Police have issued a warning to the public about a timeshare property scam.
GMP said fraudsters have been promising members of the public that they can become a property millionaire by investing in a timeshare.
A timeshare is when a number of people share ownership of one property – usually a holiday property.
Each buyer purchases a certain amount of time that they can use the property for in a year.
But hoaxers have been trying to sell properties that don't exist at all.
Police urged the public to look out for fraudsters inviting them to a presentation and promising a free gift, or pressuring them into signing a contract for a timeshare.
People who already own timeshares are also being urged to take extra caution.
Members of the public should be wary of any contact out of the blue about timeshares, promises of a large cash reward and upfront fees that must be paid before the sales go through, police said.
This is GMP's advice on how to protect yourself:
- Be very wary of letters, phone calls or emails from companies you don’t know offering you business deals out of the blue
- If you are contacted by phone, don't continue the conversation
- Don’t pass on confidential information to people or companies who say you’ve been chosen especially, or that you’ve won something
- Never make investments without thorough research. Check into the company and ask for several references
- Never agree to anything on the spot. Refuse to sign anything then and there. Take the documentation home with you and sleep on it
- Make sure a lawyer reads the contract before you sign it. Make a note of all the verbal promises you were given, and ensure they're in the contract. If they're not, refuse to sign
- Ask about your cancellation rights and get them in writing
- Remember, you can always walk out of the presentation. No one can make you stay, no matter what the salespeople may try and tell you
- Think of buying a timeshare in the same way you'd consider buying any other membership - is it worth the money? Research the market and discover the property values
If you think you have been a victim of timeshare fraud, report it to Action Fraud by calling 0300 123 2040 or visiting www.actionfraud.police.uk.
