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Complex world of timeshare market

19 0 0
08.07.2018
By Chang Se-moon

Timeshare refers to an apartment, condo, or house that you buy with other people so that you can each use it for a particular number of days every year. In reality, timeshare had been quite popular at resort communities, although we now hear problems associated with timeshare arrangements.

According to a story that I received from the U.S. Federal Trade Commission late in May, Timeshare Resales, a Florida company, called timeshare owners, and promised to sell their properties. Timeshare Resales "often said it had a buyer in mind and that the sale would occur quickly. Once the timeshare owner agreed, the company would charge an up-front fee, usually $500 to $2,500."

According to the FTC, "the company did not sell the property quickly ― or even at all. Often, it would ask for additional fees and refuse to grant refunds." The company is no longer allowed by the FTC to "collect any more payments for their timeshare services."

On May 20 to 22, there was an annual conference of the Timeshare Board Members Association in Orlando, Florida. I was invited as a guest of a board member. This is what I learned.

The term timeshare has a damaged reputation. There is no easy exit strategy, meaning that it is hard to walk away from timeshare. There is a proliferation of exit companies........

© The Korea Times