Before taking up the service of any Timeshare Disposal Company please do a proper research on this company.
As mentioned in our article “Timeshare Disposal Companies who can we trust?” it is recommendable always to start calling your resort or Holiday Club first. They will be the best ones to inform you about Disposal / relinquishment and not always do Timeshare owners realize that their resort or club actually offers a service directly to their members without using third party companies.
If your Resort or Holiday Club does NOT provide a solution directly, then at least ask them if they had any dealings with the Timeshare Disposal Company you are intending to use. Do they know this company? Have they had any dealings with them? And what is their opinion about this company, positive or negative?
Also ask your resort clearly if there are any rules and regulations in place that would affect your timeshare disposal. It can be extremely frustrating if you pay a Disposal Company and find out afterwards you are not able to dispose of your timeshare for one reason or another.
You can also request information with us at Mindtimeshare Customer Care, to see if we have heard from this company and received any complaints or positive feedback.
Do your re-search on the Internet and see if there are any negative or positive feedbacks available online. Don’t be impressed just because the Timeshare Disposal Company has a professional looking website. Look at consumer reviews and other news stories about that company on other websites or forums. Not the testimonials these companies have posted on their OWN website!
If the company claims to belong to a Consumer Organization, then do check with these organizations to see if it is true. Most of these organizations have a list on their web with affiliated companies, so it won’t take long to check this.
Although not a guarantee that the actual disposal will take place, it is a recommendable to use a company that is registered at the UK Companies House or similar in other European Countries and provide full company details on the web and paperwork.
Companies working out of a “postbox” address and using mobile telephone numbers for contact are not really professional and certainly not traceable!
Be Aware that in the case of alleged fraudulent Timeshare Disposal companies, you may not know for a year or longer that the company has defrauded you and your timeshare was not transferred at all!
Remember, if you choose to pay an up-front fee, there is no guarantee that the transfer or disposal will happen as promised. It certainly would be recommendable if your money is going to go into an escrow account to be held there before the disposal takes place. But, you need to make sure you can trust the Escrow Account Holder!
Don’t ever pay an upfront fee because you are pressured into signing the agreement. Always allow yourself the time to cool off and as described above, to make your own inquiries about the company that is offering you their services. If this service is offered on the basis that “only today” at this price, it might be better to let this great chance go. A genuine and good working Disposal Company will offer you their services at any time and will be happy to do business with you later on.
When it comes to signing paperwork or a Power of Attorney in order to start with the process of the Timeshare Disposal, use your own or an independent solicitor to review the text of the paperwork. Don’t ever trust anybody that tells you there is no need to read or review legal papers before signing them.
If the paperwork or the Power of Attorney is in a different language than yours, make sure you get the translation reviewed as well. And again, be cautious with non-official translators provided by the actual Disposal Company.
Last but certainly not least NEVER provide credit card information or any other personal financial information to any company you have not thoroughly investigated.
To make sure you have all the facts right before signing the agreement with the Timeshare Disposal Company, have a look at the following checklist or questions:
- What is the full company name, address and registration numbers?
- How long has this company been in business?
- How long will it take them approximately to dispose of your timeshare?
- Does this company work with other companies and if yes, who are they?
- What guarantee does this company offer me that the disposal will take place?
- How will they dispose of the timeshare, through name transfer, relinquish with the resort, resale? Can they describe the whole process?
- Will other companies or individuals be part of this process and obtain benefits?
- What paperwork do I need to sign and does this include a Power of Attorney?
- In case of an upfront payment, will there be any other additional costs?
- Cancellation policy of the agreement?
- Will you be notified when the transfer / disposal has been done?
- Could they give you references from other consumers who successfully made the disposal through this company?
Taking up the services of a Timeshare Disposal Company always incurs a certain risk as might be the case with other service companies. But we do feel that if you do your research and make sure that most questions are answered from the above list then at least you have done all you could.
Needless to say that making payments upfront incur risks and not all payment methods are protected. So for those living in the UK with UK Credit Cards, the best thing would be to pay by Credit Card and have at least the option to claim a refund if something goes wrong.
If you need any further information, help or guidelines, please feel free to email us at email@example.com or place a comment on the blog.