Timeshare and Resort Development Accountability.Inc
OUR BOARD MEMBERS
Sheilah Brust Irene Parker Sherida Nett
Branden Boyak Debbie Mesman
In February 2017 a small group of volunteers vowed to provide straight answers to timeshare members and owners who voiced concerns about unfair and deceptive sales, predatory lending, and the lack of a responsible exit. Since then, over two thousand timeshare members and owners have reached out. Since 2017, over 2,000 timeshare members and owners have reached out to us to seek navigating the regulatory filing process.
TARDA MISSION STATEMENTS
- Educate the consumer through Social Media sites to help the consumer evaluate whether a timeshare product is right for them or their family,
- Encourage states to provide disclosures necessary so the consumer can make an informed decision as to the appropriateness of a timeshare purchase. As an example, if a consumer is invited to a timeshare presentation, it should be disclosed that it is a solicitation,
- Raise funds to engage in constructive lobbying efforts to encourage relevant governmental agencies to implement change and greater disclosure,
- Keep timeshare members and owners informed about current developments within the timeshare industry,
- Support TARDA volunteers who answer questions about regulatory filings,
- Recruit timeshare members/owners to volunteer to help us affect change
A primary concern is the effect of timeshare on seniors. Many are original timeshare buyers who bought in the 1980s and are now in their 60s, 70s, 80s, and some in their 90s. If their resort provides no responsible exit, they find themselves faced with the decision to choose a demeaning default process or pay maintenance fees for the rest of their lives for a product they can’t use. Senior owners typically have a high credit score and have never faced the possibility of default. Timeshares were routinely sold as real estate, easy to sell. It is unfair to force this upon our timeshare pioneers.
Veterans and active-duty service members have contacted us to report primarily deceptive sales. This is of paramount importance for our national security as an active-duty service member can lose his or her security clearance and possibly their career over a foreclosure. Active-duty service members may be deployed on a moment’s notice, possibly overseas. The lack of a secondary market becomes even more perilous. Approximately 25 per cent of members who have reached out to us are veterans. While extra disclosures are required when a veteran buys a house, there are no additional disclosures required when buying a timeshare and a timeshare can cost as much as a house.
Millennials buyers face different obstacles. They report that they had no idea the contract they signed was perpetual or that likely there is little to no secondary market. High-interest timeshare loans can prompt an inability to honor the contract. Buyers in their 30s have reported their credit ruined, told they could refinance at a lower rate, only to learn banks don’t finance timeshare. Credit cards carrying a 24% interest rate after six months of finance down payments.
What both the young and the old seek, are straight answers and to be pointed in the right direction should the need arise to file regulatory complaints. Timeshare developers should be on our side to preach consumer education so that anyone, of any age, makes a decision that will result in the purchase of the best timeshare appropriate for their family and their vacation goals.
After Inside Timeshare replaced the old and trusted Inside Timeshare, it has continued to publish the latest news and information on what is happening in the world of timeshare. The only difference is it is no longer funded by interested parties, so the pressure to publish in their favour is no more.
AIT will continue to monitor and report on the many scams that are operating and inform you of the latest incarnations and methods used.
We will also keep you informed of the latest legal news from the Courts, including the continuing saga of Silverpoint and Anfi, two of the biggest timeshare operators in Spain and especially the Canary Islands.
Our connection with our friends in the US and Canada will continue with more news from across the Pond, or the Great Lake as we call it, have strengthened, with regular updates and articles. These have included the “Nightmare on Timeshare Street” stories of “Veterans & Seniors” harmed by timeshare sales agents.
Another area we will be exploring is “Life after Timeshare”, after all, you still want your vacations and there is a whole world out there to be explored.
Our commitment is to give you the facts, be they good or bad, the truth is the most important tool you can have, without it, you may just get scammed.