Timeshare compensation scams: How to identify them
If you lost your money to a timeshare scam, there is a high chance that you have been contacted by apparently well-established claim companies that offer you the opportunity to recover your money. However, some cases of fraud committed through the use of this technique have been reported. Read this post to spot and most importantly avoid falling for these scams.
A double-dip scam
As you may already know, many Britons, Irish and other Europeans are trapped in timeshare contracts. These contracts were usually written in perpetuity, thus ensuring that clients remain tied to the process of paying high annual fees even if they do not want to enjoy the holiday properties anymore.
This is grossly unfair, and things can get even uglier for timeshare victims. They can fall into the net of fraudsters again. We are talking about companies who claim to possess the ability to recover your money that was lost in a timeshare scam, in exchange for a certain fee.
How the scam works
Although not every firm that offers to aid timeshare victims to get out of their contracts is malicious, there are several companies who are just trying to make a quick buck from you. This is particularly true these days due to the increasing number of successful timeshare claims which judges find for the claimants. So how can you differentiate companies who are trying to help you from those who intend to take advantage of you? We will analyse this next.
Some hints that can help you to identify crooks
If you get a cold call from people claiming to be Spanish banks or reputable law firms that can get you a timeshare compensation, be careful. Ask for the company name and make some research about the company first.
No matter how persuasive or trustworthy the official may sound, it is likely a scam. They will often try to manipulate you by trying to get your card details for administrative fees, taxes or legal fees to ‘get you out of your timeshare contract’. But, once they get the money, no further action will be carried out. Our advice for these situations is that you hang up immediately. If the company is legit, they will only call you if you have established the line of contact first.
The same applies to letters in the post. If you get a letter of congratulations about a timeshare compensation, ignore it. In the letter, crooks will tell you that they have handled your timeshare case and that the only thing left is to pay the legal fees. As we have said, unsolicited calls are usually a scam. You can imagine what allegedly unsolicited services are!
Rules of thumb in avoiding timeshare compensation fraud
Distinguishing between lawful companies and those who are scams can be tricky. However, using common sense helps a lot. If you follow the following rules of thumb, you will be safer:
- Do not trust companies who use a cold approach
- Do not furnish them with your private information such as credit card details, no matter what they tell you
- Avoid paying upfront fees before receiving any service, or before a written contract is drawn up
- Search if they have an online presence on the internet and look deeply to verify their profiles. If others have been victims of the company’s deceptions, maybe you can find their testimonies on the web.
- Be cautious of companies that offer unusually high compensations or extremely low fees.
You can additionally trust an expert team with a no-win, no-fee policy and a 99% success rate in claims like us. You just have to fill in this form and we will send you a viability analysis of your case at no cost.