Another UK Timeshare Scam Taken Down

You own timeshare weeks. You get a call, out of the blue, from a timeshare sales company that tells you they have someone interested in buying your timeshare real estate. Maybe you were thinking about selling…maybe the idea to sell timeshare you own had not crossed your mind before. Either way, if there really is an interested buyer, you think…perhaps this is a good time to sell my timeshare.

So you send the timeshare sales company a refundable deposit, typically between £ 400 and £ 1000 (approximately 750 to 1900 US dollars). The timeshare company calls the fee a “guarantee”. Once they have the deposit, they explain to you that they will hold your deposit for up to twelve months, awaiting the timeshare sale they had implied was imminent.

So you wait…and wait…and finally called the timeshare sales company, who tells you either that there has been a paperwork slowdown or perhaps, does not even take your call at all.

You are the victim of a timeshare scam.

Your timeshare real estate won’t be sold and you probably won’t see your “guarantee” money again, or at best not more than a small percentage of what you paid, should the legal system be able to intervene on your behalf. While this and other timeshare scams have happened before, this particular scenario describes Yacht Trading UK, a timeshare sales company that now faces charges in British High Court, following an investigation by the UK governmental Companies Investigation Branch.

In reality, Yacht Trading UK was never more than a post office box in Manchester, England, from which mail was then forwarded to Spain. Checks were cashed, some “company executives” (and I use the phrase loosely) were living the good life, and not one single timeshare resale was ever sold, nor did any of the timeshare owners receive their money back.

The petition to wind up the company in the public interest was presented in December 2007 and the company went into compulsory liquidation earlier this month. Good that they have been shut down, but the people behind this company have been part of other timeshare scams in the past, and are likely to surface again.

If you have had problems with Yacht Trading UK Timeshare company, and would like additional information about the investigation, contact: The Official Receiver, Public Interest Unit, PO Box 326, 17-21 Chorlton Street, Manchester, England M60 3ZZ. Telephone: 0161 934 4182 Email: [email protected]

Also, here is an interesting link to where you can read about the problems others have had with this timeshare sales company. You are also welcome to post your comments here on the Timeshare Owners Blog.