Travel, Vacation and Timeshare Top Scams For Ages 65+
The BBB was active in 2021-2022 using social media to warn consumers about some of the top tricks used to scam older adults. Those warnings were published in the BBB Scam Tracker Risk Report. Travel. Vacation and Timeshare scams were again listed as the riskiest for ages 65+ in 2020.
The Illusion of the ‘100% Money Back Guarantee’ in Timeshare Exit Scams
Over the last two years, older seniors have been repeatedly subjected to solicitation offers from timeshare companies in the secondary market. Many of these timeshare exit groups use robocalls, emails and texts to bombard seniors with offers that come in all forms and sizes.
Many companies operating in the timeshare cancellation industry often dangle the enticing bait of a 100% Money Back Guarantee, unfortunately, this guarantee is not always as reliable as it might initially seem. This tactic is frequently deployed to attract and ensnare unsuspecting timeshare owners into engaging their services, often leading to the detriment of the consumers.
A notable example of such manipulation is the former Timeshare Termination Team (TTT). This company used the enticing promise of a 100% Money Back Guarantee to coax unsuspecting timeshare owners into business dealings. However, the reality was far from what was promised. Astonishingly, only about 12% of TTT’s clients ever successfully exited their timeshares. This occurred before the company abruptly closed its doors and declared bankruptcy, leaving a trail of disgruntled clients in its wake.
Transparency vs Deception: BBB’s Struggle with Timeshare Exit Companies
The Better Business Bureau (BBB) has been inundated with complaints about such fraudulent practices in the timeshare exit industry. So much so, that in certain regions, the BBB has refrained from offering its coveted seal of trust to businesses operating in this sector.
A case in point is the Central Florida BBB. Recognizing the recurring patterns of deception and the subsequent lack of transparency, this branch of the BBB adopted a policy that refuses accreditation to timeshare exit companies. However, these companies could gain accreditation if they openly disclosed their operation methods to the BBB, fostering a sense of transparency and honesty.
Yet, very few, if any, have chosen to do so. The BBB CEO for Central Florida, Holly Salmons, revealed to Checkbook.org that this level of transparency has been a rarity within the industry. This reluctance to disclose their methods raises questions about the integrity and legitimacy of many timeshare exit businesses, further emphasizing the need for caution when considering their services.
The story of the Timeshare Termination Team and their false guarantees serves as a stark reminder that promises too good to be true often are. Therefore, it’s essential for timeshare owners to thoroughly research any company they consider partnering with, ensuring they can trust the services provided and avoiding becoming another statistic in the rising tide of timeshare exit scams.
Timeshare relief tactics vary by resale, trade-in and transfer to third parties
Consumers who own timeshares, report that third party contact and tactics of timeshare resale, trade-in and transfer companies have widely shifted with call spoof technology and text messaging. “These companies are using state of the art counter technology to stay one step ahead of phone service providers. Even with call block technology and new federal laws recently put in place, you still have a huge amount of calls, texts and emails getting through to timeshare owners and targeting seniors.” said Finn Law Group attorney Mike Finn.
Protecting consumers starts with education
Consumer protection experts agree that education, along with effective enforcement efforts can deter domestic scammers, but international resale groups can sometimes only be detected by greed. One common point that many regulators and attorneys seem to share is that an unsolicited contact by a company with claims of sale or exit should always be a red flag.
When dealing with any aspect of timeshare contracts, whether it’s purchase, sale, resale, transfer, or cancellation, it’s highly advisable to seek legal guidance. Engaging a knowledgeable attorney who specializes in contract review can significantly reduce your risk of falling victim to scams.
Disclosure: This article is for information purposes only and is not intended as legal advice.
The legal team at Finn Law Group, founded by seasoned attorney Michael D. Finn with over half a century of experience, excels in tackling such scams. Offering a complimentary initial consultation, Mr. Finn is accessible either in person or over the phone to provide valuable guidance. For a hassle-free scheduling process, simply reach out at 727-214-0700. Trust in the hands of experience and ensure your timeshare dealings are scam-free. Learn more on our Twitter page.