Welcome to The Tuesday Slot, today we publish “How to File a Complaint Form” with the Federal Trade Commision, by Irene Parker.
Before we go to the article, Inside Timeshare has been receiving many emails regarding Silverpoint, from some very concerned owners. Many have been contacted by Centaurus Mediations and Fullbrook Associates, both offering to cancel their contracts with Silverpoint and getting them “compensation”, all on a no win no fee basis, but this is after they pay for the cancellation.
The worrying aspect is that they are also being told that they will get them back all the maintenance they have paid, some going back over 20 years!
As we have explained on numerous occasions, the whole point of the exercise is to get the contract cancelled, to negate the possibility of a claim going through the Spanish courts, as once a contract is cancelled then no court will accept any claim. We cannot see them obtaining any repayments for the purchase or the maintenance, they are after all working with Silverpoint who will never pay out unless ordered to do so by a court.
If you have been contacted by these companies beware, you will be throwing good money after bad. If you need any help or advice on where you stand on making a claim through the courts then use our contact page and we will gladly provide it.
Now for this weeks article.
The Federal Trade Commission’s How to File a Complaint Form
ANSWER: BUY MORE POINTS! TO QUESTIONS:
The availability is not as promised?
Buy more points! “I can’t believe that sales agent sold you so few!!!”
How can I get help paying maintenance fees?
Buy more points!
How can I sell my timeshare points?
Buy more points!
I don’t have enough points for a family of five?
Buy more points! “I can’t believe that sales agent sold you so few!!!”
By Irene Parker
Election Day in America, Tuesday, November 6
The first family to contact me was a Hispanic family in 2016.
Families already struggling with maintenance fees are often advised to buy more points to achieve the next loyalty level that will allow them to pay maintenance fees or be able to sell points. Unfortunately, the programs as described do not exist. A similar program does exist, so when the complaint is made, the company representative responds with the actual program that has nothing to do with paying maintenance fees or tells the member, “We don’t assist in selling points.”
Sylvia contacted me the summer of 2016. Here it is 2018 and not a week goes by without more complaints, just like Sylvia’s 2016 complaint:
Sylvia and her husband were persuaded to give up a deeded week that did have a limited secondary market, in exchange for timeshare points with virtually no secondary market. During a series of five sales presentations over a five-year period, the family accumulated enough points to elevate them to the next loyalty level in 2013. But maintenance fees increased to the point where they could no longer afford to own their points. The family soon found that they had to charge maintenance fees to their credit card in order to pay them.
Sylvia had already taken out a $33,000 home equity loan from their credit union to reduce the high timeshare loan interest rate, typically 14% to 18%. Never transfer a timeshare loan balance to a third party lender.
At their last resort stay in August 2015, Sylvia said that a sales agent tried to convince them to purchase more points in order to achieve the highest loyalty level. The sales agent explained that this would allow the couple to pay their maintenance fees with their points, as only the highest loyalty members are allowed to use their points to pay maintenance fees. However, even at the highest loyalty level, turning in all points would only contribute $2,000 towards an $8,000 maintenance fee.
Sylvia relinquished $60,000 worth of points. She is probably still paying off her home equity loan and has no vacation points. One child graduated high school that year and was starting college.
Fortunately, Sylvia did not fall for the falsehood that would have driven her deeper into debt. We have received 63 almost identical complaints from highest loyalty members. They are infuriated.
Today is November 6, Election Day in America. Lobbyists are hard at work, making sure pro-industry candidates get elected. Lawmakers have a, “They signed a contract” answer to families alleging unfair and deceptive timeshare sales practices. We have heard from 571 families, many financially devastated because they believed a timeshare sales agent. As always, our disclaimer is that we know there are honest timeshare sales agents harmed as well by the actions of dishonest sales agents.
Timeshare buyers who feel they experienced unfair and deceptive trade practices should file a complaint with the Federal Trade Commission if the timeshare company dismisses them with “You signed a contract.” Members should also file with the Attorney General of the state where they signed a contract. Most, if not all states have incorporated a portion of the FTC Section 5 Code that describes unfair and deceptive business practices.
Unfortunately, the FTC doesn’t make it easy to file a timeshare complaint. The timeshare tab is buried. It took me a year to find it after a timeshare member explained how he found it. It’s almost like they don’t want you to find it. This is the link to file an FTC complaint and my step-by-step instructions directing you to the timeshare tab. We probably need about 10,000 members to file before the FTC raises an eyebrow.
https://www.ftc.gov/faq/consumer-protection/submit-consumer-complaint-ftc
Step 1 Go to the link above: Submit a Consumer Complaint
Step 2 Bottom of the form, click FTC Complaint Assistant
Step 3 Click “Other”
Step 4 Click “For more options”
Step 5 Click “Travel Vacation or Timeshare”
Step 6 Click Other
Step 7 Click Timeshare
It was announced at an industry conference that $50 million has been set aside to put timeshare exit companies out of business, as well as honest lawyers and lawyers with questionable business practices. Timeshare exit is a problem the industry created by not allowing a secondary market. They admit this in annual reports to shareholders, listing a viable secondary market as a risk to their shareholders. Meanwhile, we are inundated with timeshare buyers contacting us describing how they have experienced unfair and deceptive sales practices.
A jury awarded former Wyndham sales agent and whistle blower Trish Williams $20 million. Ms. Williams said Wyndham had TAFT days on slow sales days. (Tell them any #$%* thing). A former timeshare sales agent told me TAFT is a real person.
As private equity takes over timeshare, seeking venture capital returns, I believe this is only going to get worse. Timeshare is not the next Microsoft, disrupting a typewriter industry, prompting explosive growth. Upselling existing members into insolvency in an effort to generate 30% or better returns for investors is not the answer. The complaints never stop.
We want more honesty. It’s a lot to ask, but we will keep asking.
Our complaint form: http://insidetimeshare.com/the-tuesday-slot-11/
Contact Inside Timeshare if you have a timeshare concern or a story to share. These are self-help groups we feel are not industry influenced.
https://www.facebook.com/timeshareadvocategroup/
https://www.facebook.com/groups/DiamondResortsOwnersAdvocacy/
https://everythingabouttimeshares.com/consider-exchange-options/
https://www.facebook.com/groups/180578055325962/
https://www.facebook.com/groups/465692163568779/
https://www.facebook.com/groups/1639958046252175/
Thank you Irene, as usual you have explained it all for our readers, if you have any questions, comments or need help with this or any other matter relating to timeshare, use our contact page and get in touch, please explain where you are located, (US or Europe), so we can pass you to the relevant team.
Breaking News:
La Provincia has just published an article with the following head lines:
El director de Anfi declara en un pleito entre los hermanos Santana Cazorla
La familia se enfrenta por un delito de administración desleal de fondos de la sociedad
Translation:
The director of Anfi declares in a lawsuit between the Santana Cazorla brothers
The family faces for a crime of unfair administration of funds of the society
Inside Timeshare will bring you more on this tomorrow.
Don’t forget the book by Wayne C Robinson, Everything About Timeshares, Before, During and After the Sale, with the forward by Irene Parker, you can obtain your copy from the link below.
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