Welcome to The Tuesday Slot, our scheduled article has been withdrawn, this is due to the timeshare company reaching out to the family concerned at the last minute. Obviously we at Inside Timeshare are pleased with this, it is just a shame that other timeshare companies do not do the same. In its place Irene Parker has drafted a last minute article on the same theme of No Secondary Market.
Following on from yesterday’s article on fake law firms, we have been informed of a “Fake Notary” calling clients who have claims going through the courts, this is highly disturbing as the calls are definitely in breach of data protection.
The caller going by the name of Louise Fisher with a broad Irish accent has contacted these clients claiming to be either from Anfi Accounts, Silverpoint and European Notary Office. In the call Louise seems to have some very sensitive information which they should not be in possession of.
In several of the calls she states that they are aware the client has a case pending in court and the timeshare company has offered an out of court settlement involving thousands of pounds. In order to have this money paid a substantial amount has first to be paid into the account of a named individual for administration purposes.
This appears to be the same outfit that we highlighted in several article earlier in the year, the name used at that time was Abogados Lopez, the callers were Hope Brugge, Megan Heywood and Paul Tyler.
This is “FRAUD”, if you receive a call from the Irish Louise Fisher or anybody else with a similar story, check with your lawyers first, do not be taken in by the huge sums they are quoting, do not pay them any money. If you have had a case in court or an out of court settlement is reached it will be from you own lawyers with an email address you will recognise or even a name you are familiar with.
Now for this weeks article.
The Disaster of NO SECONDARY MARKET for Timeshare Buyers vs the Benefits of NO SECONDARY MARKET for Timeshare Stock Market Investors
By Irene Parker
December 4, 2018
Quote from a timeshare member
The reality is that we have ended up in the seemingly inescapable grip of a timeshare industry that tightens, little by little, like a Boa Constrictor, until families are stressed out, broke and/or facing foreclosure.
The following quote is from Mr. Scott Miller, founder of Greenhaven Road Capital, promoting the benefit of no secondary market as a reason to buy stock or invest in a timeshare company, Latticework, May 18, 2016
There are a few websites and specialized brokers in timeshare hotbeds like Maui, but timeshares are hard to sell in general, and when they do sell, it is often at a very significant discount to the original price paid. In summary, customers experience a reasonable value proposition tempered by the lack of a secondary market.
The secondary market has undoubtedly had its growth stunted because the absence of the market creates an opportunity for the timeshare companies.
For example, a timeshare interest that would sell for $25,000 can often be purchased by the company for $3,000 in back maintenance fees. A robust secondary market would clearly yield higher resale values.
This low-cost source of inventory does come at the expense of those who no longer value their timeshare, but is beneficial for the company since it improves the margins and lowers the capital intensity of the business.
We have heard from 617 timeshare members. For the most part, the only court open has been the court of public opinion. I am sickened by family after family contacting me, widows, disabled veterans and active duty service members, those with top security clearances in jeopardy, driven into likely foreclosure, like Elaine describes in Friday’s article:
The article scheduled for today has been postponed, hopefully to be scrapped, as the timeshare company has reached out to the member that wrote the first quote above from their article. The timeshare member also wrote the following.
I have read so many horrific stories about timeshares on this blog that it makes me sick to my stomach. So much so, that I hesitated to even submit our story because of so many people in a much worse situation. I didn’t want to come across like a cry baby. However, it occurred to me, that the majority of timeshare members, held hostage by no secondary market, probably don’t have a major tragedy or illness of some sort. Sick babies, disabled combat veterans, seniors driven to foreclosure in their 70s and 80s, make for interesting reading. I am in total empathy with those suffering hardship, but my point is – that it is not right for your ordinary everyday citizen either.
There are thousands of hard-working citizens in the same boat, driven into foreclosure because we have no choice. Who would buy a boat, car, or house you could not sell? How can the timeshare industry not recognize that this can’t continue forever without the public becoming aware of this manipulated and restricted secondary market? We all have networks of friends and family listening to how we have found ourselves timeshare trapped.
The majority of people seeking release from timeshare contracts are probably just like us; regular, hardworking people who simply wanted a vacation to look forward to and enjoy when they signed their contract. The reality is that we have ended up in the seemingly inescapable grip of a timeshare industry that tightens, little by little, like a Boa Constrictor, until families are stressed out, broke and/or facing foreclosure.
We are waking up to the realization that what was sold to us as an “asset” is a liability even the timeshare companies don’t want. We are dragged through the demeaning and demoralizing foreclosure process, because a timeshare is an albatross you can’t get rid of. At least we have a forum to warn the general public – why buy anything you can’t get rid of? If people knew this, who in their right mind would ever buy a timeshare?
If you spent $25,000 to over $500,000 for a timeshare, in all likelihood the timeshare is worth nothing, even just one minute after the state’s contract rescission period.
Something needs to change in the timeshare industry
While timeshares often ruin the credit of hard-working citizens, timeshare sales agents, managers, executives and investors make billions – spinning the hamster wheel of recycled weeks and points.
Inside Timeshare has heard from many honest current and former timeshare sales agents, employees, managers and executives who are well aware of the unfair and deceptive sales practices, also harmed by the actions of the predators. There are thousands of complaints filed with the Better Business Bureau, Trust Pilot, Attorneys General, and lawsuits galore. Who is the finger pointed at – Me a messenger. The finger should be pointed at the Perpetrator.
A quote by Anthony “Tony” de Mello (4 September 1931 – 2 June 1987), an Indian Jesuit priest and psychotherapist, a spiritual teacher, writer, and public speaker
I am pointing to the moon and you are staring at the end of my finger!
Self-help timeshare groups and our mission:
We seek to provide timeshare members a way to proactively address membership concerns; to advocate for timeshare reform; to obtain greater disclosure from the company; to advocate for a viable secondary market; and to educate prospective buyers.
Thank you Irene for your last minute revision, it may have upset your plans yesterday but at least it was for a good reason, it just goes to show the old saying “The pen is mightier than the sword”, is still holding true.
If you have had any calls from any company and you are not sure who they are, use our contact page and let us know the details, we will help you to find out if they are genuine or not.
It is also worth remembering that if you do have a law firm or lawyer working on your case, it is they and they alone who will inform you of any developments including out of court settlements, timeshare accounts departments, notaries etc will not be getting involved.