Timeshare news is all over the place this month with a major lawsuit, a new book, and a warning from an ex-timeshare executive. Whether you’re a current or former timeshare owner, it’s important to keep up with the latest information.
A federal lawsuit filed by a law firm against a company that specializes in helping timeshare owners get out of their contracts may be a wake-up call to consumers who are considering using this type of service to break their timeshares. The suit claims the defendants make false promises about their ability to help timeshare and vacation club owners break their contracts and end up stealing money from them. The Better Business Bureau, which handles many of the complaints about this cottage industry, says it receives numerous calls from people who have been ripped off by the companies.
The BBB says one man who paid $300,000 upfront to a timeshare exit company in Texas ended up losing his money, plus the timeshare he had purchased in Arizona. The company, which claimed to be able to help him get out of his contract, gave him a three-day cancellation deadline but then ignored his request to cancel. The BBB warns consumers to stay away from such companies.
A California judge recently ruled that Diamond Resorts is breaking its own contract with hundreds of timeshare owners who hire the company to help them get out of their contracts. The ruling alleges that the resort company retaliated against the owners by preventing them from participating in a program to help them modify their contracts, and refused to work with them unless they severed their relationship with consumer advocates like Timeshare Compliance.
Timeshare Compliance Co-Founders Rich Folk and Bo Wilson said the ruling is a win for the hundreds of consumers who have reached out to them. They’ve already secured the cancellation of many timeshare contracts in the past year alone, and they say the decision should send a clear message that Diamond’s illegal actions are hurting the company and its customers.
An ex-timeshare and vacation club executive is out with a new edition of his tell-all book on the timeshare industry, which he describes as a $multi-billion ripoff. He says his book Everything About Timeshares helps readers protect themselves from the scams and pitfalls that have plagued the industry.
An online forum called The Timeshare Users Group (TUG) is celebrating its 20th anniversary this week with a variety of special events and giveaways for members. TUG is the largest timeshare forum on the internet with more than 50,000 subscribers. It offers an extensive community of owners who discuss their experiences with the industry and provide advice to others. TUG also features a classified ads section and other resources for current and future timeshare owners. The site is free to join. To learn more, click here. TUG also publishes a monthly newsletter with the latest timeshare news and tips. You can sign up for the TUG newsletter here.