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http://www.bbc.co.uk/news/business-42909256

'Retiree Andrew McNaught bought a timeshare in Gran Canaria for nearly £8,000 in the 1990s. His family rarely use it now because of his wife's poor health, but every year they still pay out 420 euros (£370).

"We looked at ways of coming out of [the timeshare]," he says. "[But] I spoke to a person last time we were there and he said there was a waiting list of over 600 people [wanting to do the same].

"[Then] I saw an advert in a daily newspaper and it said, 'We can get you compensation for your timeshare'. I told my wife, 'we have nothing to lose'."

Andrew met with the company, which promised to help him out of his current timeshare.

But using an intensive selling technique known as "hot room" they managed to persuade him to invest into a second.'

 

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2 minutes ago, spyguy said:

http://www.bbc.co.uk/news/business-42909256

'Retiree Andrew McNaught bought a timeshare in Gran Canaria for nearly £8,000 in the 1990s. His family rarely use it now because of his wife's poor health, but every year they still pay out 420 euros (£370).

"We looked at ways of coming out of [the timeshare]," he says. "[But] I spoke to a person last time we were there and he said there was a waiting list of over 600 people [wanting to do the same].

"[Then] I saw an advert in a daily newspaper and it said, 'We can get you compensation for your timeshare'. I told my wife, 'we have nothing to lose'."

Andrew met with the company, which promised to help him out of his current timeshare.

But using an intensive selling technique known as "hot room" they managed to persuade him to invest into a second.'

 

Damn this is brutal!

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6 minutes ago, spyguy said:

http://www.bbc.co.uk/news/business-42909256

'Retiree Andrew McNaught bought a timeshare in Gran Canaria for nearly £8,000 in the 1990s. His family rarely use it now because of his wife's poor health, but every year they still pay out 420 euros (£370).

"We looked at ways of coming out of [the timeshare]," he says. "[But] I spoke to a person last time we were there and he said there was a waiting list of over 600 people [wanting to do the same].

"[Then] I saw an advert in a daily newspaper and it said, 'We can get you compensation for your timeshare'. I told my wife, 'we have nothing to lose'."

Andrew met with the company, which promised to help him out of his current timeshare.

But using an intensive selling technique known as "hot room" they managed to persuade him to invest into a second.'

 

There's no fool like an old fool....

The comment about these people being able to sell snow to an Eskimo made me remember my folks going to a timeshare sales session.  They were a relatively new thing then - early 80s? - and all attendees were promised a clock radio,  still relatively expensive at the time.  

Since they fancied a free clock radio, my folks went along with no intention of buying anything.  They sat through the entire thing - my father in particular making the most of all the free tea/coffee/biscuits, and when under increasingly frustrated pressure from the salespeople, he just kept saying, 'No, thank you - we only came for the clock radio.'   Which they were eventually obliged to give them - through gritted teeth, so to speak.  

There was a lot of gleeful chortling when the old man told us about it later.  

 

 

 

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1 minute ago, Mrs Bear said:

There's no fool like an old fool....

The comment about these people being able to sell snow to an Eskimo made me remember my folks going to a timeshare sales session.  They were a relatively new thing then - early 80s? - and all attendees were promised a clock radio,  still relatively expensive at the time.  

Since they fancied a free clock radio, my folks went along with no intention of buying anything.  They sat through the entire thing - my father in particular making the most of all the free tea/coffee/biscuits, and when under increasingly frustrated pressure from the salespeople, he just kept saying, 'No, thank you - we only came for the clock radio.'   Which they were eventually obliged to give them - through gritted teeth, so to speak.  

There was a lot of gleeful chortling when the old man told us about it later.  

 

 

 

There's no fool like a flattered old fool.

 

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29 minutes ago, spyguy said:

But using an intensive selling technique known as "hot room" they managed to persuade him to invest into a second.'

Haha.

Hahahahahaha.

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17 minutes ago, happyguy said:

I cannot understand why anyone would ever buy a timeshare.  

I once went to one, I was asked to because it would help students and we would get a free gift.

I didn't have the money (which made it a lot easier to say no) but the sales pressure was quite intense.  I can see why people would fold.  The trick is just to walk out (I did but I got the useless free gift).

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43 minutes ago, happyguy said:

I cannot understand why anyone would ever buy a timeshare.  

Greed, stupidity, not being able to do Maths.

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39 minutes ago, happyguy said:

I cannot understand why anyone would ever buy a timeshare.  

In general I'd have to agree,  but my sister and BiL used to have one at La Manga in Spain.  They bought an October half term week, and with kids of an age to make a lot of use of tennis, pool, etc., it worked very well for them for quite a few years, and because it was a half term week I don't think they had any trouble offloading it when the time came, to someone similar.  

 

43 minutes ago, spyguy said:

There's no fool like a flattered old fool.

 

Not sure how that's relevant to my post. 

If however you were referring to unsavoury old blokes with dodgy teeth and flabby guts, who like  to kid themselves that some pretty, 23 year old Thai girl loves them for themselves, I'd have to agree.  

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2 hours ago, Locke said:

Haha.

Hahahahahaha.

Education and healthcare can resolve ignorance or mental problems, but there's no cure for stupid.

I printing out this timeshare story to keep as a permanent reminder of the f*ckwittery that surrounds us.

I can't be bothered to work it properly out but £8,000 + c. 23 x £370, plus well managed compounded investment performance, plus the cost of flights in an ISA wrapper has got be in the £25-35k ball park.  Much more if a pension.

Then he buys another. 

Just "Wow".

Mook.

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6 hours ago, happyguy said:

I cannot understand why anyone would ever buy a timeshare.  

It's a dinner party conversation piece, or was.

"We have a flat in Benidorm don't you know"

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Is there an secondary market in dirt cheap timeshares then at fire sale prices bought off idiots? I suspect not as the freeholder will probably not cut their demands, but just wondering....

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.....forget the tea biscuits and alarm clock, I remember when they used to buy you flights and put you up for a week to sell  property in Spain.....;)

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10 minutes ago, Si1 said:

Is there an secondary market in dirt cheap timeshares then at fire sale prices bought off idiots? I suspect not as the freeholder will probably not cut their demands, but just wondering....

I think there is, in the same way there's a secondary market in condoms and adult incontinence pants.

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8 minutes ago, spyguy said:

I think there is, in the same way there's a secondary market in condoms and adult incontinence pants.

In all cases they just need a good scrub and social acceptance.

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6 minutes ago, thewig said:

we talking DEBTjunkies here or dirty nappies?

Second hand time shares, debt junkies, dirty nappies, used condoms

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1 hour ago, winkie said:

.....forget the tea biscuits and alarm clock, I remember when they used to buy you flights and put you up for a week to sell  property in Spain.....;)

You mean this sort of thing?

Quote

Why not come and check it our for yourself?

The best hotel in Malta (our opinion and often Expedia’s) is the Golden Sands membership resort at Golden Bay ... It’s not cheap to stay there but if you agree to spend a morning or an afternoon at one of their timeshare presentations it’s just £199 for a week on a room only basis....  There is absolutely no obligation to buy into membership but you may well be tempted because their offers are very different to most people’s preconceived ideas of what timeshare is all about.

https://www.property118.com/5-star-malta-from-199-for-a-week/

or, extending the timeshare concept to luxury yachts and cars, as well as holiday apartments:

https://www.property118.com/fractional-ownership-supercars-luxury-motor-yachts-holiday-apartments/

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A FOAF story (but I believe it)

A FOAF, with links to UK property, was offered 200 weeks timeshare to sell (~4 flats at 52 weeks each or something). It was a commission-only sale, and his commission would be whatever he sold the weeks for. That is, the owners received nothing from the sale. (**) What the owners got, of course, was the annual maintenance fee. In the OPs  case, thats £370 * 52 if they sell every week, or 18k pa. For a flat in Spain! Because each "week owner" gets 1 share, the actual owners always have a majority if it came to a vote on management fees.

Its worse in the UK, there are cases of timeshare maintenance claiming on estates after death...

In any case, you can often find properties to rent, with flights, that ar'nt much more than the flight cost

(**) which shows you there is room for discount on the price :)

Edited by dryrot

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21 hours ago, happyguy said:

I cannot understand why anyone would ever buy a timeshare.  

You need to get to a presentation clearly you can't see all the advantages of buying into one. 

Joking apart I never understand why people go to the same place over and over. There is a lot of the world to see.....and very little time to see it. An afternoon in Barcelona does make you wonder why anyone would go elsewhere but then an evening in Venice and a Sunday strolling Florence or a day surfing at Byron Bay and you realise variety and even gentle adventure are what appeals to me. 

We went to the 'presentation' in Florida once - a requirement of the package to understand the location,  it was our first US visit and a very soft sell. Even then people queuing for details as we slipped away with out free Florida advice pack, free tickets to wet and wild (no...just a waterpark??)  and 4 donuts each. 

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17 hours ago, dryrot said:

A FOAF story (but I believe it)

A FOAF, with links to UK property, was offered 200 weeks timeshare to sell (~4 flats at 52 weeks each or something). It was a commission-only sale, and his commission would be whatever he sold the weeks for. That is, the owners received nothing from the sale. (**) What the owners got, of course, was the annual maintenance fee. In the OPs  case, thats £370 * 52 if they sell every week, or 18k pa. For a flat in Spain! Because each "week owner" gets 1 share, the actual owners always have a majority if it came to a vote on management fees.

Its worse in the UK, there are cases of timeshare maintenance claiming on estates after death...

In any case, you can often find properties to rent, with flights, that ar'nt much more than the flight cost

(**) which shows you there is room for discount on the price :)

I am not understanding what is FOAF please. 

Foolish Old Age Fart?  

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  • 406 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% +
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      • Even
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      • up 5%



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