Scam Timeshare exit companies cons $2.2 million

The Better Business Bureau is warning residents of Missouri to be careful when looking to exit their timeshare contracts.

Desperate timeshare owners, looking to get out of their lengthy expensive contracts are falling victim to rogue timeshare exit companies, throughout Missouri the Better Business Bureau is claiming.

One family who discovered this for themselves, took their story to a local news channel to warn others facing the same problem. Thirty years ago, a local family and their three children purchased a timeshare in Sedona. The fees started off just $38 a year but eventually increased to a whopping $3,700 annually.

Barbara Prideaux, a grandmother told the local station: “The maintenance fees were going up 12.5% every single year, we needed a way out”. This is when she came across a timeshare exit company giving presentations at a local venue in 2017 and was convinced to sign up there and then. She paid $25,000 in total to this company and in return the company did nothing and eventually stopped taking her calls.

“The companies market and tend to make big promises to consumers like 100% money back guarantee,” Chris Thetford with the BBB said. The BBB took a look at 10 Missouri based timeshare exit companies and found hundreds of angry customers. “We found that collectively those consumers reported losing more than $2.2 million,” said Thetford.

Unfortunately the Prideaux’s weren’t able to keep up with their timeshare fees and ultimately lost their ownership.

People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.

It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.

The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.

If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible timeshare termination.