Brits warned over timeshare scams
22/07/2010
British holidaymakers have been advised to be wary of timeshare salesmen promising fractional ownership of properties and resorts, The Guardian has reported.
The warning was issued by the UK European Consumer Centre (UK ECC), which expressed concern over the number of travellers being enticed into investing in overseas property with the promise of part ownership of the overall value.
UK ECC manager, Jed Mayatt, commented, "This is becoming a real difficulty in some resorts, with timeshare owners being told that if they buy more weeks, their investment can be converted into fractional ownership."
"The consumer is persuaded to buy more weeks, completes the paperwork, but gets nothing to show for it in terms of the deeds, etc."
Legitimate fractional ownership involves purchasing a share in a property, and being allocated a period of time during which the property can be used or rented out.
New European legislation gives anyone signing up to a timeshare scheme a cooling off period of 14 days, during which they are able to back out of the deal.
Annual Multi-Trip insurance from Virgin Money is an ideal option for those planning frequent trips overseas.
