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If you receive a cold call be very cautious, it normally means that the data has been stolen from a timeshare resort and sold on, which is why your details are never removed when requested.
· If they ask you to attend a presentation, this will involve the sales person trying very hard to sell you another holiday product or investment. The telephone canvasser will say anything to get you to the appointment; they are usually paid per appointment made.
· If you are asked to pay any upfront fee….. run a mile. Any fees concerned should be paid to the resort or trustees by you. If the company is genuine they should invoice you upon completion.
· Research the company, does the office address exist or is it a virtual office. If they claim to be based in the UK call BT to check their telephone number is registered with them. Check the company name on Timeshare forums
· Have your solicitor check over the contract they send out to you.
· If you are still unsure ask your solicitor to call them directly, you can even insist that they deal with your solicitor directly.
If you follow the above rules you will not get scammed. Scammers prey on the vulnerable and do not consider your feelings, they will tell you what you want to hear but at the end of the day you WILL still own your timeshare and all of the liabilities that come with it.
Be very wary of letters, phone calls or emails from companies you don’t know offering you business deals out of the blue.
If you are contacted by phone, don't continue the conversation
Don’t pass on confidential information to people or companies who say you’ve been chosen especially, or that you’ve won something
Never make investments without thorough research. Research the company and ask for several references
However much pressure the sales people put you under, never agree to anything on the spot. Refuse to sign anything then and there. Take the documentation home with you and sleep on it
Make sure an independent solicitor reads the contract before you sign it. Make a note of all the verbal promises you were given, and ensure they're in the contract. If they're not, refuse to sign
Ask about your cancellation rights and get them in writing. Remember that EU legislation gives consumers buying timeshare within the EU a 14 day cooling off period during which they can withdraw from the contract without any penalty. During the cooling off period, the seller cannot ask for, or accept, any money from the consumer
Remember, you can always walk out of the presentation. No one can make you stay, no matter what the salespeople may try and tell you
Think of buying a timeshare in the same way you'd consider buying any other investment property - is it worth the money? Research the market and discover the property values.
If you already own a timeshare, beware of resale scams where you may be cold called by someone claiming that they can market your timeshare for a fixed fee and, if it doesn't sell, they will buy it from you, or they will offer to buy the timeshare if you agree to buy another one. You could end up losing money by making upfront payments or with a second timeshare that you do not want.
You can find out more about timeshares and your rights if you join a timeshare scheme in the European Economic Area (EEA) or sign the contract in the UK on the DirectGov website.
