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What to Do if You Are a Victim of Timeshare Fraud

With so many timeshares advertised and offered for sale, rent or even resale, it is not surprising that some people engage in timeshare fraud. Some companies may have agents that take advantage of the situation, especially in dealing with those who are new to this trade. Some agents are not beyond giving misleading information and even empty promises just to seal a deal. If you find yourself a victim of timeshare fraud, here are the things you need to do:

Calm Down and Collect Yourself

First thing you have to do is to remain calm and get a paper and pen. Record every detail you can remember from the moment you were first invited or offered by a company or hotel sales agent for a timeshare presentation. If it is done using an email, you may need to go and search for it and flag it and save it in your files. Be very specific and accurate in noting down the exact words used by the broker or agent.

Go Over the Contract

Go over your timeshare contract if you already signed one. Carefully read and review the whole contract, especially the fine print, for details you may have overlooked. Look for the cooling off period section and see if you can actually get your payment returned without any charge. If this is the case, contact the company as soon as possible to rescind your contract. If you are beyond the cooling off period, prepare a letter to demand payment as you are a victim of a timeshare fraud.

Document the Correspondence

If you are still under the cooling-off period, the company is legally bound to give back your money. Contact the company and give them the details so they will know about the actions of some of their agents. If it is a minor misunderstanding, be open for a negotiation, especially if the company is not to blame.

Always contact the company via their published/official company address so that you can track down and save email threads as your proof of correspondence. Indicate details like your name, timeshare offer, your report, the company's response and the dates that are needed for the rescission of your timeshare contract. 

Research for Other Cases

Find out if there are cases like what you experienced in dealing with the same company. If there are, take note of such cases and find out how the victims managed to pull out from this mess. If they're still in it, or if they have not been refunded their money yet, you may join a support group that would help in winning the case for all of you.

Ask for Legal Help

It would be wise for you to contact a lawyer who really understands the contract you are holding. A lawyer's input on cases like these is needed if you must file a legal action against the company. You can also let him help you draft reports about this company - especially if the said company is being evasive about it - to the Chamber of Commerce, Timeshare Associations and some networks or affiliates governing the company in question.