We have been made aware that timeshare owners are making complaints that they are receiving unsolicited phone calls from Equity Secure, a company that operates using a website but does not appear to have office in the UK.
This firm purports to secure ‘equity release from your timeshare commitments’ and owners are informed that the law is to change in January next year, which will result in a doubling of their maintenance fees.
There is no truth whatsoever in this statement and owners should be on their guard about this claim, scare tactics to persuade people to pay a fee to sign up for their service.
So what changes will there be to timeshare laws next year? In February 2011, a new Directive comes in to force that provides timeshare buyers with additional levels of protection, namely a 14 day cooling off period and a ban on deposits. This law does not extend to maintenance fees and claims that these are to double are totally unfounded.
RDO is, further, extremely concerned that Equity Secure, which has links to Travel Connect Ltd and Connections 6, is offering to recover up to £12,000 on behalf of timeshare owners. RDO does not endorse this type of ‘cashback’ scheme and is doubtful that owners would receive their money.
Owners who wish to sell their timeshare should only do so through an RDO member, all of whom sign up to a code of conduct that protects you. They are not allowed to take an upfront registration fee, cannot make unsolicited calls and must give buyers a cooling off period, ie time in which they may change their minds without financial penalty. Companies cold calling should be avoided at all costs as it is more than likely that they are looking to obtain money from you without supplying a service.