We receive numerous requests from timeshare consumers who have been approached on a cold call by RIOCC - Real Estate Investments Ownerships Consultancy Center in Fuengirola on the Costa del Sol.
The consumers want to know more, as they have been invited to a meeting where they will be discussing the possibility of a compensation claim against their Timeshare Company.
RIOCC – Real Estate Investments Ownerships Consultancy Center is on the Costa del Sol, Avenida Alcalde Clemente Diaz Ruiz Portal 3 number 11, 29640 Fuengirola, Málaga, Spain Contact numbers +34 952 58 11 52 & +34 952 198 601
RIOCC send the Timeshare consumer a Qualification form, and after submitting this form the consumer is called back with the news that they indeed qualify to enter the claim. (So far nobody has ever been told they don’t qualify!!)
The Timeshare Owner is also informed that there is little time left actually as the Court Case is imminent. A Class Action based on earlier rulings.
All the Timeshare owner has to do is travel to Spain, to Fuengirola and visit a Notary to sign a power of attorney and in that way terminate their timeshare. This is without any charges!
Flights are booked and RIOCC arranges a hotel and the airport pick up. Once the Timeshare Owner is in Spain they take him to their offices where they have to show their passport and are invited to a coffee and informal chat.
Then the owner is presented with a Claims Form which looks very similar if not IDENTICAL to the one ITRA uses! On the form the owner is shown the money he has lost over the years to his timeshare and the money he will be losing if he continues with the timeshare! So best thing to do is to enter the Compensation Claim, and this can be done on a “No Win no Fee” basis but subject to a 40% payment to RIOCC of any awarded money to cover the Administration costs and the legal costs.
Of course this is not where the meeting ends…the Timeshare Owner is then asked about his timeshare and if he knows about the possibilities to dispose of the timeshare when he wants to.
Although the Timeshare owner indeed knows about the possibilities and in certain cases has already discussed this with their resort, the RIOCC representative then claims that resorts are lying, and when the moment is there to dispose they will change the rules or simply deny this possibility. “Don’t trust them” is his recommendation!
But RIOCC does have the answer to this, as they can take the Timeshare Owner there and then to a local Notary office where he will sign paperwork to dispose of the timeshare straight away and no more maintenance fee payments.
Caroline, the lady in the office indeed takes the owners with her and the paperwork is signed at the Notary. This does have a PRICE TAG! £5959 of which £2500 is put down as “legal and admin fees”
The Timeshare owner is given a contract which is in the name of Kinson Real Estate registered in the Seychelles (!!) in which is outlined that this company will arrange the timeshare disposal without further costs. (well after paying the £5959 that is!)
In case Kinson Real Estate fails to complete the disposal, the timeshare owner will be fully refunded by RIOCC….
So from a No win No fee compensation Claim which is imminent, the timeshare owner has ended up with a payment of close to £6000 to a company that is based in the Seychelles!
£5959 for a disposal that is not guaranteed and where do you claim the refund? £2500 legal fees for signing a Power of Attorney which costs around £60 in Spain and the rest admin fees?
And this is what happens at the RIOCC meeting!
Some Timeshare Owners who mention Mindtimeshare are also shown the website from RIOCC http://www.riocc.net/ where they have published a “copy / paste” image of positive comments posted on our blog which were removed. What they don’t mention is of course that the comments were placed by either staff from RIOCC or relatives in the UK, and when this comment was placed we requested more information about the fact RIOCC was such a great company. Not one of these people who supposedly have commented about RIOCC in a positive way has replied to us! Why? Because we asked for proof that indeed all was done properly, we asked where they owned their timeshare and a simple copy of this successful agreement with RIOCC… we are still waiting!
If you have been cold called by RIOCC and invited over to join this compensation claim which coincidentally always seems to be imminent, please think twice.
If you want to speak to us about this, do email us at email@example.com or place a comment on the blog.
Previous blog about RIOCC: http://wp.me/p1kmoi-ja