Attorney General, Department of Justice, the FTC and FBI: CONSUMER ALERT*
*Beware of who you pay an upfront fee
“exit companies” – the latest wave of fraud?
In 2019, Timeshare Scams from “Exit Companies” claim they will cancel a timeshare, but vast numbers owners do NOT get out. Guarantees are useless when Exit Companies already have your money and you paid $3000-$5000 (or with a high balance mortgage fees of $10,000 to $20,000) to get out of a timeshare. The latest spin on the Upfront Fee is where the exit company claims they do not charge an Upfront Fee because of deceptions they have created:
(1) The exit company has a payment plan–that you fully pay long BEFORE they get you out, if ever, meaning it is an Upfront Fee!
(2) “Escrow” companies hold the money–but it is not a nationally recognized escrow company. Exit companies control the “escrow” and can cash-out the escrow account before the owner gets out (which may never happen)… meaning it is an Upfront Fee!
This fraudulent design means that timeshare owners pay, BUT THOUSANDS OF CONSUMERS DON’T GET OUT OF THEIR TIMESHARE
Timeshare Cancellation Fraud – Timeshare Escrow Scams
In some cases, the exit company’s entire business model is about extracting your money. While other companies may haphazardly gamble that they could possibly get a few people out. But these exit companies always make big promises like ‘we get everybody out‘ — but remember the timeshare salesmen made big promises that weren’t true to get you to buy — and most of these exit companies are owned and/or staffed by former timeshare salesmen. One common feature is they almost always deny refunds.
Don’t believe promises like: (1) don’t worry, you can stop paying now, we will clean up your credit later (unless they are lawyers who can offer a right to sue within their contract with you), and/or (2) we will get all your money back (again, unless they are Lawyers, what does this mean?)– because these are false promises that are made so you will think you will have extra money and then you can pay the exit company tons of money right now.
And, don’t believe the exit company when the say their performance is “guaranteed”, because if they were legitimate, licensed Attorneys that represent you in a Lawyer-Client Representation Agreement they wouldn’t take thousands of dollars of your hard-earned money based on lies and whether or not anybody ever gets out. Our duty at The Abrams Firm is a duty as your Lawyer in a well defined contract with litigation backing up the divestment protocols.
That’s what you expect; that’s what you deserve and in timeshares, that’s what you should demand!