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Mon, Jul 15 2024, 2:32:43Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 12345678[9]10 ]
Subject: timeshare FAQ


Author:
sgwatchdog
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Date Posted: Fri, Aug 26 2005, 21:18:17

if your timeshare was signed on or after 1st march 2004
there is a 3 day cooling off period [3 working days after the contract is signed, excluding sat, sun and public holidays]

the 3 days wil only start if
1. notice of cancellation given to you
2. 3 day cooling off period is explained to you
3. part a of the notice of cancellation is filled by the timeshare company

if not, it will not start until u are told about this

u can terminate within 3 days and get a refund of the monies paid, no reasons needed

just print out notice of cancellation here [last page of pdf]
http://www.mti.gov.sg/public/PDF/CMT/frm_LEG_CPFTA_Act_Canc_Reg.pdf

then send it by registered post to the company [keep a copy for yourself]

p.s. the above regulations apply to direct sales transactions also

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Replies:
[> Subject: Re: timeshare FAQ


Author:
Rashid
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Date Posted: Sun, Aug 28 2005, 22:12:49

I believe even after the 3 days cooling off period, you can stil get back most of your money under CPFTA if youir purchase of the timeshare was done under certain criteria.

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[> Subject: Re: timeshare FAQ


Author:
sim
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Date Posted: Mon, Aug 29 2005, 2:21:38

It’s about time we have an FAQ on this timeshare thing.


Here is my little contribution on “Resale of Timeshare Membership” :

Thinking of selling or renting out your timeshare membership? Are you approached or pestered by Timeshare/Holiday Vacation Resale companies? Do you think this is your best bet in getting rid of that useless piece of membership? Here are some things you should know to help you understand this area of the Timeshare industry.

- If the resale company are asking you to pay any upfront fees for any resale/week rental of your timeshare regardless of whatever name they call their scheme, AVIOD IT. If you were to pay them upfront fees, what motivation do they have to help you sell or rent out your week? With your hard earn money in their pockets, they can just sit back and relax on your membership and do nothing about it. Unless you are given an unconditional full refund even if they are unable to sell it for whatever reason(s) in the contract. But it is still better to avoid this type of upfront payment scheme.

- Paying upfront fees "regardless of the amount or scheme", is NEVER EVER a guarantee to get your membership sold!!!!
The logic just does not work!

- If you decide on signing with a resale company to help you sell you timeshare, make sure you get all the procedures of processing the resale. Example, how is payment going to be transferred to you from the buyer etc.

- Look for resale companies that take payment (as a form of sales commission or service) to be paid or deducted from the sales proceeds when they, the resale company, is able to CLOSE the deal with a potential buyer. Locating a buyer alone without getting the deal closed does not warrant any form of upfront payment.

- Based on my experience, only certain timeshare resorts are actually in demand. These are the ones that would have a chance of being sold. Those who would buy from the resale market are people who would do their homework on the resort that they are interested in. Resorts marketed by scammers are always avoided by these groups of buyers. That means, if you have such timeshare resorts on your hands, trying to get it sold will be tough, very tough.

- If you are pressured to sign on the spot with a resale company because the deal is only available now and then, it is a clear signal telling you to walk away immediately.


Hope the above info is helpful to you.
Lets get informed so that those money sucking leeches will not get a chance to trick more people.

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