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People are purchasing timeshares now with the promise that their money will be returned to them at the end of their timeshare.
Learn how timeshare owners are hooked into this scam.
Many timeshare companies in Mexico induce potential clients into taking the plunge and purchasing a timeshare by offering annuity programs that claim to provide clients the opportunity to invest their money in the timeshare and receive a guaranteed lump sum of the full purchase price upon maturity.
The most commonly mentioned annuity program is LloydShare Ltd., also known as Lloydshare Deferred Annuities.
The timeshare resorts normally state that the annuity program is included in the sales price, and at the end of the 25-year contract, the client will receive the full purchase price back.
Lloydshare claims to invest the client’s initial purchase amount, and guarantee a fixed sum payout at the end of the life of the contract.
The following are some of the misrepresentations and misunderstandings that timeshare scam victims have experienced with regard to the Lloydshare Ltd. Annuity Program:
1) There is an additional upfront fee to enroll in the annuity program
A number of different timeshare resorts offer the Lloydshare program during their sales pitches, such as Grand Miramar, Royal Elite, Krystal, Viva Vacation Club, and many others.
Most of our clients who have received this fraudulent promise have been told that the annuity program is included in the purchase price. This claim is not true.
Once the client returns home, they are contacted by Lloydshare Ltd. Lloydshare presents an introductory letter that states that the client is required to pay 5.75% of the purchase price in order to enroll in the annuity program.
Many clients are shocked to hear that there is an additional cost for this program, as the timeshare salespeople do not clearly state that this fee is not included.
As with all types of scams in the timeshare industry, it is always advisable not to pay an upfront fee.
2)Salesman claim that Lloydshare Ltd. is the same company as Lloyds of London Insurance
Lloyds of London Insurance has an impeccable reputation in the financial industry.
The timeshare salespeople are aware of the trust that clients place in this name, and therefore, make false claims that the LloydShare Ltd. of London annuity program is one and the same as Lloyds of London.
On the Lloydshare annuities website, it also states that their head office is located in London, further giving clients the confidence that these companies are related, when in fact, they are completely distinct entities.
3) Ambiguity of where Lloydshare Ltd. is located
In addition to the misrepresentations regarding their name, there are also some questions as to where Lloydshare Ltd. is actually located.
On the Lloydshare Ltd. website, two addresses are listed: the headquarters in London, and their address in the US.
In reality, the address in the US appears to be a UPS courier office that just forwards mail to Lloydshare.
Also, in correspondence received from ARDA, the American Resort Development Association, they outline that Lloydshare also has a secondary office in Panama.
This Panamanian office is not listed on Lloydshare’s website.
Most companies would be proud to post all their locations on their website to show their worldwide presence.
4) Lloydshare Ltd. claims to assist clients with the cost of flights and maintenance fees
Their annuity plan claims to have a provision to cover these additional costs of timeshare ownership in the annuity as long as the membership is in good standing with the resort.
This appears to be similar to some resale scams that ask clients to pay for their maintenance fees in order to complete the transfer.
Once the client has paid their outstanding fees, they are no longer able to reach the company.
It is questionable whether these affiliated companies are working with the resort on a commission basis to help assure that unhappy clients make their payments.
The truth about whether Lloydshare Ltd. is a legitimate company is still to be seen; however, it is a fact that many timeshare salespeople are making false claims about the details of their annuity program in order to induce vacationers into buying timeshare contracts in Mexico.
The lack of knowledge about an upfront fee is upsetting to many timeshare purchasers.
In addition, it is hard to place trust in the fact that any company in the fraudulent timeshare industry will still be in existence in 25 years to make the payout on the annuity.
Previous timeshare scams indicate that any company that charges an upfront fee cannot be trusted.
If you feel you have been misrepresented into buying a fraudulent timeshare contract based on an annuity program, contact us at Mexican Timeshare Solutions for your free consultation on how you can get rid of your Mexican timeshare.
To receive more information about Lloydshare LLC and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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Grand Miramar: Hundreds of people get scammed in Puerto Vallarta.
Lloydshare is a fraud. They do not have a headquarters in Panama City.
My 10 year matured. I adhered to the terms and conditions but they called me a lying fraudster and did not honour the annuity. They also kept my almost $14,000 purchase expense. I still own my timeshare.
The reasons for not paying the annuity evolved from over half a year of correspondence. Their refusal was based on contradicting established facts.
Martyn Ravenhill, the owner, is getting money in but doesn't abide by the rules as set out on the annuity certificate, to redeem the annuity. A fraudster.
There is little information about Lloydshare when it is sold at a timeshare sale. They claim the recovery of the cost is guaranteed through an annuity.
Once the prospectus is received a month or more after the purchase, guarantee is mentioned many times. When submitting the annuity for redemption, it becomes very conditional for many irrelevant reasons; reporting retirement, changing an email address, home address etc... proving good standing at your resort, submitting yearly statements... no traffic tickets or illness...no financial deliquencies.... It requires outsmarting Lloydshare even if the terms and conditions are met.
The Lloydshare headquarters in Panama City in the World Trade Center cannot be substantiated by the property managers at that address. They have never been tenants there. No phone contact allowed during redemption. Email address changes at Lloydshare, requiring going to junk mail to continue.
Mailing address(PO)changes and if they feel threatened by your rquest for the annuity, that's enough to disqualfy you. The threat of not getting the annuity is used from the redemption outset, putting time limits on everything. They will claim you are lying and a fraud.
IT'S A FRAUD...2024. All money in.....no money out for the Las Vegas based fraudsters.
Bought a time share in Bahamas at club land or dec 2014. Was promised from Lloydshare annuity that it would mature in 15 years and grow to 50,000 dollars.
Was also promised that if I don’t use time share that it would be rented out to pay for maintenance fees. After year 2 that promise was a lie.
They harassed me to pay maintenance fees over and over and I called them out on lie I was told. I had already paid for timeshare in full and was hoping to use it in retirement and maintenance fees should be covered till then.
I ended up giving it back to them being out all of my money that I paid them for it.
Was told this would not affect my Lloydshare annuity since I had in writing that was in good standing with timeshare.
Now I am learning that the Lloydshare was also a scam and I will probably not get anything back from them.
I wish I could find an attorney to help me recover my losses and keep others from falling into this pit.
Total scam. We had a special deal that matured in 10 years instead of 25. As such I believe we may be some of the first to be denied payment. I believe they have no intention of paying a claim. I think it will be a miracle if they are still in business in 25 years. Probably part of their business model.
We lived in Mexico at the time of purchase and the agent that sold it to us advised us to use our US address. This was considered a breach of contract.
We had received a traffic ticket during the 10 year period and we did not disclose the "Court proceeding." Another breach of contract terms.
More than anything after their google search found out that I had a speeding ticket they accused me of being a liar and willfully trying to deceive them.
How any legitimate timeshare entity associates with this company is beyond belief. They must be paid well for selling this scam product.
It may be technically "legal" but it is not ethical or moral what they do. Don’t be deceived. The adage “To good to be true” is a very accurate description of Llyodshare.
We bought a vacation club membership with infinity luxury travel for 13000 plus 460 closing cost. Paid 50% of front. Thought that included the lloydshare repayment plan but then find out we need to pay another 1331 to lloydshare to get our 22300 at the end of 25 years. Not sure what to do.
Is lloydshare real?
Can we walk away and cut our losses or should we try the program out?
is toeasy to get caught on a fraud like these, em as a vacationer , once a had a experience with timeshares, a friend of mine invited me to a timeshare presentation , all the salespersons go for me and insisted many time to buy a membresy only for a few months, my answer always was no of course
These and other lies are common said in a timeshare presentation. Fraudulent timeshares need to stop
This is great information. I didn’t know it was pretty simple to do. I don’t have timeshare but it is good knowledge to have for future reference.
Never thought that there would still be fraud on timeshares. It's difficult to trust anybody else when it comes to investment and money. It's best to search for authentic investment officers and products before putting in your money. Especially when it's your retirement money.
Never thought that there would still be fraud on timeshares. It's difficult to trust anybody else when it comes to investment and money. It's best to search for authentic investment officers and products before putting in your money. Especially when it's your retirement money.
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