ERI Timeshare Help
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Hi all, hope to get some advice here. In 2005, I signed up a ERI Timeshare kind of thing (I admit I was too stupid to get brainwashed). The whole thing was around $12000. I agreed to pay installment $100 a month. However, after sometime I regretted signing and realized that there was a cooling period of 7 days I think. I missed that. Since then, I cancelled my GIRO payment and have not paid since. Today, a representative from a company representing ERI called me stating that I still owe ERI that amount of money. She told me that if I ignore that, they will go through the legal steps and deal with it legally. She asked me to go down to the company and sign to carry on the installment.
Anyone here has experienced this before or I'm the only one? What should I do? Carry on the installment? Please advice. Thanks a lot. -
wah!! u kana big time liao. Just canceling the GIRO is not enough. You have to cancel the contract!
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Buyers beware for timeshare termination, resale and leasing services
Ms Lee Yin May wrote about her experience of being approached by companies offering to help terminate or resell her timeshare (“A helping hand that may not be; Firms try to gain from couple’s timeshare woes”, 20 April). We strongly agree with her that those in similar situations should be wary of calls offering such help.
Many of these companies collect hefty service fees without guaranteeing results.
To date, we have not received any feedback that any of them are successful in terminating, reselling or leasing timeshare memberships.
Consumers who are engaging the services of these companies should exercise prudence. Some warning signs to look out for:
The company is not able to explain how they obtained your personal contacts and information of existing timeshare contracts you own.
The company is not able to substantiate their claims or show proof of their track record.
The company claims to be able to perform timeshare resale and leasing but is not able to provide a list of prospective clients.
The company asks for a lump sum of service fees upfront or in a few installments of large sums.
The company uses scare tactics or pressure tactics to get you to sign a contract with them.
Consumers can terminate their newly inked timeshare contracts within the three-days cooling off period, which excludes weekends and public holidays. They should send in a notice of cancellation via fax, registered mail or personal delivery with acknowledgement by the business concerned.
To terminate their timeshare after the cooling off period, consumers should refer to their contract terms and directly contact the company. They may also approach Case for advice at 6461 1811 or [email protected].
Seah Seng Choon
Executive Director
Consumers Association of Singapore (Case)
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Members of timeshare companies take legal action to recover money
By Pearl Forss, Channel NewsAsia | Posted: 07 May 2005 1851 hrs
Tired of holiday dreams that have gone awry, consumers are hitting back at timeshare companies with lawsuits, citing misrepresentation.
But some timeshare companies are now threatening to sue some of these consumers for voiding their contracts.
Started in the 1960s, timeshare is a holiday concept which has a group of people sharing the purchase cost of a vacation accommodation.
And members get to use it in increments of one week (or more) per year of use.
This accommodation can range from hotel rooms to condos, or even yachts and cruise ships.
Under the various schemes, members make a one-time downpayment of between $10,000 and $40,000 and get to stay at a premier holiday resort for a week once a year for a number of years.
That was the promise timeshare companies made to more than 15,000 members in Singapore.
But, as many of the members found out, the payments do not stop there.
Timeshare owners found they still have to pay an annual maintenance fee of a few hundred dollars for the resort shared.
Jean Yew, who paid $32,480 for a membership, said: "After paying 21k for timeshare, we still have to pay $300 in membership fees and this is ever increasing, up to $400. And in order to get out of this cycle, they asked us to purchase concept vacation club."
And some do spend another $8,000 to $20,000 buying into a concept vacation club or CVC - which also goes by other names - like vacation ownership schemes or holiday rewards club.
The scheme is supposed to help them access other timeshare resorts
But in 2003, this same group of consumers were asked to buy into the cashback scheme instead.
Adding up the dollars, a timeshare owner could have spent anything from $22,300 to $75,600.
Kenny Tan said: "They enticed me by giving me cashback, saying I can get back all my investments."
He paid $30,000 to join a timeshare scheme.
George K Krishnan, Former Timeshare Consultant, said: "Cashback scheme is just to tell people after a certain number of years, you can get money back and they guarantee you, they tell you how they put money into the FTSC index. Has anybody ever gotten any money back? No, not that I know of."
Frustrated by the endless rounds of payment, some have stopped their monthly payments on all schemes and started legal proceedings.
But a class action suit filed by 13 timeshare owners was turned down by the courts last September as each case involved different circumstances.
Undeterred, the plaintiffs are now proceeding with individual lawsuits.
Ng Soo Kok, who paid $25,000 to a timeshare company, said: "They are trapped in a rut. By paying the money they will be paying for a scam that they know it is, if they don't pay, they receive a letter from a lawyer suing them and it's really a hassle."
Lawyer Ismail Atan, Director, Gabriel Law Corporation, is representing five of them.
So far he has won one case against Leisure Marketing Group in January.
The court ordered the company to return his client $15,000 under the Consumer Act.
He said: "What this could mean is that consumers who had purchase such a product could go to courts and perhaps succeed on their own claims."
But the Consumer Association of Singapore says consumers should try to resolve their disputes with timeshare companies through CASE before seeing their lawyers.
Seah Seng Choon, Executive Director, Consumers Association of Singapore, said: "Certainly the successful court action by this member is going to encourage others to go to court but I would suggest that the consumer come to us first so we can help them to resolve the case without having to incur legal costs."
And this could be be more than $3,000.
CASE received a record number of over 2,700 complaints against timeshare companies last year.
And in the last three years, it helped resolve 2 out of 3 complaints. - CNA /ch -
good luck. try to terminate contract asap, but will still lose money. sad. why sign for timeshare? does it work?
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airgrinder, thanks for the post. I have a better understanding of what can be done now..
Plastic Bag, sadly during that talk, either that sales person did a good job or I thought that everything would be great and fell for it.. I have not tried any services yet as the contract states that I have to pay 20% of the membership to get my membership activated. I have not reached that yet. -
I too have attended time share sales blitz. 3 hours of it.Originally posted by Plastic Bag:good luck. try to terminate contract asap, but will still lose money. sad. why sign for timeshare? does it work?
But I did not buy any, and collected my "lucky draw prize" at the end of it.
I understand this explaination.
You buy a room of a prestigeous hotel.
The price of it is worked out to one room for two weeks for x years. i.e. you owned the room for two weeks. Therefore you get free accomodations there for two weeks for x years. The premium rises for more days and years and with the class of the hotel.
The sceptic in me smelt a scam. Because the hotel concerned do not recognise your ownership. You need to do all bookings through the TimeShare Co. Therefore to stay in "your room" you need to apply through the TSC. They will take care of you accomodation, you only need to make travel arrangements. I suspect they use your money you have paid upfront to pay for your hotel accomodation. Thats how you have "free" accomodations.
Their selling point is that you will make a huge savings in hotel cost for x years. Also you can stay at any hotel of the same rating anywhere around the world, they will arrange it for you. And of course, you have the title deeds, you can sell it like any property.
Does it work?
Yes.
Provided you travel frequently, and would like the TSC to be your travel agent.
You take the risk that the TSC would be around for x years.
You need to sustain your travelling pattern.
Only the selling part is a problem.
I am not too keen on it as I do not see myself as a frequent traveller.
Even if I am, why pay about $12,000 upfront for hotel accomodations and use it progressively, like a store value thing. Keep the money and take out what you need, as and when you need it is the better choice. -
hi,
Recently i went for the presantation abt 2 hrs at
Orchard Tower "B" , Ngee Ann City. If we join this
Travel club as a member ( abt 5k Sing Dollar) , they
are giving wholesale rate of air ticket / packages /
Star Crusies with 5 Star Accomodation.
This presentation conducted by Garraway Enterprises.
The company was running more than 20 years and
branches all over the world.
If anyone attended the presentation or joined this
club , Please share with your experience. Your
suggestion would be greatful to make a decision to
join this club. -
My personal view - dont join time-share, travelling, holiday packages until you fully understand what they are offering and what are your liabilities.
The concept of time share or membership of travel, holiday packages is not bad and they are legal, but behind the good concept, there are many terms and conditions tying down the member. There are also alot of catch and some areas grey areas.
Examples, the resort may be very far from tourist favourite location and staying there is like staying in an isolation place; they accepted too many members and always encounter problem booking for your entitlement; there are yearly maintenance to pay.
Many a time, these undesirable terms are in small prints and many dont have the chance to read them when signing.
Once signed on the dotted line, it is almost imposible to get out.
My personal view ? I would NEVER Sign up on any of these packages, I would rather book for holiday packages as and when I intend to travel.
Instead of getting some savings for holidaying, members end up paying much much more.
Never ever attend any of the presentation (unless travelling and holidaying is in your blood, no travel can die type).
Once inside, they would never let you go. Many were being swee talk until head "kong kong". Only to realise that the package doesnt suit their life style at a much later date or when they feel that they are paying for something which they would never use. -
srisvprsg:
Frankly - you pay 5K sing dollars - to get "discount" ? But question is what discount ? haha how much discount you think you can get ? What the wholesale price different from the outside market price ? what will be the future market price compare to outside market price ? What area it cover - think there is a lot of small lines - of limitations.
Hello people place is in prime area - what is their cost in rental and staff - compare to other travel agent which have their office else where .... !!! Don't you find it illogically that someone need to pay higher for rental and staff - can give you a cheaper deal ...... then a local travel agent .... friend .... !!! There is no cheap free lunch !!!