Scam of the day – May 3, 2012 – Time share scams

Timeshare sales have had more than their share of scams involved with them, but in the last three years the number of people victimized by time share scams have increased dramatically.   Recently, 22 people were indicted for timeshare resale fraud in Illinois.   In Florida, timeshare resale fraud is the subject of the greatest number of consumer complaints.  Timeshares are a legitimate vacation option for many people, but particularly since the economy first soured in 2008, resales have been difficult for many people and the scammers have come in to prey upon timeshare owners trying to sell their interests with promises of buyers that never materialize after charging the timeshare owners upfront fees of between $2,000 and $8,000 that vanishes with the scammers.

TIP

Always check out the legitimacy of anyone proposing to help you sell your timeshare.  You can check with the Better Business Bureau at www.bbb.org, your state’s attorney general at www.naag.org and your local consumer protection agencies at www.consumeraction.gov.  Make sure you have a lawyer review any contract before you sign it and it is a good idea not to pay in advance for the services of someone purporting to assist you in reselling your timeshare unit.