Currently, the timeshare industry has been receiving a bad reputation due to scams. Either you are a potential timeshare buyer or a current owner trying to get out of your timeshare contract, you are vulnerable to the modus operandi of these scammers. This resulted to the Organization for Timeshare in Europe (OTE) to increase their spending to €130,000 on its Enforcement Project in Spain last year.
The said project has already a series of key successes over the past year. These include the closure by the police of 10 fraudulent Discount Travel Membership Club sales decks and 23 bogus Resale and Class Action companies. They did this by working closely with OTE’s enforcement team, headed up by a former Canary Islands police inspector. In addition, there are three Discount Travel Membership Club sales decks which closed down voluntarily as a result of pressure from the authorities.
Moreover, this is part of OTE’s effort to reduce the fraudulent practices affecting timeshare owners and other holiday makers. Over the past year, OTE has intensified measures in the Canary Islands primarily in Tenerife where fraud is more prevalent.
Scams are just some of the reasons why several owners want to get rid of their timeshares. Some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. By minimizing the scams in the timeshare industry, it may bring back consumer confidence and consequently regain the strength of this promising industry.