Timeshare sellers and owners have teamed together to tackle rogue firms who dupe victims out of thousands of pounds every year.
They have set up their own regulator called The Timeshare Task Force.
This is made up of the Resort Development Organisation, which represents legitimate timeshare firms, the timeshare owners’ association TATOC and advice service the European Consumer Centre.
There are an estimated 600,000 timeshare owners in Britain.
Many are desperate to get rid of them as they cost thousands of pounds in fees every year.
However, selling them is proving impossible because they are so unpopular. There are around 400 sellers to one buyer.
Fraudsters are cashing in by promising they will find them a buyer in return for an upfront fee.
Or they offer to exchange their property for discounted holidays for life.
Victims never see their money again and remain stuck with their timeshare.
The Timeshare Task Force will hire private investigators to trace internet adverts and cold callers in order to identify criminals.
Above excerpts and read the full article on www.thisismoney.co.uk