Scam Alert: Fake Timeshare Exit Firms Targeting UK Owners
Cold Calls Offer to End Your Timeshare – But Beware
Out of the blue, a supposed “timeshare exit” company rings up, offering to help you ditch your costly contract. Sounds tempting? Think again.
Dan Keating, press officer for the Timeshare Consumer Association, warns: “Unsolicited phone calls from companies who seem to know more about you and your timeshare ownership are never a good sign.”
Suffolk Trading Standards Issues Stark Warning
Following a surge in scam reports, Suffolk Trading Standards has stepped in. One victim was told they’d need to stump up a whopping £10,000 fee just to cancel their timeshare. Thankfully, no money changed hands in that case.
A spokesperson said: “If you want to exit a timeshare agreement, first write to the timeshare company to check if you can surrender it. Sometimes, you can reach an arrangement directly with the trader. For help, contact the Timeshare Consumer Association.”
The Harsh Reality of Timeshare Exit Strategies
Keating highlights a grim truth: “While some timeshare developers have published exit strategies, the majority don’t.” In the US, it’s almost impossible to quit, as developers rarely offer realistic exit options. Those that do often slap on draconian conditions and sky-high fees.
Timeshares involve hefty upfront payments plus annual management fees. Buyers get points to exchange for holidays, but contracts are often locked in for incredibly long terms.
Timeshare Scams on the Rise – Stay Vigilant!
Fraudsters are cashing in as timeshare scams increase. Keating stresses: “Scam and fraudulent operators vastly outnumber ethical companies—a fact the Timeshare Consumer Association knows well.” If you own a timeshare, stay alert and verify every offer before parting with your cash.
