The timeshare industry is notorious for being shady and deceptive at the best of times. Timeshare companies and salespeople take people who are having a good time or looking for a vacation deal and swindle them with confusing language and tempting offers.
How do you know when you’re being caught in timeshare scams? How can you avoid them? What happens when you’re caught in one?
This is a difficult world to navigate but we’re here to help. Keep reading to learn all about timeshare scams and what you can do to keep yourself safe from them.
Make Sure You’re Informed
Timeshare sales people rely on the idea that you have no idea what a timeshare is and how a timeshare works.
So, what are timeshares anyway?
Timeshares are properties that are owned by multiple parties who “share time” allotted to them.
Generally speaking, you are given a certain number of weeks in which you’re allowed to use the timeshare for whatever purpose you please. For some people, this sounds ideal. What’s wrong with getting a vacation home at the fraction of the price?
Well, you’ll also be on the hook for any fees associated with the property, bringing costs higher than you anticipated. The property may not be as advertised and the salesperson may misrepresent it.
This is a kind of timeshare scam.
Timeshares are also difficult to get out of. Think of them like larger and more expensive gym memberships: they’ll do anything to get you to keep paying them and they’ll make cancellation almost impossible.
Check Out the Resort and Company First
To avoid being scammed by shady timeshare salespeople, investigate the resort that they’re offering before you go to the meeting. Take notes on what you see and evaluate whether or not the salesperson is being honest or, again, misrepresenting what they have to offer.
If you like what you see, investigate the company on the Better Business Bureau. You can see if other people think they’re up to standard.
Resale with Caution
Timeshare scams don’t stop with the purchase. Timeshare resale scams are equally common and when you’ve been caught in one scam you don’t want to slide into another.
These scams operate by making promises of a lot of money in exchange for your bothersome timeshare. What’s not to love?
Scammers will take thousands of dollars in “fees” from you in order to “help”.
So, What Do I Do Now?
So, you’ve fallen for a timeshare scam. Now what?
You can report timeshare scams to the Federal Trade Commission or even press charges, but many timeshare companies are slippery enough to avoid legal ramifications.
Escaping the timeshare is the tricky part. Timeshare cancellation can be confusing, so seeking out an expert to help is the best way to go about things. Who is the best timeshare exit company? It is a type of professional company that can help you figure out whether or not you’re within a cooling-off period, if you have grounds for a legal battle, or if you’re best off trying to transfer the timeshare.
You have options.
Timeshare Scams: More Common Than You’d Think
Timeshare scams are everywhere and they’re often unreported. One minute you’re drinking a mimosa on vacation and the next you’re signing away your first-born to a timeshare company (so to speak).
Don’t fall for these sneaky scams. Prepare yourself before you go in and have a clear exit plan.
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