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| Subject: Re: The definition of timeshare | |
Author: George | [ Next Thread |
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] Date Posted: Fri, Sep 16 2005, 9:32:43 In reply to: ccn666 's message, "The definition of timeshare" on Fri, Nov 21 2003, 17:59:56 Yes, Timeshare is about sharing cost - the development, facilities, amenities, upkeeping, management of the resorts, hotels & whatever type of holiday homes the world over. So how does it work? Well firstly there are this entrepreneurs called marketing companies. They register a company in a country (often with partnership with 1 or 2 locals to lend authenticity) and set up shop either on-site (on the resort or hotel itself) or off-site (far away from the real thing so they can let you browse the beautifully crafted broshures - what you see may not be what it is). Then they create an office where they have the marketing or sales team called the 'Deck' in Timeshare language where people are invited and briefed on the holiday concept. Then they have a 'telemarketing' section to make cold calls or calls to people referred to from information obtained from many means - lucky draws, surveys and by other timeshare people (e.g. timeshare resellers etc.) to invite people for the presentation. Then they have the OPC (Outside Premises Contact) Team - people responsible for doing street surveys to entice people to go for the the timeshare presentation with offers of lucky draws and free gifts. Then they have a contracts section - once you agree to sign up for the membership you will have sign the legal papers and have the contracts explained to you. You will also sign the payment terms here (usually post-dated credit card slips if u pay by the so-called 'interest-free' instalments. So you pay an upfront cost of the membership, usually thousands of dollars for that one week of accomodation per year in your dream place. How much you pay will also depend on the size of accomodation you sign up - whether a Studio for 2; a 1-Bed for 4 or a 2-Bed for 6 people. The prices may range from $10k to $25k for the bigger units. Some memberships are freehold others last for 30 years with a renewable clause. Then you have to pay annual maintenance fees - how much is also dependent on the size of the units. This range from about $350 to $550 per year and they usually are billed to you in foreign currency. And this maintenance fees can go up and up (but never down) as years go up and you have to continue paying if you want to keep your membership. Then you are introduced to a holiday exchange company - either RCI or II (Interval International) which charges u an annual membership fee of about $150 or more. And if you make an exchange you have to pay another sum of $200 to $550 for that one week of exchange to another resort of your choice. (what people don't realise is that these exchanges are not guaranteed). Many people are even led to belief that there is a resale value for this membership. In reality, there is no such thing as a resale value. You will be extremely lucky if you can get $1K for your membership. Many people are cheated by timeshare resellers in the process. But beware of Timeshare marketing company offering you a trade-in. What actually happens is that they offer you an attractive price but you have to sign up for another programme or membership and pay another exorbitant amount! Due to the bad publicity given to Timeshare some companies deny they are timeshare companies and called themselves 'Holiday Club' or 'Vacation Club'. So now they are even smarter - they sell 2 types of membership at their place Timeshare membership and a Holiday Club membership. And as you can see in this forum many people are disappointed with both these entities. There is not much difference in the way both entities operate. Upfront cost and yearly maintenance or subscription fees..... And when you sign the dotted line be wary of the words 'unrescindable contract' - which will create legal problems for you. Thanks to the Consumer Protection Fair Trading Act 2004(CPFTA) - You have 3 working days (excluding Sats, Suns and Public Holidays) to cancel your contract and get a full refund. So how can you say Timeshare is like buying the MRT, buying a bus, or buying a Condo? Caveat Emptor! [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| [> Subject: Re: The definition of timeshare | |
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Author: sim [ Edit | View ] |
Date Posted: Mon, Sep 19 2005, 3:17:25 Well this is the true definition of timeshare as shown on Merriam-Webster dictionary : time-share /-"sher, -"shar/ : joint ownership or rental of a vacation lodging (as a condominium) by several persons with each occupying the premises in turn for short periods. Nothing to do with bus, mrt, plane rides, studying in school & travel agents. You don't get to own or rental for lodging at any of these. [ Post a Reply to This Message ] |