China Provides Warning To Residents About Buying Timeshares

It seems as if timeshare companies are creating a stir in China and for Chinese citizens traveling abroad throughout the world.  We found an article from the China Daily that reports about an official from the Chaoyang district administration of industry and commerce and the attempts from their office to warn residents about timeshare scams.

Quoting the article:

“As many as 260 notice boards were set up in busy shopping malls like SOHO Shangdu and The Place, as well as in local communities in Chaoyang district to echo the administration’s month-long campaign to warn consumers about timeshare scams that was launched last weekend.”

A non-profit consumer watch group has received over 200 complaints this year about timeshare contracts in China.  Most of these complaints come from the larger cities in China.  Interestingly, as reported, court cases are difficult to win against the timeshare companies because Chinese law is not well-defined for such cases.

As we all know, there are going to be good and bad within the industry.  So many timeshare contracts are set up for timeshare owners to pay on a long term contract.  It’s enough that fraudulent companies need not enter the space to create more dissension and mistrust in the industry.

Timeshare Relief Hears Another Story of Timeshare Dissatisfaction

Tracy & Richard met with Timeshare Relief in Ontario, California.  They had purchased their timeshare about ten years ago in 1999.  During that time their maintenance fees had more than doubled, and the timeshare experience was not what they expected.

When they tried to exchange their timeshare, their desired destinations were usually unavailable to them.

And when they had some financial issues, they thought that they could simply drop the timeshare by not paying for it.  They had heard from others that owning a timeshare was like a lease…that  they really didn’t own it.  Also, the timeshare was located in another country.  So, Tracy & Richard tried not paying.  A month later they received a nasty letter about collecting their payment and sending attorneys after them.

The last straw came when Tracy’s cousin was getting married.  They wanted to give her use of an exchanged timeshare in Las Vegas for the honeymoon.  But instead of exchanging their timeshare, Tracy found a timeshare for rent for $250 for a week.  Tracy found that the timeshare rental had been bought for $45,000.  So instead of exchanging their own timeshare for $1000 ($835 in maintenance fees and $165 in exchange fees), they went with the $250 rental.

Tracy and Richard were glad to get rid of their timeshare using Timeshare Relief.

Timeshare Relief Testimonial – Ron & Joyce Did Not Want to Pass On Debt To Their Heirs

Ron & Joyce had seen the Timeshare Relief presentation one time before.  Although they were somewhat taken aback at their first presentation that they would have to pay to get rid of their timeshare, they recognized that over time they would save much more money over the years by not having to pay the annual maintenance fees.

Their maintenance fees had nearly doubled within the last 5 years!  In 2009, they had maintenance fees of over $5000!  Imagine if that happened over the next 5 years again.  Ron & Joyce certainly did not want to have to continue these payments.

Being unable to find another way out of their timeshare, Ron & Joyce had another concern that others have as well.  That is the fact that their timeshare would pass onto their heirs, who would then be responsible for the payments from that point forward.  Ron & Joyce did not want that to happen.  This was just another reason for them to work with Timeshare Relief.

Timeshare Exchanges – Benefit or Just Another Timeshare Fee?

One of the perceived best features of timeshares is the ability for timeshare owners to “exchange” their timeshare for another timeshare in another part of the world.  An owner will “bank” their week at their home timeshare resort and depending on the value of their timeshare, they will be granted access to a timeshare with similar value in a different location.  Some programs allow multiple banking opportunities so that timeshare owners can upgrade to more luxurious accommodations with their exchange.

When purchased, a timeshare exchange program sounds like you’re getting access to potentially thousands of timeshares for a price of one…or is it the price of one PLUS exchange fees.  Like maintenance fees, popular exchange programs require annual membership fees for the administration of the exchanges.  Although not exorbitant, these fees are required whether your timeshare is exchanged or not.  Then, there are fees when you execute an exchange.  There are also a la carte fees for other options and features in these exchange programs.

The results for many timeshare owners is similar to timeshare maintenance fees.  The exchange fees get paid because owners justify the cost of potentially using an exchange in the future.  It’s a mental trap that keeps people paying these fees year after year without much benefit.

Our advice is the same as fora  timeshare: USE IT OR LOSE IT.  If you don’t use your timeshare exchanges, then drop the program.  Luckily, exchange programs in general do not lock you into a long-term contract, so you can cancel.  Keep in mind that if you’ve banked time in the past, canceling your membership will most likely discard your accrued time.

And of course if you’re not using your timeshare, contact Timeshare Relief and let’s see what we can do to get rid of that timeshare.