If you’ve been scammed by a resale timeshare company, it can be a frustrating and overwhelming experience. You may feel like you’ve lost your investment and have no way to get it back. However, there are steps you can take to protect yourself and potentially recover some of your losses. In this article, we will explore what you can do if you’ve been scammed by a resale timeshare company.
- Gather Information
The first step in dealing with a timeshare resale scam is to gather as much information as possible about the company and the transaction. This may include emails, contracts, phone numbers, and other documentation that you have received from the company. You should also make note of any promises that were made to you, such as guarantees of a quick sale or a high resale price.
- Contact the Company
Once you have gathered information, you should contact the company to try to resolve the issue. You may want to start by sending a certified letter to the company outlining your concerns and requesting a refund or other resolution. You should also try to speak with someone at the company by phone to discuss the issue.
When speaking with the company, it is important to remain calm and professional. Be clear about your concerns and what you are hoping to achieve. Keep a record of any conversations you have with the company, including the date, time, and who you spoke with.
- Contact Your Credit Card Company
If you paid for the timeshare resale with a credit card, you may be able to dispute the charge with your credit card company. This can be an effective way to recover your money, especially if the company is unresponsive or refuses to provide a refund.
To dispute the charge, you will need to provide your credit card company with documentation of the scam, including any contracts or promises made by the company. Your credit card company will then investigate the charge and may issue a chargeback, which will reverse the transaction and refund your money.
- File a Complaint with Consumer Protection Agencies
If you are unable to resolve the issue with the company or your credit card company, you may want to file a complaint with consumer protection agencies. These agencies can investigate the company and may take legal action to stop the scam and recover money for victims.
The Federal Trade Commission (FTC) and the Better Business Bureau (BBB) are two organizations that can help you file a complaint. You can also contact your state attorney general’s office to report the scam.
- Consider Legal Action
If you have lost a significant amount of money and other options have been unsuccessful, you may want to consider legal action. A qualified attorney can help you explore your legal options and determine if you have a case against the resale company.
Legal action can be time-consuming and expensive, but it may be the only way to recover your losses. If you decide to pursue legal action, it is important to choose an attorney who has experience with timeshare scams and a proven track record of success.
- Be Cautious in the Future
Finally, it is important to be cautious in the future when dealing with timeshare resale companies. Scammers often use high-pressure sales tactics and make promises that are too good to be true. Before working with any resale company, be sure to do your research and check their reputation with organizations like the BBB.
You should also be wary of companies that require upfront fees or make promises of a guaranteed sale. Legitimate resale companies typically work on a commission basis and do not require upfront fees.
If you’ve been scammed by a resale timeshare company, it can be a frustrating and upsetting experience. However, by taking the steps outlined in this article, you can protect yourself and potentially recover some of your losses. Remember to gather information, contact the company, dispute the charge with your credit card company, file a complaint with consumer protection agencies, consider legal action, and be cautious in the future. With persistence and diligence, you can take action to protect yourself and prevent others from falling victim to the same scam.
It is important to note that while timeshare scams can be devastating, not all timeshare resales are scams. There are legitimate companies that can help you sell your timeshare, but it is important to do your research and choose a reputable company.
In addition, it is important to be aware of other timeshare scams, such as companies that offer to rent out your timeshare or companies that promise to help you cancel your timeshare contract. These scams often require upfront fees and make false promises, and can be difficult to recover from if you fall victim.
To avoid these scams, be sure to research any company you are considering working with, read reviews from other customers, and be cautious of any company that requires upfront fees or makes guarantees that sound too good to be true.
In conclusion, being scammed by a resale timeshare company can be a difficult experience, but there are steps you can take to protect yourself and potentially recover your losses. By gathering information, contacting the company, disputing the charge with your credit card company, filing a complaint with consumer protection agencies, considering legal action, and being cautious in the future, you can take action to protect yourself and prevent others from falling victim to the same scam.
(This is not financial advice and the purpose of this article is to educate the consumer/Timeshare owners. If you have been scammed by a resale company, contact us for the best exit strategy to help exit your timeshare contract)