The timeshare industry is rife with scams. Perhaps the most egregious is the scam that gets you into the industry’s clutches in the first place—since everything that follows stems from that act. But one could easily argue that just as heinous—or worse—is another scam that tries to take advantage of buyer’s remorse: phony timeshare exit companies.
The phoniness comes in at least two flavors:
- Outright
fabrication – The worse of the two, this manifests (among other ways) as
companies that contact timeshare owners when they suspect that the owners may
be disenchanted with their timeshare purchase and looking for away out. (They
don’t have to guess very hard. Nearly half of timeshare purchasers feel remorse
after being wheedled or coerced into buying.) These companies promise to sell
or otherwise take the timeshare off of the owner’s hands. All that is required
is an upfront fee, and they’ll handle everything. Honest.
Of course, then they disappear without a trace, and the owner never gets his or her money back—leaving them twice scammed and that much poorer.
- Soft Misrepresentation – Some companies get you to their websites promising they have plenty of expertise at getting people out of their timeshare contracts. Perusing the website—and when talking to their point-people—you would be easily forgiven for assuming they are attorneys, or that they have attorneys on staff. But in fact they don’t, and as a result they are prohibited to practice law. So they can do some things that you would be allowed to do for yourself anyway—but when the rubber hits the road, you’re back where you started, only a few hundred to a few thousand dollars poorer.
How do you avoid this exit-side scam dragnet?
For one thing, if they ask you for a large fee upfront, just tell them to forget it. They’re trying to play you.
If you hear them promising they’ll certainly be able to sell your timeshare quickly, be wary. That’s something that is hard to promise.
A call to the Better Business Bureau, the state attorney general’s office, or a local consumer protection agency can help.
And, of course, you definitely want to have an actual attorney review any documents before you sign them. At The People’s Advocate, Attorney Joe Brien will be glad to do that document review for you, and we offer all of the other legitimate exit services to boot. If you have been pressured into a timeshare purchase and need to get out, contact us to schedule a free information session. We will fight for you every step of the way.