Skip to main content

Who makes money from timeshare scam

who makes money from timeshare scam

Sound too good to be true? The FTC publishes an extremely helpful infographic breaking down the steps behind a common type of timeshare resale scam. Sounds like a perfect fit, no? Next, the resale scammer will ask for fees upfront, usually fees that must be paid via credit card or wire transfer. Most commonly, the fees are requested to cover line items like closing scma, registration fees, taxes, or timeshare maintenance. Often, scammers will request this transfer before any contract or paperwork is ever signed.

Trending News

Join the conversation! It’s an industry,» is how one regulatory affairs expert describes time-share fraud. She’d had enough. Just two years after Nancy Adams and her sister, Edith, bought their time-share condo, Nancy wanted to get rid of it. The siblings had gotten swept up in the pitch from a time-share company that had offered them a free weekend in April at one of its properties, in Charleston, South Carolina. Nancy, currently 78, had grown up working at her grandfather’s Florida resort; she wanted to be the pampered guest for a change. Before the weekend was over, the sisters had bought a unit. But now Nancy was regretting that decision. The sisters had used the unit several times, and they had applied accumulated «points» to stay once at a separate location run by the resort.

In June , the FTC sued several companies that scammed timeshare owners. The companies claimed they had interested buyers for timeshare properties. Now, somebody is trying to rip off those timeshare owners again. Several people who previously paid Resort Solution Trust have reported to the FTC that someone recently called them claiming to be an attorney working on a case against the company. People who pay will lose more money. If you know anyone who lost money to a timeshare resale scam, please let them know that scammers may call claiming to get their money back if they pay a fee. When the FTC is able to refund money to people who have been scammed, the agency never requires them to pay. If you get such a call, report it to the FTC ; indicate the name of the timeshare reseller. I am an IRS employee and ive been getting a lot of phone calls this week on our toll free line from people that have gotten calls about this as well as other scams involving FTC.. One guys said he was on a call for an hour with some one from the FTC lottery department that told him he had won 7 million dollars and he needed to claim it Scary that these criminals are getting sneakier and stealing peoples lives right under their noses.

Federal Trade Commission

The FTC and state consumer protection agencies have shut down dishonest timeshare resellers for bilking timeshare owners out of millions of dollars. In one recent case , Vacation Property Services claimed to represent big-name companies eager to buy timeshares for business travel and events. The company guaranteed timeshare owners hefty returns if they moved quickly on the offer. Be skeptical of companies that:.

Join the Discussion

Timeshares might seem like a good deal, but beware. Timeshares often have large fees in addition to the purchase price. Some fees, such as maintenance fees, can rise each year without a limit, so the timeshare can quickly become unaffordable. Also, double check any promises a salesperson makes and make sure important terms are in writing in the contract.

Look for these warning signs to detect fraud

I asked a number of questions to see what they had to say: where did you get my name, phone number and what resort I was at — same old «canned» reply, «all this information is available on line» to them but I cannot get this information from my resort. I received an email proposal with a greatly inflated, ridiculous offer which smells of «scam» and I certainly not going to fall mmoney this guess they mnoey hoping I was born yesterday and would fall for itI am not interested in selling nor am not prepared to give out any more personal information.

Would be interested to see if anybody else has had any contact with this rfom with the same story line. I just got the same phone call today for my timeshare in Las Vegas.

I AM wanting to sell mine, but I always follow the advise of, I had got another call from a company from California several months. I looked them up and it was a total scam.

Now today I get called from these people. I told them on the phone that I wasn’t interested in playing into any scams. I tried researching this company too and can’t seem to find much about. Timesgare to be a real company but their website is very generic which makes them look fak.

Same deal as you. I may play along with this a little to see what I can find out about how they work. If I can verify noney they are for sure a scam then I will re-post on. Well I talked to these people again and got more details as to how they operate and how this mohey would work. Talked to them and got more information and they claim to have a «Mexican Company» that is buying these timeshares up for premium prices.

They claim that they qho working with trom Management Services» out of Utah and that all the money is escrowed into an American Bank and funds would be paid off this escrow account. Then once the closing is completed they re-imburse for that money through the final payout. This makes no sense why they would need a seller to pay when the money is already escrowed except it makes sense as to why they inflated the price of my timeshare I researched the physical address of Premiere Properties and discovered that Bing Maps show them as a warehouse looking building.

Definately not a legitimate looking facility for a Property Management place. I also researched the address for Title Management Services which was very hard to even find their website. Their website pictures a fancy looking office building, but their address who makes money from timeshare scam some guys house.

This company and this deal are without question a scam. I hope that others find this web posting and save themselves the trouble and money of being taken advantage of. Its a good scam though isn’t it. Scams such as this only exist because of mwkes of the scamee. It is just another twist on the Nigerian multi million back scams that are going around the world.

I would very much appreciate any information you can give me jakes locate these people. Please share it with us—I know others on this forum have encountered the same bunch. This is the latest scam in town. The offers also involve trading in your virtually worthless timeshare. They will never contact anybody and the creditors will be after you since they never paid off. Scam sdam have been using the big money pitch for re-sale and trade in scams.

Tthey operate out of call rooms. Eventually after you have paid questionable fees whoo will be told that there is a capital gains tax since you are making so much money off of the sale. Yes there is a capital gains tax. They will ask you for this upfront-thats why the ridiculous cash offer they are using for bait.

You, if you are dizzy enough,you will pay the capital gains in makees and be waiting for a moeny for eternity for your «profit». You have just been burned. The feds close these operations down-they fdom big fines and open up a week later. One arrest took more than 50 people to jail-almost all from north of the border of course. Mexican law protects Mexicans and visitors have a window of 5 days makss.

Since timeshare is a failing industry this is the latest follow up scam aimed at foreigners. T Barnum was right.! There is a sucker born every minute. Thats a conservative estimate! TripAdvisor staff removed this post because it did not meet TripAdvisor’s forum guidelines with regards to the participation of business representatives. We remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason.

They high-jacked my company name in Colorado Springs and if you look at my BBB report I had them put up a statement on there regarding this scam and it has been reported to authorities.

I finally got the web server to take down their bogus website at www. I have contacted the Secretary of State to see if they will flag my companies name and put a statement up that there has rimeshare identity theft and the «real» Premiere Properties and Management in Colorado Springs has nothing to do with this and we absolutely do not sell timeshares scan never.

Please do not send these fraudulent people any money as mkney will never receive it. Flights Vacation Rentals Restaurants Things to. Profile JOIN. Log in to get trip updates and message other travelers. Another Mexican Timeshare Scam? Watch this Topic. Browse forums All Browse by destination. All forums. Level Contributor. Report inappropriate content.

Re: Another Mexican Timeshare Scam? Paul K. Destination Expert for Wellington, Bay of Islands. Holly D. Reply to: Another Mexican Timeshare Scam? Read our community guidelines. Get notified by e-mail when a reply is posted. Ask a question. Jan 18, Coolstays. Jan 18, Unlimited Vacation Club costs. Timeshare resale scam in Mexico. Mexican Timeshare Owners Beware! Another Moneh website warning — www.

TripAdvisor LLC is not responsible for content on external web sites. Taxes, fees not included for deals content. Ti,eshare Us Help Center. United States.

Do Your Taxes the Right Way. Find a Tax Pro. Myth: I can get a great deal on a timeshare and go for vacation every year! Plus, I can always sell it if I get tired of it. Truth: Timeshares are one of the biggest scams on the market today. Once you are stuck in one, monsy are stuck in a black hole. The first word that should come to your head when you hear the word timeshares should be RUN! Run far, far away! If you run fast enough, you scamm eventually escape that annoying, high-pressure salesperson! Think about this for a minute. Why in the world would you pay thousands and thousands of your hard-earned dollars for a place with minimal square-footage that you might get the chance to visit for one week each year? Add to qho the fact that you have absolutely no equity in the place.

Additional Resources

Millions of people would tell you to rush to it and to bring your checkbook. Millions more would advise you to run for the nearest exit while you still have your wallet. The answer is B-A-D if you buy one as an investment. It can definitely cut back on the planning hassles. But you might find it hard to relax when the total costs start sinking in. Basically, you are pre-paying for a vacation condo rental. Consumers started being captured in the U.


Popular posts from this blog

Easy ways to make my money work for me

You could read all the articles, watch all the how-to videos, listen to all the podcasts, and even attend the right business school, but still not know the best ways to make money. Just like our relationships, our time, our food preferences, and even our financial choices are personal. You have to get into the kitchen to cook up your own recipe for financial success and independence:. Whatever the case, your recipe must reflect the reality of your personal preferences, your daily challenges, and the way you live. Nobody ever mentions the thousands of inventors, industrialists, retailers, and entertainers who fell flat on their faces. You could look into franchising requirements for Five Guys or whatever your favorite store or restaurant actually is and open your very own location. Most stores require some personal investment, and they may have some other requirements. If you need a lower bar for easy ways to make my money work for me into entrepreneurship than opening a franchise, onl…

When did the ncaa start making money

Colin Dwyer. In a surprise move, the NCAA says it intends to allow college athletes to earn compensation — but it says it’s only starting to work out the details of how that would take place. The organization’s board of governors said Tuesday that it had voted unanimously to permit student-athletes to benefit from the use of their name, image and likeness. Drake added, «This modernization for the future is a natural extension of the numerous steps NCAA members have taken in recent years to improve support for student-athletes, including full cost of attendance and guaranteed scholarships. The NCAA, the national governing body for collegiate athletics, said its decision followed input over the past few months from «current and former student-athletes, coaches, presidents, faculty and commissioners across all three divisions. Notably, the decision follows California’s adoption of a law that bans schools in the state from preventing student-athletes from accepting compensation from adver…

How to make money from cash back

You already know about rewards credit cards, but if you’re not using these other options, you’re missing out on even more dough. Remember how much of a pain it used to be to get a rebate? These days, it’s a lot easier to get rebates — except now they’re called «cash back,» and the process is almost entirely automated. So automated, in fact, that it can seem almost too good to be true. Good news: It’s not. By leveraging one or more cash-back tools and services, you can save money or earn rewards — not just on a select few items, but on nearly everything you buy. Let’s take how to make money from cash back look at the various options. I’m not going to spend a lot of time here, other than to say that if you’re not using a cash-back card, you’re literally throwing money away.