WASHINGTON, Jan. 22, 2020 /PRNewswire/ -- The American Resort Development Association – Resort Owners' Coalition (ARDA-ROC), representing over 1.5 million timeshare owners, today applauded the settlement reached by Holiday Inn Club Vacations Incorporated against Timeshare Exit Team, successfully demonstrating the timeshare exit industry's practices of charging exorbitant upfront fees, baiting consumers with misleading claims, and using deceptive advertising that defrauded owners. Under the terms of the settlement, Timeshare Exit Team, incorporated under Reed Hein & Associates, agreed to pay damages to Holiday Inn Club Vacations, refrain from soliciting or taking money from Holiday Inn Club Vacations owners in the future, and pay half the cost of foreclosures customers faced as a result of Timeshare Exit Team's actions.
"This outcome clearly demonstrates that Timeshare Exit Team operates under a model of deception, preying on timeshare owners by charging them a fee to exit their timeshare when Holiday Inn Club Vacations offers this service without fees through its Horizons program," said Robert Clements, VP of Regulatory Affairs and General Counsel of The American Resort Development Association. "It defies logic that Timeshare Exit Team claims to help owners when they knowingly charge thousands of dollars in upfront fees and actively block their customers from communicating with Holiday Inn Club Vacations. Timeshare Exit Team's interference prevented owners from learning about the Horizons program, which was established with the express purpose of transparently helping owners safely exit their timeshare."
"Sadly, this is one more example of an exit company misleading unsuspecting consumers," Clements added. "A national warning to consumers from the Better Business Bureau regarding timeshare exit businesses, a scathing report from Consumer Reports on the dangers of hiring an exit company - this is what happens when there is a lack of accountability and regulatory oversight. We strongly urge state attorneys general and state legislators to bring accountability to exit companies before additional timeshare owners are impacted."
Owners who believe they have been unfairly taken advantage of or defrauded by an exit company should contact their state's Attorney General (ConsumerResources.org), the Attorney General in the state where the business is located, their local BBB office, or local law enforcement. For additional help contacting these resources, consumers can reach out to the ARDA-ROC Consumer Support Team at 1-855-939-1515.
For owners who are contemplating exit, ARDA-ROC recommends owners always contact their timeshare developer, resort management company or HOA as their first source of information regarding exit options. For more information on how to safely explore exit options, visit www.responsibleexit.com.
The ARDA-Resort Owners' Coalition (ARDA-ROC) is a 501(c)4 non-profit entity funded by over 1.5 million individual timeshare owner's voluntary contributions. ROC is dedicated to preserving, protecting, and enhancing vacation ownership through smart policy and sensible regulation. We advocate for local, state, and federal policies that enable the vacation ownership industry to thrive and provide consumers with an enriched vacation ownership experience. For more information, visit www.ardaroc.org.
SOURCE American Resort Development Association-Resort Owners' Coalition (ARDA-ROC)