You see the ads plastered all over the internet – “cancel your timeshare here.”
Such companies typically charge $3,000 or more for you to give away your timeshare!
Typically, the timeshares are deeded to a bogus entity and the resort loses the income associated with the maintenance fee that was being paid.
These companies are known in the industry as “post card” companies because they typically pitch their service via post cards.
According to an article by Brian Rogers on the Timeshare Users Group, timeshare sellers who have been scammed need to take action.
There is a 1.2 million dollar fine, of which 700,000 is going to a fund to allow sellers who were taken by these folks to recoup some lost money.
It appears that one must report as a victim to the WA AG’s office to attempt to qualify for a refund from this fund…and you must apply by 1/1/2015!
It also appears to mandate that said the postcard company must make its best effort to transfer the timeshare units in the bogus holding companies, back to the timeshare Homeowner’s Associations.
So any HOA that has been dealing with any of these companies should get on the ball ASAP to get their dead units back, and they must apply by January 1, 2015
The TUG article recites the post card companies below:
SUMMIT MARKETING ASSOCIATES LLC
FINANCIAL RECOVERY SOLUTIONS LLC
WE COLLECT TIMESHARES LLC
DIRECT TRANSFERS LLC
PRUDENTIAL WEST LLC
SAVE HANDS TRANSFERS LLC
APEX PROFESSIONALS LLC
CORNERSTONE CLOSINGS LLC
GREAT TIMESHARE BARGAINS LLC
MARMAC ETT LLC
EAGLE VENTURE ASSOCIATES LLC
ELLIOTS WORLD LLC
GLOBAL ACQUISITION ASSOCIATES LLC
GOLDEN ROYALTY ADVISORS LLC
LUDDERS WINE LLC
POY DEVELOPERS LLC
THE GOLDEN GRILL LLC
THE MIDDLE SEAT LLC
THE THROWN APPLE LLC
VAN DRIVERS CONSULTING LLC
CALLAHAN AND ZALINSKY ASSOCIATES LLC
ST HAMM MANAGEMENT LLC
TIMESHARE FREEDOM LLC
TIMESHARE HOLDING COMPANY LLC
VACATION CHOICES LLC
CHOICE RESORTS VACATIONS LLC
TV news story about this scam:
CLICK HERE to read the full story on the WA State Attorney Generals Office.
This blog post by:
LARRY HAYDEN, OWNER/BROKER
TIMESHARE RESALES WORLDWIDE
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