BBB warns against timeshare exit scams

Miami Beach
Miami Beach(PRNewswire)
Published: Jan. 9, 2023 at 6:00 AM CST
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SPRINGFIELD, Mo. (KY3) - Many people invested in timeshares in the years when the economy was strong, with hopes of travel and leisure. In a time of high inflation, as people tighten their budgets, some are wondering how to cancel that timeshare.

It’s common to see ads for timeshare exit companies on social media. The ads promote timeshare exit companies that claim to do the work on your behalf but some of them are scams.

The Better Business Bureau of Missouri issued a warning about a St. Louis based company, Consumer Law Protection, and their aliases, who allegedly fraudulently acquired more than $90 million dollars from clients.

The BBB says, if you’re trying to get out of your timeshare contract, you should start with the company you bought it from.

“Some companies have specific programs and policies in place, including deed buy back programs to help consumers who may get rid of their timeshare,” says Pamela Hernandez, the Regional Director of the Better Business Bureau.

Hernandez says that, while there may be fees involved, these companies will offer a better chance of getting rid of the timeshare than with a third-party company.

If you’re considering purchasing a timeshare, the BBB recommends asking about the options for exiting the timeshare before you sign, and considering how it will impact your financial portfolio.

”Any consumer considering a timeshare purchase for the first time should understand that they are purchasing real estate that will depreciate, often dramatically and almost immediately after purchase,” says Hernandez.

She encourages prospective buyers to have these conversations with your potential timeshare company and to make sure that anything you agree on is written into the contract.

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