, many consumers have reported that they never received any response from these companies. The top timeshare cancellation companies come with a legal work process and do not include any fishy tasks.
They offer vague legal advice.
The timeshare industry is full of fraudulent companies, but there are some simple rules you can follow to avoid being a victim. Often, these companies promise that they will get you out of your timeshare by using secret proprietary methods that don’t exist. These companies are not legitimate, and they will often scare you into believing that you cannot sell your timeshare because you will be stuck with high maintenance fees and other fees.
If you receive an unsolicited offer for a timeshare, beware! While the offer may seem too good to be true, it probably is. In many cases, timeshare owners give their timeshares away or pay someone to take them off their hands. If this is the case, it could be because the resorts are trying to avoid a lawsuit by assuming the title. But, again, this is not a good idea!
They engage a law firm.
Some top Timeshare cancellation companies that offer to help you get rid of your timeshare sell themselves as legitimate law firms. Others send out form letters and work the phones but engage in dubious practices. A few even try to convince you that they will take over the legal aspects of your timeshare exit. These companies often offer guaranteed refunds or other incentives to convince you to sign up for their services. If this sounds too good to be true, it probably is.
Before signing any agreements or contracts with these companies, be sure to do some research on them. Companies out there will give you a free consultation and a free quote, but beware of the scams that rip you off. There are several simple rules to follow when dealing with timeshare exit scams, but it’s always best to get professional help. You can also opt to go through escrow, which is a secure electronic payment system.
They target older timeshare owners.
Beware of timeshare exit companies that target older timeshare owners. These companies usually promise to cancel the timeshare and offer money-back guarantees, but they don’t follow through. This type of scam preys on a timeshare owner’s need to get out and often uses tactics such as pencil pitches to convince people to pay money upfront. In addition, many of these companies are operating on the web only, and the emergence of social media has made them even more popular.
They promote one-sided contracts.
Several simple rules should be followed to avoid timeshare exit scams that promote ill-gotten gains. First, salespeople should never be pressured to sign one-sided contracts. These companies threaten timeshare owners and should be avoided at all costs. These companies may seem legitimate at first, but the fact is that they are not. They will simply contact timeshare owners in an attempt to make money, and they will never provide you with any information that is useful to you.
Exit companies usually have lawyers who specialize in one-sided contracts. They know the unethical practices employed by timeshare developers to obtain timeshare contracts. They will advertise on the radio or the Internet and will offer vague legal advice. Some of these companies even use lawyers to cancel contracts. They may promise a full or partial refund, but that is not always the case. These companies will also offer you free breakfast and a guarantee that you will get your money back.
They engage in high-pressure sales tactics.
Several timeshare exit scams target individuals and businesses in order to extort money from unsuspecting timeshare owners. While the industry portrays itself as a white-hat hero, many of these companies actually engage in high-pressure sales tactics. This is especially true of “timeshare road shows,” where people from dozens of different states are encouraged to sign up and pay exorbitant fees to get the services of the defendants.
Some companies will ask you to pay large up-front fees, claiming that these fees are for attorneys’ fees. In reality, these fees are never used to help people exit their timeshares but rather to collect a large fee from the person who wants to sell their timeshares. Additionally, many states do not allow these companies to charge up-front fees for exit services, so you must avoid them if you want to negotiate the release of your contract successfully.