Timeshare Exit Scams to Be Aware Of
Having been in the business for over a decade and having helped thousands of people just like you successfully exit their timeshares, we have seen many scams come and go. We want to share with some of the more common timeshare exit scams, in the event that you come across them in your quest to end your timeshare ownership.
- A company that tells you that they have a buyer and are asking you to come up with closing costs or put money in escrow for the transaction. The FBI has warned that victims often report receiving phone calls from fraudulent sales representatives telling them they need an immediate answer because there is a willing timeshare buyer on the other line or in their office. Once the payment is made, you never hear from the company again.
- A company suggesting that you stop paying your timeshare maintenance fees. Failing to pay your timeshare-related fees will result in collection efforts by your resort, which could do serious damage to your credit for up to seven years. Ultimately, the resort could foreclose on the property and sell it at auction — severely damaging your credit and severely impacting your financial future.
- A company that recommends donating your timeshare for a tax deduction. These programs could get you in serious hot water with the IRS, especially if you claim an invalid deduction. If you attempt to deduct an amount that is greater than fair market value, you also might invite an audit of your tax returns from the IRS.
- Companies that try to trick you into thinking you are working with Newton Group Transfers. As crazy as it sounds, our competitors know that we are the most trusted name in timeshare exit, so they run ads and send mailers using our name to try to trick people into thinking they are doing business with us.
While these two items below are not always scams, here are some timeshare exit strategies to approach with caution:
- Companies or websites that charge hundreds (or even thousands) of dollars just to help you list your timeshare for sale. It’s a futile effort because the timeshare resale market is virtually non existent, and the longer you delay the inevitable, the more money you will spend paying your ever increasing maintenance fees and other fees related to your timeshare.
- An advocacy group that emphasizes that they have “attorneys on staff”. Many advocacy groups market the fact they have attorneys on staff, which sounds great, but this is just another marketing scheme — it does nothing to protect you as a consumer. If these attorneys aren’t representing you, the timeshare owner, the fact that they have attorneys on staff is irrelevant.
- A company that is promising you a quick timeshare exit. Companies either unknowingly or willingly take money for a (timeshare exit) service that cannot be completed in a specified timeframe. After that timeframe, these companies are often bankrupt, out of business, or both, which means you will likely lose your money (because the company is no longer around to honor their “money back guarantee”) and you still own your timeshare.
If you are ready to end your timeshare ownership, contact us – #1 Trusted Name in Timeshare Exit – today at 877-354-4321 or fill out the form above and one of our consumer advisers will contact you to learn about your situation and how we can help you end your timeshare ownership.