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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.
My family has 115000 tied up with them. spent over the last 15 yrs all on the beliefs that this was something that would appreciate in value. There salesmen told us that it was will able property in which we would grow equity. Today they told us they were worthless. never had any value so we are in the process of seeking legal action
I had a time share many years ago...my husband and I could not afford it. You may be wondering why we bought it? Like so many people "we got caught up in the moment" but thank God I was able to deed it back to them by using a "Quit Claim Deed". They told us we could not do it but we did it anyway. We got that "monkey off our back".
siii, dicen ayudarte con todo pero nunca cumplen nada son igual o peor que cualquier resort!
quisiera informacion como cancelar membresia de tiempo compartido con grupo sunset cancun esta totalmente pagada. gracias.
no he podido rentar mis semanas y se supone que viene incluido en el precio de venta!!!! es una total estafa!!!
Quisiera informacion de como cancelar tiempo compartido vacation world que se contrato en 2002 y solo lo he podido usar una vez
Quisiera más informes para cancelar una membresia
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