Please Help!!

[shelltan Junior Member Find all posts View Profile Close shelltan]

Sorry but i have several questions which requires help:

the story is.. I have two timeshares which according to a promoter(the marketing agent) has no trustee and we were not informed we had to pay for maintenance fees for a couple of years from the previous agent, instead only pay a small amount of fee every month to the marketing agent. Hence, according to this new agent, it seems like we are required to pay up the maintenace fee as the acc is suspended. According to the agent, a trustee is willing to offer to take over our timeshares but we need to fork up more money to invest in this real estate thing.

for example, the international sales value is 80000. and the trade in of is 65000. With a discount of 5000, the total contract price is 9888 with brokerage fee of 2000. hence the local nett purchase price is 7888.

So, we were told we need to pay annual fee of 3% (out of 7888) to sustain the account with the trustee. Furthermore, in 2 years time, we will be able to get back the $80000 (guaranteed minimum) if we do not want to invest anymore. And the company will service all future liabilities pertaining to the timeshares.

Well the offer seems alluring, because not only can we give up the timeshare which we have no use for and in 2 years time we are able to recover $80000.

However, the offer seems too good to be true which made me worry.

My questions are:
1) from a website, i see that Hutchinson and Co trust is on the timeshare blacklist, does this mean it is not a realiable trustee?

2) although the company mention it will service all future liabilities, but there are terms and conditions. and one of them mention that "the timeshare purchase price is fully remitted. There must not be any outstanding payment due to the timeshare organzation and/or resort." But we still have not paid the maintenace fees, so does this mean the company will take over the payment for the maintenace fee? or we still are liable to pay the miantenance fee?


Anyway, the agent also mention about a three layer protection to convince me. that is even if the marketing firm winds up, there is still the real estate company. and even if the real estate company winds up, there is still the trustee whom will guarantee the $80000. But my concern is if the trustee is a scam, then what should i do?

basically, i do not even want to think about getting returns back from the $80000. I just am afraid if instead of getting rid of the two time shares, i have dug a deeper hole for myself to jump into by trusting this marketing firm.

Is there any way i can prove that this is a scam?

Please help!

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

If it sounds to good to be true---it's not. Obviously something has you worried and the whole thing sounds very strange to me.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

So, the deal is you pay them 7,888 in front, than 3% every year from the moment you sign the contract, plus your 2 timeshare, plus the maintenance fee that you already paid? So they can tag your 2 timeshares?

In exchange to that, they will give you your 2 timeshare back in 2 years if you decide you will not pay more to them in these 2 years? But they will keep all the money you have already paid?

In order for they to guarantee your money, they need to have full financial support somewhere made of cash that can show you, and it should be guaranteed by a government (not an audit since cash can easily be faked) that can not be in the verge of bankruptcy, so at this moment, probably less than 10 countries can claim that. Which country you think or know has any law that back up a trustee? They only have laws to allow you to sue them.

The trustee is called limited. So that basic means they are fully protect from the sue to only upto whatever the company actual owned.

It will be much easier for you to just keep your 7,888, your 3% annual payment to them, and your MF, plus your 2 timeshares.

If they claim your timeshare worth 65000 trade in, ask them to pay you 30000 in front, and you just give them the timeshare, they make 35000, you are totally out of your timeshare. If they say no, they are scam.

Jya-Ning

[shelltan Junior Member Find all posts View Profile Close shelltan]

So, the deal is you pay them 7,888 in front, than 3% every year from the moment you sign the contract, plus your 2 timeshare, plus the maintenance fee that you already paid? So they can tag your 2 timeshares?

In exchange to that, they will give you your 2 timeshare back in 2 years if you decide you will not pay more to them in these 2 years? But they will keep all the money you have already paid?

In order for they to guarantee your money, they need to have full financial support somewhere made of cash that can show you, and it should be guaranteed by a government (not an audit since cash can easily be faked) that can not be in the verge of bankruptcy, so at this moment, probably less than 10 countries can claim that. Which country you think or know has any law that back up a trustee? They only have laws to allow you to sue them.

The trustee is called limited. So that basic means they are fully protect from the sue to only upto whatever the company actual owned.

It will be much easier for you to just keep your 7,888, your 3% annual payment to them, and your MF, plus your 2 timeshares.

If they claim your timeshare worth 65000 trade in, ask them to pay you 30000 in front, and you just give them the timeshare, they make 35000, you are totally out of your timeshare. If they say no, they are scam.

Jya-Ning

the thing is we did not pay any maintenance fee at all as the marketing firm only ask us to pay $50 per month for the membership. It was when another marketing firm approach us to buy our timeshare that they tell us we were required to pay $5000 due for the maintenance fee which we did not pay since the start.

and the marketing firm says that our timeshare has no trustee so he say he "enquire" Hutchinson (the trustee) that is willing to offer us 65000. but we need to invest 80000 and therefore need to top up 10000.

at the end of 2 years, we will not get back our time shares coz we already transfered the liabilities to the marketing firm. Instead, we get to cash in $80000.

[Hostelling Senior Member Find all posts View Profile Close Hostelling]

I smell scam.

You say "membership" make direct contact with the timeshare(s) in question. Have you confirmed your relationship to the timeshares in question? If you were a deeded owner who had not been making maintenance fee payments, you should have been getting collection letters. Do you have a deed? Are you only a member of a vacation service with no ownership in the underling timeshares?

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

the thing is we did not pay any maintenance fee at all as the marketing firm only ask us to pay $50 per month for the membership. It was when another marketing firm approach us to buy our timeshare that they tell us we were required to pay $5000 due for the maintenance fee which we did not pay since the start.

and the marketing firm says that our timeshare has no trustee so he say he "enquire" Hutchinson (the trustee) that is willing to offer us 65000. but we need to invest 80000 and therefore need to top up 10000.

at the end of 2 years, we will not get back our time shares coz we already transfered the liabilities to the marketing firm. Instead, we get to cash in $80000.

If they can pay you 80000 at end of 2 year, they can pay you $30,000 now. More likely, at end of 2 year, they will give you 2 timeshare since they are worth 80,000 based on their book.

You are paying $50 per month now, that is $600 a year. Which if is US dollar, is well cover 1 BD timeshare operational cost in US. If your timeshare is in India, it probably good for 2 timeshare. Some of the vacation club will ask you to pay extra if you want to use the vacation time and oversold its membership. What type of ownership you actual owned?

Now, if anyone claim you own them x amount of money, after 2 years without send you any notice of collection in between, they are liar. You should call the local government of the resort that handle real estate business, and either your current market firm has cheated you out of your $600 per year, or this new firm is trying to cheap you.

Very likely, the one you talked to is just trying to get money from you. You owe no money to anyone.

Jya-Ning

[brucecz Moderator Find all posts View Profile Close brucecz]

You have gotten excellant advice from the other posters. I suggest you follow it.

Bruce

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

See folks.

It really was simpler when it was simpler.