TATOC have been made aware that timeshare owners are making complaints that they are receiving unsolicited calls for Equity Secure, a company that operates using a website but does not appear to have an office in the UK.
The 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 to 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 ban on deposits. This law does not extend to maintenance fees and claims that these are to double are totally unfounded.
TATOC 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, TATOC does not endorse this type of cashback scheme and is doubtful that owners will receive their money.
Owners who wish to sell their timeshare should only do so through a TATOC or RDO member, all of whom sign up for 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 likely that they are looking to obtain money from you without supplying a service.