Europe's timeshare owners face a setback as instead of repayment, they experience a loss of EUR 25,000
In a concerning development, the European Consumer Centre Germany (EVZ) has reported an increase in unsolicited cold-calling schemes targeting European timeshare contract holders. These scams, which often involve offering services to help victims exit or manage their timeshare contracts, demand upfront fees or deposits for supposed exit solutions or resale services.
The scammers, who use intimidation tactics to pressure victims into making payments, have been known to exploit the victim's desire to get out of timeshare agreements. Victims are typically promised quick or easy cancellation or resale of their timeshare but often end up paying large sums with no real service in return.
Erika and Manfred S., a couple from Germany, fell victim to such a scheme. They signed a long-term timeshare contract in Puerto de Mogán, Gran Canaria, under the influence of an appealing offer. However, they later lost approximately 25,000 euros due to the cold-calling scheme related to their timeshare contract in Spain.
Sabine Blanke, from the European Consumer Centre Germany, stated that such letters are intended to gain people's trust for financial gain and that such situations are not isolated. She advises seeking independent legal advice, such as that offered free of charge by the European Consumer Centre Germany.
To protect themselves, victims should never engage with unsolicited cold calls claiming to offer timeshare exit services. Refusing to pay any upfront fees or deposits without verified and trusted guarantees is also crucial. Conducting thorough research and seeking legal advice before agreeing to any service regarding their timeshare is also recommended.
It's important to note that legitimate companies typically do not cold call for these services and that the timeshare law does not allow for an ordinary cancellation option, but dissolution is possible for a fee.
If payment has already been made, filing a police report immediately and going to the bank to try to reverse the transaction is recommended. Money is rarely refunded, even if promised at the time of contract conclusion.
The European Consumer Centre Germany can be contacted at [email protected] or www.evz.de. The organization is funded by the European Union.
In summary, European timeshare contract holders should be wary of unsolicited cold calls offering timeshare exit or resale services, as these are common fraud tactics exploiting timeshare difficulties. Legal consultation and avoiding upfront payments are crucial protective measures.
Science can help in understanding the psychology behind these cold-calling scams, revealing tactics used to exploit people's desire for healthier financial-and-wellness, such as seeking effective ways out of timeshare contracts. Furthermore, fitness-and-exercise for one's financial well-being can involve researching and seeking independent legal advice, as well as avoiding upfront payments, thus enhancing the overall ability to protect oneself from such scams.
