Welcome to the first article of the New Year, as the holidays are just coming to a close there is not a lot of news to bring. This will no doubt change over the next few weeks, when we begin to receive emails and questions on the myriad of companies that will be starting their New Year campaigns.
As usual we warn all our readers to be careful before engaging with any company that contacts you, especially with news that your timeshare resort is being taken to court (with the director pleading guilty) and you can also be part of this for a small fee.
Some basic points on the subject of claims, unless you purchased your timeshare in Spain after January 1999, you will not have a claim in the Spanish courts. If you have been offered a no win no fee claim, beware that it does not entail a large fee to relinquish your timeshare or even the purchase of another product, such as “Lifestyle Credits”. These no win no fee claims are usually the enticer, the promise of large sums to be returned, then it turns out it is a frivolous claim under Section 75 of the Credit consumer Act 1974.
Over the next few weeks we should be receiving the news from the Crown Court in Birmingham on the sentences for Dominic O’Reilly and Stephanie O’Reilly of EZE Group. If you remember they pleaded guilty to charges of Aggressive Sales Practices and Coercion, contrary to The Consumer Protection from Unfair Trading Regulations 2008.
Another group of companies are also subject to investigation from Trading Standards and could also be facing criminal charges, these are the companies of Mark Rowe, which include ABC Lawyers. At the beginning of December it was announced that several enterprises had been raided, with employees being questioned and documents seized for further investigation.
We will be keeping an eye out for any news on these and will bring you the news as it comes in.
Now for the first article from Irene Parker for 2018.
Timeshare Advocacy Group™
Plans for the New Year
By Irene Parker
January 2, 2017
- Boost our media outreach group
- Boost our legislative outreach
- Boost our active duty and retired military outreach group
Inside Timeshare published many Nightmares on Timeshare Street articles in 2017. All were written or submitted by highly educated professional people. In 2018, will timeshare developers continue to hide behind the oral representation clause, or will they instead consider their customers might be telling the truth?
Timeshare Advocacy Group™ ended 2017 with a total of 260 timeshare complaints of which 245 alleged they were sold by deceit and bait and switch. The other 15 could not afford the timeshare. Members contacted us through Inside Timeshare or one of the U.S. self-help, member supported Facebooks posted at the end of this article. Many complain they had responded to unsolicited marketing calls asking if they wanted out of their timeshare only to learn the money they paid was lost.
Timeshare developers are beginning to listen. Wyndham now offers a surrender program called Ovation and Diamond Resorts announced just last week a surrender program called Transitions. Inside Timeshare has already received several questions from readers about Diamond’s Transitions program. We will be reporting on our readers’ transitions experience in 2018.
Legacy resorts are those that are sold out, free standing, deeded weeks. Liberté Management Group of the Pinellas Islands, Inc. announced TARS, a “limited deed, limited fun” exit plan will be operated as a subsidiary of Liberté and will be jointly headquartered in Treasure Island, Florida. We will continue to follow TARS in 2018.
TIMESHARE ADVISORY AND RESOLUTION SERVICES LLC EXPANDS SERVICES FOR LEGACY RESORTS AND OWNERS
Unfortunately, the majority of our readers are saddled with high interest rate loans, thus not eligible for a voluntary surrender program. It’s important to remember transferring to a lower interest rate loan through a third party lender is not advised, according to timeshare attorney Mike Finn of the Finn Law Group. When transferring to a third party lender, the money in questions is no longer between you and the timeshare company. According to Mike,
Another tremendous and informative article! I think the one major, major admonition I have for anyone, client or not, who has purchased a timeshare with developer financing and may want to reconsider the merits of the purchase (and, of course, assuming the rescission period has passed), do not, I repeat, do not under any circumstances, attempt to re-finance the purchase via a home equity line or a transfer to a lower interest credit card, or, for that matter any other methodology that has as its objective, re-paying the developer with other third party money.
Also, anyone buying a timeshare should look to see if their contract contains an arbitration clause. We advise timeshare members exercise their right to opt out of arbitration within the allotted time available to opt out.
To start 2018 off on a positive note, this is an article Inside Timeshare published back in July about a company we firmly endorse, ruled by a bunch of little critters.
What does Disney Vacation Club do other developers don’t that almost eliminates complaints? The reasons are detailed in the article, but in my opinion, it is mainly because Mickey allows and supports a secondary market.
Think about it. What if the primary residential housing market decided you could not sell your personal residence. Inside Timeshare has received complaints involving amounts up to, and on occasion exceeding, $500,000. This is easily the cost of a home. Timeshare companies tell us to think of our vacation points as a second home and they always greet us when we arrive, “Welcome Home!” Not being allowed to sell your home would devastate the housing market, and in our opinion, is destroying timeshare today. Out of 260 reader responses, not one knew when they purchased their timeshare, the limited or sometimes lack of a secondary market.
We have forged remarkable relationships with many of our readers, some who have moved on, having signed a non-disclosure agreement agreeing not to say anything negative about their resort, or were subjected to an arbitration ruling that was private and binding. In this way Inside Timeshare provides a voice for the voiceless when victims of white collar crime, financial institution fraud, are effectively silenced and isolated.
It’s easy to get discouraged, but Inside Timeshare and advocacy groups have made remarkable progress. So we soldier on into the New Year.
Contact Inside Timeshare or one of these U.S. member supported self-help groups if you have a timeshare concern. We’re here to listen and act, going a step beyond helpful posts.
If you have any questions or comments on any article published, contact Inside Timeshare, if we don’t know the answer we will find out for you. If you require any information about any company that you may be thinking of doing business with, but need to find out about them first, get in touch and we will point you in the right direction.