Redemption and Release Scam Alert Red Flags

May 21, 2014 No Comments

Redemption and Review Scam AlertAs part of a public outreach campaign to help folks who own timeshares to avoid being victimized, Redemption and Release has issued a public service announcement entitled The Five Red Flags of Timeshare Resale Scams.

Evidently, a few different major cases of timeshare resale fraud have been in the courts recently, having stolen literally millions of dollars from people who were desperate to sell their timeshares.

Unfortunately, the victims didn’t know what to look out for to avoid falling for these criminal endeavors.

The Redemption and Release Scam Alert Red Flags are as follows:

RED FLAG # 1: A timeshare owner gets an out-of-the-blue telephone call, most likely saying that there’s a buyer that wants their timeshare property. No upstanding timeshare redemption service will make an unsolicited call to a timeshare owner and claim that they have an interested buyer. Timeshare holdings are literally being given away, and still few to no people are interested in taking over “second-hand” timeshare contracts.

RED FLAG # 2: The company demands that you pay by check, with no other payment method being offered. They don’t take credit cards (because they don’t want chargebacks from services not rendered!)*This is one of the most common red flags found in the timeshare redemption  industry*

RED FLAG # 3: The company requires you to do a bank transfer to send them your payment for services they have not fulfilled yet (and likely never will).

RED FLAG # 4: If the company demands your bank account info and SSN, it’s probably a timeshare resale scam. The only people that should be requesting your bank account information is the bank itself.

RED FLAG # 5: The company says you should donate the timeshare to a non-profit organization and then apply the donation as a deduction on your taxes. There are a few companies that wrongly tell people this is an okay practice, only for people to get audited and fined by the IRS later for claiming illegal deductions.(This happens because scam companies tell consumers that their timeshares are worth more than they actually are.)

Be careful, do your homework, and don’t forget these red flag warning signs if you are ever approached to sell your timeshare by one of the many timeshare resale scams. There are honest timeshare redemption companies currently assisting timeshare owners to get free from high fees, taxes and assessments.

Redemption and Release takes pride in helping to educate timeshare owners and liberate them from oppressive timeshare commitments. Redemption and Release follows the industry best practices and always has the clients best interest in mind.  If you have timeshare that has been a real financial burden, contact them today and take advantage of their free timeshare consultation. Heed the warnings in this Redemption and Release Scam Alert and don’t be a victim!