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dryrot

Daily Mail "news" Article Shilling For Timeshare

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Hi

Caught this on the Saturday's Daily Mail. A classic non-story masquerading as news. (And Tony Hetherington of the Mail was usually a sturdy foe of the Timeshare scams :( )

http://www.dailymail.co.uk/news/article-2028132/Timeshare-booming-families-seek-sea-view-crooks-forced-market.html?ito=feeds-newsxml

The word timeshare will send a shudder up the spine of many holidaymakers. For years it has been associated with pushy touts, fraud and mis-selling.

However, the timeshare industry claims that business is now booming after EU regulations forced out the crooks.

One of the reasons for what it calls the biggest timeshare boom in 20 years is the soaring cost of seaside homes in the UK.

The recent timeshare boom means families can buy stakes in luxury properties in places like Florida for as little as £2,500

Detached houses with sea views in Cornwall and Devon regularly fetch up to £1.5million, while those on Dorset’s ‘millionaire coast’ are the fourth most expensive in the world.

However, families can buy a stake in a luxury property in Florida, the Caribbean or Australia for as little as £2,500.

One company claims that the number of Britons interested in timeshare for their holidays has risen by 25 per cent in the last 12 months – the biggest annual increase since the timeshare heyday in the late 80s.

The figures were released by Worldwide Timeshare Hypermarket, one of the UK’s largest marketplaces for such properties.

Boss Philip Watson said: ‘Timeshare is becoming a very attractive option for families who can no longer afford to purchase holiday or second homes.’

'We have experienced a 25 per cent surge in interest in the last year, primarily from families looking for luxury accommodation with sea views but without the millions of pounds needed to obtain them in the UK.'

Until recently, timeshares were synonymous with touts and were tarnished by cases of fraud and mis-selling.

Swindler John ‘Goldfinger’ Palmer was ordered to pay a record £35 million plus in confiscation, compensation and costs payments when he appeared at the Old Bailey recently.

But EU regulations designed to protect consumers - and the introduction of the Resort Development Organisation (RDO)the governing body for timeshare in Europe and TATOC, the recognised timeshare consumer association - have cleaned up the industry.

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Hi

Caught this on the Saturday's Daily Mail. A classic non-story masquerading as news. (And Tony Hetherington of the Mail was usually a sturdy foe of the Timeshare scams :( )

Well, in fairness he does seem make it clear that he's quoting a VI.

That aside what's the general feeling about timeshare and its impact on the wider property market - good, bad, neutral?

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Swindler John 'Goldfinger' Palmer was ordered to pay a record £35 million plus in confiscation, compensation and costs payments when he appeared at the Old Bailey recently.

Recent? 2002 2003 time. He 'solicitor', an Italian with questionable credentials in law, managed to get prevent him having to pay a thing on a technicality in the end. The £35m, a widely reported fine at the time, was quashed by the court of appeal.

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Some friends of ours have a lovely timeshare.

Paid 35k and get 2 weeks a year in a chateau in France.

The only downsides are that they don't always get school hoilidays and that the fees for maintenance now are higher than it would cost to rent an equivalent for the 2 weeks they want.

Been trying to sell up for ages, but why would anyone pay 35k to pay more than it would cost to rent the place for the equivalent period?

As for Florida, 80k would get you full ownership of a pretty good villa with a pool, which you could rent out for a lot of the year and effectively get a free holiday (for a little work, granted).

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Hi

Caught this on the Saturday's Daily Mail. A classic non-story masquerading as news. (And Tony Hetherington of the Mail was usually a sturdy foe of the Timeshare scams :( )

I suggest you watch a documentary called 'Starsuckers' on YouTube.

There is no such thing as news. Hasn't been for a long time, it's just that nobody bothered to tell us.

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The only downsides are that they don't always get school hoilidays and that the fees for maintenance now are higher than it would cost to rent an equivalent for the 2 weeks they want.

It looked so bad I did some research a while back. This is what happens everytime, these timeshares are almost exclusively a liability that people happen to pay for.

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Some friends of ours have a lovely timeshare.

Paid 35k and get 2 weeks a year in a chateau in France.

The only downsides are that they don't always get school hoilidays and that the fees for maintenance now are higher than it would cost to rent an equivalent for the 2 weeks they want.Been trying to sell up for ages, but why would anyone pay 35k to pay more than it would cost to rent the place for the equivalent period?

As for Florida, 80k would get you full ownership of a pretty good villa with a pool, which you could rent out for a lot of the year and effectively get a free holiday (for a little work, granted).

Emphasis added. You've caught it: and because you only own a fraction of the property you can't control the maintenance costs. It targets weak or elderly people and hammers them for the annual fee. They can't escape or sell...

A FOAF story (and I believe it) was a colleague involved in property who was offered, say, 200 weeks to sell (that is 10 weeks of 20 flats - there would be 1000 - 20x50 weeks in total). His commission was whatever he sold them for! The owners profit was the suckers who signed up and could be hassled for the annual fee...

Two timeshare people were murdered in a mob hit in Tenerife...m Its a nastyy biz. http://www.independent.co.uk/news/world/europe/goldfinger-link-to-timeshare-couple-murdered-in-tenerife-523897.html

Edited by dryrot

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  • 333 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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