Timeshare Exit: ” Viking Ship” Scheme
A “Viking Ship” scheme refers to a process by which a timeshare exit company will transfer a timeshare property into a “shell” company, which is a corporation or limited liability company (LLC) that is created without any assets or real operations. This shell company is set up exclusively for the exit company to transfer your timeshare into in order to make it appear to the timeshare resort that the “shell” company is the new owner of your timeshare.
The exit company transfers your timeshare interest for the sole purpose of having the timeshare resort charge the “shell” company all maintenance fees, special assessments, and taxes, but the exit company never intends to have the “shell” company make those payments.
How could the “Viking Ship” Scheme Affect You?
Eventually, the resort is forced to initiate foreclosure against these unpaid timeshare interests. Ultimately, you (the timeshare owner) may be responsible for all the unpaid fees, assessments and taxes. The “Viking Ship” scheme became so common that laws were enacted to protect the timeshare resorts. The laws state that where this scheme is put into effect, the timeshare would actually revert back to you, the timeshare owner— meaning that you would resume your timeshare ownership, and with it, all related financial responsibilities.
There is no way for you as the timeshare owner to know if this scheme is happening behind the scenes. This is another important reason why you should choose an exit company that offers exit services combined with individual legal representation—you get double the service and double the protection.
Review the Consumer’s Guide to Timeshare Exit checklist when looking for a viable exit company
Every year timeshare owners lose millions of dollars by hiring the wrong exit company.
Newton Group wants to help you avoid this costly mistake: Discover the path to safely and legally ending your timeshare