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 Timely tips on selling your timeshare

 

Thursday, March 17, 2005


Selling an unwanted timeshare can be a nightmare but a new website and tips from Citizens Advice European Consumer Centre could help you down a safer path.

European regulations have done a great deal to help people who have been stung by unscrupulous timeshare salespeople. However more and more people are finding that the re-sale of their timeshare is an area fraught with difficulties, and subject to unscrupulous con-artists.

Fees can get ‘lost’ in a network of company aliases, and people are all-too-frequently ripped-off by fly-by-night operators. Here is a typical experience from one Citizens Advice European Consumer Centre client:

A man with a timeshare in Spain was contacted by a woman claiming to be from a Tenerife-based timeshare operator. She said she had a client who wanted a timeshare in the same area, but that the local resort had over-sold and the client had missed out.

She asked if he might be interested in selling his timeshare. After several telephone conversations, the woman requested a fee of €2,500 (£1,800), which the man paid. He has been unable to make contact with the woman since.

Ruth Bamford, head of the Citizens Advice European Consumer Centre, said: "Timeshares and timeshare-like schemes were responsible for almost a third of all enquiries to Citizens Advice European Consumer Centre last year – and we’re not expecting that figure to drop this year."

"Often, people who have been stung think the best thing to do with their timeshare is to just get rid of it. But re-sales can cause a whole new area of problems for people, with scammers waiting in the wings to take your money. And some of the scams used are so sophisticated and contrived that it’s not a surprise that people fall victim."

If you are worried about timeshare or holiday club deals you have signed-up for in another EU country, you can get advice on what to do by contacting the Citizens Advice European Consumer Centre at www.euroconsumer.org.uk

Top tips:

  • If you’re offered a deal on selling your timeshare that sounds too good to be true - it probably is.
  • Don’t pay money to a re-sales company up-front. If the company is legitimate and is really going to buy your timeshare, they can take any commission or fees from the final bill once the sale is completed. If a company asks for money up-front, ask yourself why they need to do this.
  • Be suspicious of the ‘hard sell’, and beware of being worn down by hours of sales talk. Remember – if it really is this good, why do they have to make such an effort?
  • Take care if you are thinking of exchanging your existing timeshare for an alternative package. Laws relating to timeshare deals are very specific in what they do and don’t cover. The last thing you want to do is swap a package, which carries consumer protection for one that falls through a loophole in the law. You’ll just end up with something even more difficult to get rid of.
  • Make sure you know who you are selling your timeshare to. Companies in this business often hide behind a whole list of aliases and subsidiaries - which can be difficult to see through if things go wrong. Get the full trading name of the company, as well as a Companies House registered number. You can check these out at www.companieshouse.gov.uk
  • If you were selling your house, would you get a professional to have a look at the contract? Of course you would. The same should be true if you are selling a timeshare; and any company that refuses to let professionals look at its contracts should be avoided.
  • Remember the saying - a verbal contract isn’t worth the paper it’s written on. A salesman can promise you the world, but if you haven’t got in down in black and white, you’re unlikely to be able to get it to stand-up later.
 
 
     
     
 

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