Rogue resale companies.
A number of companies are contacting timeshare owners living in the UK (and elsewhere) offering to sell or to purchase their timeshare weeks or points. Unfortunately, many of these companies are known to be disreputable or fraudulent. There is a list of companies who have undertaken cold-calling of timeshare owners on the TATOC consumer website.
We strongly recommend you to be extremely cautious of resale companies who:
• Contact you ‘cold’ without any invitation from yourself.
• Request any form of up-front payment as a deposit, administration fee, bond of trust, surety against withdrawal, insurance cover, validity survey, land registry tax, certificate charge, VAT, etc., however reassuring they may be on this.
• Assure you that your payment would be fully protected under laws governing the use of credit cards.
• Ask for your credit card, debit card or bank details but assure you they will not take any payment.
• Suggest they can obtain an unexpected and unrealistically high price.
• Say they have a buyer waiting to buy your particular timeshare product.
• Invite you to a presentation possibly with discounted travel or accommodation.
• Ask you to send them your Ownership Certificate.
• Apply undue pressure for a decision within a short time period.
• Do not comply with our consumer-focused TATOC Timeshare Code of Practice
• The companies may try a number of ploys to draw you in and to encourage you to part with your money or your Ownership Certificate, or to get you to attend a meeting.
They may say they have been given your details by your timeshare company. Your resort will not give your details to any company or other body without your permission.
They may tell you they have a buyer waiting and willing to pay a seemingly generous price. This will be untrue. We all recognise the resale value of timeshare is lower than we would like and such companies would not pay you an inflated price when they could obtain it for less elsewhere.
They may invite you to a presentation where they say buyers will be present. You will almost certainly be subjected to a long and potentially aggressive sales pitch where you will be pressurised to purchase a new product. Even if they offered to take over your existing timeshare ownership as part payment they may have no intention of doing so, and may not be able to do so because of restrictions at your resort/Club.
Only your resort /Club can transfer your membership and will reserve the right to refuse membership to certain organisations. In such a case you would end up owning, and liable for fees on, both products.
They may ask you to pay an up-front fee (often £1,000.00 or more) to a registered Trustee or Escrow company and assure you that your money is fully secured for you until completion. Investigations have proven this to be untrue and your money is not safe at all. You will almost certainly lose your money.
We strongly recommend extreme caution if you are approached by any of these companies and if you have any doubts please check them out thoroughly. If you require any information or assistance contact your resort, a member of your Owners Committee or ourselves at the TATOC Consumer Helpline.
The TATOC approved resale list contains details of companies who have committed to follow the consumer-focused TATOC Resale Code of Practice and have been examined to ensure compliance.
It is not the TATOC Consumer Helpline policy to approve or recommend any specific company, or to imply any particular success in achieving a sale, but these companies follow the TATOC Code of Practice which provides some degree of protection and an indication that the company will act responsibly.
For general information on selling timeshare see TATOC Consumer Guide No 11.
Download the guide: tatocconsumerhelplineguide-12
TATOC, the Timeshare Association, is celebrating its 25th anniversary in 2014. The TATOC Consumer Helpline is TATOC's flagship service providing advice, support and information to timeshare owners and the general public. If you have a question about timeshare, don't hesitate to contact the Helpline team.
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Looking for timeshare advice? Think you have been scammed and need help claiming it back? Want to find a reputable timeshare resale company? Then the TATOC Helpline Consumer Guides will be able to help. TATOC has put together a number of consumer guides on a range of topics which you can read online or download. You can view the full…