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BBB Article on Timeshare Exit Scams
#237024
10/15/2020 08:39 AM
10/15/2020 08:39 AM
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Joined: Mar 2001
Posts: 17,763 Ohio
ruralcarrier
OP
Traveler
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OP
Traveler
Joined: Mar 2001
Posts: 17,763
Ohio
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I have never really understood the draw to most timeshares (especially out of the country), I understand paying someone to make them go away even less. This is an interesting read. The concept of timeshare exit companies has grown as I hear several of them advertised on radio, it stands to reason there are some that are a scam. BBB ARTICLE
J.D.
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Re: BBB Article on Timeshare Exit Scams
[Re: ruralcarrier]
#237036
10/15/2020 09:42 AM
10/15/2020 09:42 AM
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Joined: Mar 2005
Posts: 721 Colorado
sxmbeachlover
Traveler
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Traveler
Joined: Mar 2005
Posts: 721
Colorado
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Oh boy, this industry. Now they are getting people on the other end!!!!
Famous Quote from SBHonline: The best moderation is the least moderation.
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Re: BBB Article on Timeshare Exit Scams
[Re: sxmbeachlover]
#237038
10/15/2020 09:48 AM
10/15/2020 09:48 AM
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Joined: Mar 2001
Posts: 17,763 Ohio
ruralcarrier
OP
Traveler
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OP
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Joined: Mar 2001
Posts: 17,763
Ohio
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Oh boy, this industry. Now they are getting people on the other end!!!! This is nothing new as I have heard the ads for several years now and people are falling for it.
J.D.
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Re: BBB Article on Timeshare Exit Scams
[Re: ruralcarrier]
#237082
10/15/2020 03:29 PM
10/15/2020 03:29 PM
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Joined: Mar 2004
Posts: 4,347 Vancouver, WA
Todd
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Joined: Mar 2004
Posts: 4,347
Vancouver, WA
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I personally only would purchase a timeshare out of the US, and on the resale market and only if paid for and no financing. Then at purchase you do not give your SS#, there is no need for it and if you decide to walk away you pretty much can and you avoid the scenario of companies like this. I have purchased 8 time shares not using my SS#, sold one, walked away from one, one closed and still have 5. We like to travel.
Like buying a car, you do your research and make the decision of if it makes sense knowing that it is pretty unlikely that your vehicle will increase or even hold its value. You could instead lease, rent, walk, ride a bus or bicycle or you find the value and enjoyment of the car you purchase. Sometimes you get a lemon, sometimes you get an enjoyable ride but the more you research the better odds you have of it being a positive experience.
I have no complaints about any of the time shares I have purchased, I do however regret a couple of my car purchases.
Countdown says 42 days until SXM!
I prefer the Isle seat
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Re: BBB Article on Timeshare Exit Scams
[Re: RI Bob C]
#237136
10/16/2020 08:39 AM
10/16/2020 08:39 AM
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Joined: Aug 2000
Posts: 83,601 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 83,601
Central Florida!
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Bob--Like the timeshare law that has been just sitting there in government without any action since 2017, right Minister De Weever?
Carol Hill
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Re: BBB Article on Timeshare Exit Scams
[Re: ruralcarrier]
#237137
10/16/2020 08:39 AM
10/16/2020 08:39 AM
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Joined: Mar 2001
Posts: 17,763 Ohio
ruralcarrier
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OP
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Joined: Mar 2001
Posts: 17,763
Ohio
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This article is not about the merits of a timeshare but some unscrupulous "timeshare exit companies".
J.D.
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Re: BBB Article on Timeshare Exit Scams
[Re: TinaOysterBay]
#244113
01/05/2021 06:32 AM
01/05/2021 06:32 AM
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Joined: Mar 2001
Posts: 17,763 Ohio
ruralcarrier
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OP
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Posts: 17,763
Ohio
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Some people will just walk away and forget it, others go through the resort and pay a fee to give it back, some donate to charity (if they will still accept them), some sell it on their own, and it sounds like some use the "exit companies". If you are "charter owners" it will likely not have anything close to the value you paid. I know several people who have simply quit paying the maintenance fee and walked away.
Good luck.
J.D.
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Re: BBB Article on Timeshare Exit Scams
[Re: ruralcarrier]
#244137
01/05/2021 09:50 AM
01/05/2021 09:50 AM
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Joined: Jun 2003
Posts: 1,359 a little right of center
2fingers
Traveler
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Traveler
Joined: Jun 2003
Posts: 1,359
a little right of center
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Guess we bought a unicorn among timeshares. We purchased in Divi Aruba in the early 90's. Can transfer among Divi resorts for a nominal fee. Transferred it into Divi sxm many times, some years using multiple weeks. We only pay maintenance fee when we use it. Years we don't use it we don't pay a fee.
"It's 5 o'clock somewhere!"
<img src="http://www.traveltalkonline.com/forums/images/graemlins/usflag.gif" alt="" />
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Re: BBB Article on Timeshare Exit Scams
[Re: TinaOysterBay]
#244273
01/06/2021 11:03 AM
01/06/2021 11:03 AM
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Joined: Aug 2000
Posts: 1,397 Hershey, Pennsylvania
Tom
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Traveler
Joined: Aug 2000
Posts: 1,397
Hershey, Pennsylvania
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I have offered this advice many times, on this board and others. I feel that most timeshare lessors will allow you to end a timeshare without any penalty. After all, they are able to resell or rent that timeshare unit again in the future. 1. READ your original timeshare paperwork. If your timeshare terms and conditions are based in SXM it is very likely that you can simply walk away without paying additional fees. You may well attempt to sell your timeshare(s) but if that takes too long you might accrue more fees. 2. Some timeshare lessors will offer exit fees, transfer fees, and or return fees, all of which are not enforceable if they are not included in the original contract. 3. Some timeshare lessors will threaten to negatively impact your credit status if you walk away. This also is not enforceable and if they choose to post any negative item on your credit report you need only "dispute" this action and you will see it disappear in a month or two. "Dispute" of a submitted unpaid debt on a credit report requires the creditor to justify with valid documentation that listing.
In summary, the lack of governmental protection in SXM timeshares cuts both ways. While there is no control to limit maintenance and other "created" assessments for those that continue their timeshare(s), there are normally few if any additional costs that can be legally added to the original contract to exit a SXM timeshare.
Hope this information helps. Many timeshare lessees have unnecessarily paid when they did not have to only because they wanted to avoid any confrontation and or they believed invalid information provided to them. Some timeshare lessors will use this to their advantage.
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