New scam on time sharing

A consumer shared this story with me. He bought a time sharing unit several years ago. The marketing company disappeared after collecting $7,000 from him. He wrote off the loss.

Recently, he was contacted by a service company who claimed to act for the developer. The told him that he had outstanding service payments on his time sharing unit and that the unit had some residual value. He was convinced to pay the fee to this service company to terminate the contract and claim back what was due to him.

After paying the service fee, he did some research and found that the service company was not connected with the developer. He had been scammed again.

Consumers should be careful and not attend presentations or meet people that they do not know. There are too many scams happening around. Some Singaporeans are easy targets due to their naivety.