Timeshare firms agree exit deal for owners who die or go bankrupt
Timeshare companies have responded to the scandal of timeshare owners being unable to escape liability for their annual management fees even when they die or go bankrupt.
Industry trade body the Resort Development Organisation has said its members will now allow “exit in the case of the death of an owner whose spouse or family does not wish to keep the timeshare and also in the event of the personal bankruptcy of an owner.”
It comes as the industry-funded timeshare association reports that owners lost £1.2million to phone-based scams last year, with 240 cold-calling companies reported to its helpline, 91 of them for the first time.
The Association of Timeshare Owner Committees (TATOC) says it helped owners attempt to recover over three-quarters of the lost cash but admits that the figures, made available for the first time, are “alarming”.
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