Timeshare in the News: The Good and The Bad

September 7th, 2011

During the last week, timeshare resale related stories have appeared in the news twice – which is actually a lot for a niche industry! Additionally, both stories relate to previous posts here at Helptimeshare.com:

The Good

Back in May, I pointed out the threat posed to timeshare owners by timeshare recovery companies. Yesterday this issue was highlighted in an article by Diane Lade of the Sun Sentinel. In it, she states that the “Florida Attorney General has received more than 600 complaints in the past 12 months” regarding recovery companies. While it’s great to see these fraudulent entities receiving some attention from the media and regulators, I have to wonder how many thousands of timeshare owners have been victimized in the four months since I originally reported on the problem. Lade goes on to point out that some timeshare resale companies have “closed down but then reopened as a timeshare recovery business” – an astute observation echoing my post describing a recovery company as “a failed timeshare resale company.”

According to Lade, Florida Department of Agriculture and Consumers Services regulators are hard-at-work investigating “about 20 timeshare recovery businesses.” Hopefully, these efforts will protect timeshare owners from being conned out of their hard-earned money. …and Kudos to Lade and the Sun Sentinel for calling attention to this phenomenon!

The Bad

On September 3rd, an article by Jon Burnstein (also of the Sun Sentinel), provided some follow-up information on the ongoing timeshare fraud saga of Timeshare Mega Media. In what the FTC has called a “naked fraud,” Timeshare Mega Media contacted timeshare owners claiming “we have a buyer for your timeshare.” According to Burnstein, the operation collected an “estimated $5 million in less than a year,” before closing their doors in May 2010. Not to sound like a broken record, but HelpTimeshare.com reported on the “It’s Already Sold” scam back in February of 2010.  Apparently, our warning went unheeded by some 10,000+ consumers in Florida alone… More to the point of why I consider this a ‘bad’ story, Burnstein repeatedly refers to Timeshare Mega Media as a “timeshare resale company.” He goes on to refer to the timeshare resale industry as “fraud-riddled,” and states that “many of the unscrupulous resale companies operate the same way.” I suggest that, for anyone in the media, using this sort of language is, at best, irresponsible: Timeshare Mega Media was clearly anything but a timeshare resale company. According to Burnstein’s own article the company was no more than a criminal front, operated not by timeshare industry professionals but by felons and associates of major crime families.

Please, call them “fake” timeshare resale companies or something, but a distinction needs to be drawn by the media between criminals and timeshare resale companies. There is nothing to suggest Timeshare Mega Media, or its affiliates, had any connection whatsoever to the actual timeshare resale industry. No one in the press refers to the Swiss Watch Industry as “fraud-riddled,” though fake Rolex watches are still a-dime-a-dozen throughout the U.S.

Entry Filed under: Avoiding Timeshare Scams,Perceptions,Resale Market,Timeshare Owners

4 Comments Add your own

  • 1. Tom  |  September 7th, 2011 at 5:46 pm

    Sounds like another example of creating excitement out of exageration. I’m sure the facts of their story is accurate in regards to the bland news, but creating hysteria by way of polluting the credible industry with the mistakes of a few is only hurting the timeshare owners that probably make up the majority of Timeshare Mega Media’s veiwership? Owners think they can’t trust anyone, so they don’t act and hold onto property they can’t or don’t need. The few fraudlent companies just think of some new twist that sounds different, and since it’s new the owner is unsuspecting and buys in. How about if the media educated owners on WHAT to look for instead of “run from everyone”. There’s good help out there, if owners would just look for the right things. Just like any industry, find a company with a good track record, reviewable reputation, a program or product that makes sense and a price that’s fair for what you’re buying.

  • 2. cancel timeshare  |  May 26th, 2012 at 9:19 pm

    Timeshare user has the ability to trade hi timeshare week with another owner. You can enjoy 5,000 timeshare resorts worldwide. Therefore we can say that your vacation possibilities are almost limitless

  • 3. Natasha Pink  |  September 4th, 2013 at 5:49 pm

    A timeshare should be never considered as a financial investment. Timeshare owners have many financial obligations attached to the resort. Besides the initial payment and the total purchase price, there are other fees that will be continuously charged, such as maintenance fees and special assessment fees, which are likely to increase every year. Another factor to take into consideration is that timeshares do not go up in value, in fact, timeshares lose about 70% of their value when you first buy it.

  • 4. Liliana Wong  |  March 3rd, 2014 at 5:59 pm

    However, not all timeshares are bad, but they are not for everyone. Timeshares may be a good acquisition for those who enjoy traveling to the same spot every year, but definitely not for people who like to travel spontaneously.

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