Timeshare Scams - Five Telltale Phrases

by James Howson
(UK)

Anyone who has at some point in their lives owned a timeshare deed or timeshare points will at some point have received a cold call from a company claiming that they can sell it on for a profit. Fortunately, due to increased media awareness and the work of industry bodies such as TATOC, the rip-off merchants are no longer catching so many people out. However, the threat of timeshare fraudsters still remains. To help ensure that you can spot a scam, below is a short glossary of phrases that will help you to understand the tactics of a timeshare resales con artist.

“We’re following up on your enquiry”
Cold-calling is now a reportable offence in the timeshare industry and can be reported to TATOC, the watchdog authority. They have compiled a black list of well over 300 companies. No timeshare fraudster wants to be revealed, so they will go to great effort to ensure you that their call is a follow-up on some sort of correspondence you have had in the past. If you’ve never heard of them, hang up. No reputable company will cold call, period.

“We could get as much as (insert unrealistic figure here) for your timeshare”
Your attention is more likely to be captured if the voice on the end of the phone boldly exclaims they can sell your timeshare for considerably more than what you originally paid. Don’t fall for the flattery tactic – it is very much a buyer’s market and you need to be realistic about what your timeshare is worth. In truth that figure is likely to be less than 40% of what you paid.

“We’ve actually got a buyer waiting”
Due to the lack of demand, it is highly unlikely that any timeshare salesperson has a list of buyers waiting for a particular week to become available. This is a tactic that conmen use to hurry you into committing funds towards the ‘transferring of documents’.

“The maintenance fees are likely to rise by X amount next year”
While all timeshare salespeople have a solid knowledge of the industry, they have no way of predicting how much maintenance fees will be at each resort for the forthcoming year. If they suggest that fees are likely to increase sharply, they are most likely trying to scare you into committing funds to a bogus sale.

“Upgrading your timeshare will make it far more attractive to a buyer”
There is no such thing as a timeshare upgrade. In a difficult time for those trying to sell timeshares, it may be tempting to take any steps that make your particular deed more attractive to potential buyers, but a fictitious ‘upgrade’ is certainly not the way so do not part with cash for such an agreement.

Whether you own timeshare in Tenerife or timeshare in Florida, if you don’t sell or buy timeshare through a reputable company then the chances are you could be conned for a sizeable sum of money. The golden rule remains – if they call you, then they’re no good!