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The Reclaim Experts – About Mis-sold Timeshare
Most timeshare units are sold at a 'presentation' and sellers almost always offer some attractive gift as an incentive. Some of these are legitimate, the company makes it clear that you need to attend a timeshare presentation and they give away incentives because they expect to sell timeshare units.
There are also many timeshare scams and the so called incentives are where the trouble usually begins. It is one thing if you are offered a discount or free hotel room for a couple of nights. It is totally different if they offer a luxury two-week holiday to everyone who just listens to a presentation.
If you're only going to the presentation to get the gift, be aware many are not what they seem and are either of little or no value, or you will actually have to pay some kind of fee to qualify to receive the ‘gift’. However, real timeshare scams don't deliver what they promise. Free holidays may be on offer as an incentives but it pays to read the small print and don´t pay for anything. For example, one timeshare scam told people they had won a power boat and to claim all they had to do was attend a presentation and pay £50 delivery. The 'prize' they received was a toy dinghy, not a real boat.
Whatever makes you decide to attend the presentation you will find that it involves high-pressure sales tactics and these are easy to spot if you know what to look for and when you do it will hopefully make it easier to resist.
The seller may suggest a very attractive discount, but only if you sign a contract ‘right now’. No matter how good the offer looks, never sign anything on the spot. Take the information away with you, read the contract or better yet, have a lawyer read the paperwork. If the sales person promised you something that is not in the contract, don't sign.
Ask if you can visit the property you are buying, it's not a good idea to spend thousands of pounds on something sight unseen, photographs in a glossy brochure don't count. Sometimes, new timeshare units are sold before the property has been built. If the financing for the construction falls through, it might never be built.
You have every right to leave if the presentation is too high pressured. Simply stand up and go, don't let them argue with you.
Other scams include Travel Clubs that promise discounted airfares, special travel packages, and remarkable rates on accommodations for an 'administration fee' then the company goes out of business after they take your deposit. Or you are asked to book your holiday by telephoning the company on premium rate numbers. Don't ever call an 0800 number to book a trip; it's very likely a scam.
Be especially wary of buying timeshares outside your home country where the property laws will not apply and if you are the victim of a scam, getting your money back will be especially difficult if you have to work with foreign authorities.
Sometimes, people who already own a timeshare are told they can sell the timeshare they already own at a very attractive price, however, the sale does not occur and they end up with two to dispose of.
There are many organisations trying to take advantage of people who want to sell their timeshares. The first hurdle is the lack of a strong resale market. Statistics show there are always more owners wanting to sell than there are buyers. If you do sell the likelihood is you will lose money. The original price may have included premiums to cover sales costs, timeshare properties age and can become less desirable, plus you will have to pay a commission to the broker who sells the property for you.
There is also a substantial amount of fraud in the reselling industry. Be suspicious of any organisation that contacts you by cold calling. Be suspicious if they say they have a buyer waiting and all they need is an upfront fee, a deposit or administration fee. Once they have this the likelihood is you will never hear from them again. And never ever give them your Ownership Certificate, your credit card or bank details
Most timeshare offers are legitimate, however there are brokers that aren't necessarily illegal but are definitely unethical, so keep your wits about you and your money in your pocket until you are 100% sure of what is involved.
If You Feel You Need To Discuss Your Timeshare Contact The Reclaim experts.
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