True Valid, a resale company that is becoming very active lately has been cold calling a lot of consumers in the past weeks.
Their website www.truevalid.com registered in February 2011 explains the ins and outs of the timeshare industry and information for interested buyers and sellers.
The address details are M J Financial Services, 44-48 Magdalen Street, Norwich,NR3 1JU and the telephone number displayed is 0845 3813818 a number that seems to have changed lately as previously they used the number : 01942 410666. The area code is Wigan not Norwich, so where are they?
What they are not telling on the website is that after an first contact with the timeshare owner asking if he wants to sell, there is a second call made quickly after the first one.
On this second call they explain they have the buyer lined up, his money in a bank account and the only thing to do is to pay £850 as a retainer fee / insurance liability by the timeshare owner and in 4 to 6 weeks the sale will be finalized.
When asked for what kind of guarantee of having the sale successfully finalized the True Valid agent explained that of course no sale ever is guaranteed but in the event the sale didn’t go through they would refund the money and paying by credit card is protected anyway…
If it is illegal to take a deposit per the New Timeshare Directive implemented on the 23rd of February this year (http://mindtimeshare.wordpress.com/2011/06/21/visiting-europe-this-summer-it%E2%80%99s-time-to-know-your-rights/) , why are they still doing this and then even give the consumer the impression they are “protected” on their payment? A sale of 4 to 6 weeks processing…that’s far over the established 14 days cooling off period.
Is there anybody out there who has successfully sold their timeshare in this way?
Or have you been called by True Valid and paid a deposit for a sale that didn’t go through?
Please let us know!