Timeshare Trickery and other Scams

Most scams are no more than a variation on an old theme. It is rare that a week passes by without someone asking whether they should invest in the latest pyramid-selling scheme, or perhaps transfer funds to a foreign lottery in order to claim their prize money. The line ‘Your details have been selected at random’ should sound alarm bells but unfortunately this does not always happen.

Many of you will no doubt have heard of the so-called Nigerian 419 scam (named after section 419 of Nigeria’s penal code). This usually begins with an email from a wealthy African prince in exile who needs your assistance to release money from his bank account. The idea is that you will receive a percentage of the huge sum in return for agreeing to clear the funds through your bank account. Little by little the victim is drawn in until it is too late and they find their account has been cleared.

Much closer to home, I have recently come across an outfit operating on the Costa Blanca who claim to have purchasers ready to buy your timeshare. To many owners this news comes as a huge relief since they had previously been informed that it would not be possible to sell on their ‘investment’. The way it works is as follows. First of all a database containing the names and contact details of thousands of timeshare owners exchanges hands. The majority of people contacted are UK based. Initial approaches are made by telephone and promises made that a willing buyer has been found. Once sufficient interest has been generated the owners are told that they must come to Spain in person to complete the sale before a Notary (this part is also untrue). Having purchased flights, accommodation etc. and arrived in Spain the owner is then told that they have to pay an up-front administration fee of around €3,000 euros in cash. No doubt you’ve already guessed that once the money is paid across, the sellers return to the UK only to discover that the deal falls through and their €3,000 euros is forfeited.

I expect many readers will know of someone who owns a timeshare, others may come across a hopeful seller in a hotel lobby or restaurant who is about to be taken in. The basic rule is that if an offer sounds too good to be true, it usually is. The best way of defeating any scam is to spread the word so please do so.

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Information courtesy of Marc White LL.B. (English Solicitor) - Visit homepage

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