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Residents Warned About Timeshare Scam

The State of Tennessee, U.S. has warned residents to be on alert if they own a timeshare. The Tennessee Department of Commerce and Insurance say’s there is a big problem with people being scammed in their State and timeshares ranked amongst its highest complaint category.

While most victims are owners trying to sell their timeshares, the department also receives high numbers of complaints from buyers. They say these include high pressure sales tactics and Distortions about their contracts.

The Federal Trade Commission (FTC) is an independent agency of the United States government, its principal mission is the promotion of … Read more

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Australian Timeshare Industry Could Face Huge Shakeup

The Australian government is looking into whether timeshare companies should be allowed to continue paying sales agents’ commissions on their sales.

The government want to review the quality of advice given to consumers during timeshare presentations. They also want to eliminate bad practice in the timeshare industry, including lengthy, poor value contracts, high pressure sales tactics which end in consumers taking out unaffordable loans.

The Australian Financial Complaints Authority receives over 170 complaints a year from timeshare owners. They say complaints are centred around the mis-selling of timeshare, where sales staff have failed to disclose cooling off rights, failure to … Read more

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Five Men Jailed Over Fraud Offences

Five fraudsters have been jailed for a total of 17 years and nine months, for conning susceptible victims out of nearly £1 million.

The five men were facing charges of conspiracy to defraud and money laundering. The court heard how, between 2013 and 2015, the group of men conned more than 50 victims into a fraud and money laundering scam. The men would cold-call elderly and vulnerable people, introduce themselves under fake names and claim they were brokers with proficiency in fine wine.

They operated from an industrial estate based in Great Dunmow, and claimed to work for three companies, … Read more

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Scammed out of $63,000 on a timeshare that was never built

A 68 year old retired couple from Arizona, U.S. paid more than $63,000 for a timeshare condominium in Mexico. The couple were planning on spending a couple of weeks there every year, however, the couple learned the resort was never built.

It all started in 2004, when the couple invested $30,000 in a two bedroom timeshare condo in the Grand Mayan resort in Mexico. The developers told the couple the timeshare would be ready in a couple of years, the wait turned into 13 years and the couple were forced to continue paying maintenance fees, which had reached $900 a … Read more

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Scammer Steals $10,000 From Grandfather

A grandfather from Australia has been scammed out of $10,000 by a refined fraudster who knew all of his personal details.

The 77 year old retired grandfather, from Australia, was called on his landline by scammers claiming to be from his broadband provider. They told him he was due a payment of $300 in compensation for his service not working properly. The caller then proceeded to pass his call onto a female agent who claimed to work for the network and would process his $300 payment.

The scammer knew all of his personal details and was able to access his … Read more

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Man protests mis-sold loans, starts hunger strike outside bank headquarters

A businessman has begun a hunger strike opposite the headquarters of Clydesdale Bank to protest about the way he claims it has treated him.

John Guidi, 63 from Glasgow, is sleeping in a tent in the city centre outside of the Clydesdale headquarters. Mr Guidi blames the bank for removing funding from his once successful property business and then selling his loans to another company.

Mr Guidi has been a loyal customer of Clydesdale bank for over twelve years and had built up a portfolio of over 150 rental properties. He says the bank withdrew his funding in 2012 and … Read more

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2 Years for Illegal investment scheme

In a case bought by the Financial Conduct Authority (“FCA”), Virdee was sentenced to 2 years in prison and ordered to carry out 300 hours unpaid community work. Virdee pleaded guilty to 4 charges relating to Deceptive consumers, fraud and, the illegal operation of an unauthorised investment scheme, which raked in over half a million pounds.

Virdee ran a company named Dynamic UK Trades Ltd and, between October 2015 and November 2017, he operated a deposit taking scheme without the required authorisation of the FCA. The FCA say he targeted family members and associates; in one instance he convinced … Read more

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New Rules For Rent To Own Shops

The Financial Conduct Authority has announced it will limit the interest that customers pay on rent-to-own products. The FCA says that all goods purchased after 1 April will be included in the price cap. Meaning the interest charged will only be as much as the cost of the product, this includes the cost of credit.

Rent-to-own shops offer people the chance to buy items they need for their home through smaller regular payments. However, once interest charges have been added, some rent-to-own consumers have ended paying more than four times the retail price they would have paid in a non … Read more

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Cold-Calling Scammers Convicted

A cold-calling company based in Swansea has been caught on CCTV pressurising elderly victims into buying boilers that didn’t exist.

Renewable Energy Centre Ltd, offered victims a free boiler under what they said was a government scheme, all people had to do was pay a one-off upfront fee of either £299 or £399.

The company managed to con 1,200 people into paying this fee, but only three households ever acquired their new boilers. The three elderly victims who did receive their new boiler, were actually unknowingly signed up for monthly repayments lasting 12 months.

A four year investigation was carried … Read more

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Pensioner Sold $250,000 timeshare!

The daughter of a pensioner was so horrified to learn that Diamond Resorts sold her father $250,000 worth of points, she contacted the FBI.

In December last year, a daughter from the U.S. sent a complaint to the FBI, describing how her 88 year old father had agreed to buy a timeshare points product for $250,000. He has since, lost his wife and is suffering with Dementia and living in a nursing home.

Her father was 87 at the time he was approached by Diamond Resorts and simply enjoying a day trip to the beach with his wife at the … Read more

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