Welcome again to everybody! Make yourself at home. Feel free to marvel at our stockpile of high-tech spy balloons. In the time-honoured tradition of our group, here is our weekly discussion thread!
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The what now?
Ok this is one of the craziest capitalist real estate scams.
Imagine you have some extra cash and want a holiday home, but you can’t afford the whole holiday home. So you share it with some other people. Split, say, maybe four ways this could work logistically. But nah, the timeshare company is gonna split this holiday home two hundred or more ways and tell everyone they’ve got the use of it for one week a year (do the math!).
And then you’ve got annual maintenance fees and meetings and you maybe even have to pay again to take advantage of the one week per year of this place you supposedly own. Some of the companies that offer these scams have hotels and resorts all over the world too, so you can be tricked into thinking it’s a good thing, having a week or two per year of resort privileges wherever you want to go.
My parents had one, my mom is a bit gullible and my dad wasn’t able to say no to some of those things at the time. They paid a ton of money for it over the years and we barely used it. My mom finally got rid of it by “selling” it back to the company for free.
Thank you for the explanation!