Here is what you can learn about timeshare exit scams from this article:
- There are various types of timeshare exit scams like telemarketing, listing, identity theft, etc.
- Information on telemarketing timeshare exit company scams.
- Identify timeshare listing company scams.
- Be aware of timeshare identity theft scams.
- You can contact the FTC if you have already been scammed.
- You can exit your timeshare through an exit company without getting scammed.
- You can give back your timeshare to the resort.
Scams in the timeshare industry are more common than you think! So you need to beware of timeshare exit company scams in order to avoid them. Some of the common scams are listed in this article. Keep reading to learn more.
Types of Timeshare Exit Company Scams Are There
There are several timeshare exit company scams surrounding the timeshare industry. Here are a few of many timeshare exit company scams;
- Telemarketing Scams.
- Timeshare Listing Company Scams.
- Timeshare Identity Theft Scams.
Let’s get to know a little about these scams so you can identify when any of these scams happen to you in the future.
Identify Telemarketing Timeshare Exit Company Scams
Telemarketing timeshare exit company scams start with a phone call. The exit company will call you and ask you about the timeshare you have recently enlisted. The so-called exit company will tell you that they have interested buyers for your timeshare. All of this will seem too good to be true. They will tell you to pay some upfront fees to get the process started. Once you pay that fee, they will vanish into thin years. This is how you will end up losing your hard-earned money. This type of call is usually a red flag and you should immediately hang up the phone if you receive one.
What is a Timeshare Listing Company Scam
Timeshare listing company scams are common in the timeshare industry. The listing company will tell you that they have great selling skills and interested buyers as well. The company will ask you to pay a membership fee. Once you pay that membership fee, this is where the scam will begin. The listing company will run away with your money like any other scammer company.
Look Out For Timeshare Identity Theft Scams
Timeshare Identity Theft Scams are when someone steals the identity of a timeshare exit company’s employee. They will contact you with the name of that exit company and their personal info. The scammer will provide you with the info they need to get you to believe them. Once you have trusted the person, they will ask you to pay a set payment. Once you pay the person, the person will run away.
Expert Suggestion
All these scammers are smart and experienced, which is why many people have fallen for their tactics. This is why, as an expert, I suggest you contact me before you start the process of your timeshare cancellation. I and my team will help you save yourself from these timeshare exit scams.
How Can the FTC Help You If You Have Been Scammed
How can the FTC help you if you have already fallen for a timeshare exit company scam? The Federal Trade Commission (FTC) is a government agency that protects consumers’ rights and investigates companies that make unfair or deceptive claims about their products. It is also encouraged to file a complaint with the state attorney general’s office in your state of residence if you were a recent victim.
You Contact Information of Each State
Contact information for each state can be found online since these are government agencies. Additionally, you can contact our team so that we can help guide you through the process as well. Please note, once money has been paid up-front to any scammer claiming to be able to help sell your timeshare then you will not be able to recover your money. Timeshare theft is on the rise, and there is not much that can be done about a refund.
Contact My Team of Experts if You Have Fallen For a Scam
However, the state attorney general’s office and the FTC are still considering ways to prosecute fraudulent companies. They work towards creating stricter laws to prevent these types of scams from happening in the future. If you are concerned that you have fallen for a scam, we urge you to contact my team of experts immediately! so we can start the investigation for you.
Click here to learn more about FTC and timeshare-related scams.
FREE TIMESHARE EXIT COST ASSESSMENT
Find a Legitimate Timeshare Exit Company
Finding a legitimate timeshare exit company so you don’t fall victim to an exit scam might not be that easy but it is not impossible. There are a few services you need to look out for when finding a reputable timeshare exit company. These services include credit protection, escrow services, working alongside attorneys, good ratings on famous review sites, etc.
Credit Protection
Not many exit companies offer or care about the credit score of their customers. The exit company must offer credit protection so you can be free from the tension of your credit being ruined. It is common for your credit score to get damaged during the exit process. This is why, as an expert, I suggest you look for exit companies that offer credit protection.
Escrow Services
Escrow eliminates the doubt of falling into a timeshare exit scam. With the escrow payment option, you pay but to a third party. That party will keep your money safe till the exit company completes its job and successfully eliminates your timeshare. This is why escrow is essential when hiring a timeshare exit company.
Working Alongside Attorneys
We always recommend timeshare exit companies that work alongside attorneys. The timeshare attorneys will help you get out of your timeshare by navigating the legal system. The best way to exit your timeshare is legal. This way, you will not face any legal consequences in the future.
Good Customer Reviews
The exit company you are considering must have positive customer reviews and high ratings. Always verify this on websites like Better Business Bureau and Trustpilot. This helps determine what previous customers think about the services of the company. There is a high chance that an exit company with negative or no customer reviews is a scammer and will run away with your money.
Can You Return Your Timeshare to the Resort
Many timeshare companies offer programs like exchange, deed-back, or deed transfer. Through the help of these programs, you can either give back your timeshare or exchange it with a different timeshare. Sometimes, owners are just tired of going to the same place again and again, that is where the exchange program comes in handy.
Exchange Program
Exchange programs are offered by most of the timeshare companies now. According to the program, you can exchange your timeshare with another one owned by the same timeshare company in a different location.
Through the exchange program, one can not exit one’s timeshare contract. Exchange programs are for those who want to stay in their timeshare contract but also want to explore different destinations. Exchange programs are offered to explore more destinations when timeshare owners are tedious. Most timeshare companies offer this program, so if your issue revolves around this area, you can exchange your timeshare. For more information, either contact your resort developer or my team.
Deed-Back Program
A Buy-Back Program refers to an offer the timeshare company makes to take back your timeshare by paying a few fewer dollars, or in a few cases, they might pay you the same price you bought the timeshare at.
A handful of timeshare companies offer a buy-back program. A buy-back or deed-back program is when your timeshare developer buys back the timeshare even after the rescission period. The money you receive from utilizing the buy-back program is based on the clauses of your timeshare contract. You can get more information about the buy-back program by contacting your timeshare company or customer service department. Or, you can contact my team of experts if your timeshare company is not helping you out.
Final Thoughts
I recommend working with timeshare exit companies that offer escrow, so you pay no up-front fees. Know your legal rights so you can exit your timeshare. Escrow is the most essential service to look for when hiring a timeshare exit company. I never recommend my readers pay fees before the exit company completes its job fully. This way, you can save thousands of dollars.
Lastly, I hope this article served its purpose and helped you gain knowledge about timeshare exit company scams and how you can save yourself from these scams. For any more information on any timeshare-related topic, feel free to contact my team anytime. We will help you exit your timeshare safely.
What is a rescission period?
The rescission period can be used to get out of a timeshare with a full refund that too, free of cost. Although, the rescission or cooling-off period is quite short for every timeshare contract. The duration ranges from 3 to 15 days.
Can I sell my timeshare ownership?
Selling your timeshare is an option but the only problem is that the resale value of timeshares is low. So, there is a high chance that you will not even get back the amount you paid for the timeshare.
Are timeshare exit scams common in the timeshare industry?
Yes, as the exit companies gained popularity, scammers started entering the picture. These people mostly target the elderly as they are easy to lure.