I have moved your post to an existing thread as it may be of interest to followers of this thread.
This will be of interest to some community members. Do you have any further information about the process used to discharge your obligations under a time share contract?
Such information would be useful and may provide an understanding to others whether their own situation would also qualify.
Choice (@AndyKollmorgen) may also be interested in contacting you and Exit Timeshare based on the information you may have, especially if it may assist others getting out of their contracted timeshare obligations.
Australian Company Number: 626621592
Status: Registered
Incorporation Date: 5 June 2018 (over 2 years ago)
Company Type: Australian Proprietary Company, Limited By Shares
Jurisdiction: Australia
Registered Address: ROBINA 4226 Queensland Australia
I havenāt found any feedback on the business thus far.
I own timeshare at Beachcomber in Coolangatta. It is managed by Classic Holiday. I believe that there is a management committee who are supposed to act on behalf of the owners. Classic were engaged by the management committee to provide services. I believe there is a conflict of interest in that the management committee are Classic associates and act on behalf of Classic rather than the owners. Theoretically all the owners could vote at the AGM of the management committee and elect a different management committee and that committee could terminate Classic as service provider.
Well, thatās the theory. In practice it is almost impossible to do it. At the AGM last year the Secretary was holding 32 proxies representing 2370 shares. Thatās over 70 shares per person and represents over a third of the total shares. If these are legitimate holdings, those people would be paying over $30,000 per year in maintenance levies, and for what? Classic have a stranglehold on timeshare and are milking it. The management fees for Beachcomber now exceed the wages. On the Balance Sheet thereās an item āReservations, Bookkeeping and ITā for over $200,000. Thatās more than $64 per booking (the titles are for even and odd years so only a maximum of 3110 come up each year). Clearly the system has been hijacked. Calculations based on management of hotels leave me to think the actual cost for a week per year is about half what is being charged. When people are prepared to walk away from owning a fraction of a piece of real estate worth millions of dollars, thereās clearly something wrong. Each apartment would be worth at least $250,000 valuing a week/year at $5,000. Classic have destroyed that value. Some sort of investigation is needed.
After posting yesterday, I looked at the minutes of the last Beachcomber AGM. There was a proposed change to the constitution put forward, requiring 75% of votes to pass. The vote was for 2378 against 2 abstain 2. When the Secretary holds a proxy for 2370 shares it is almost impossible for any real owner to exert any influence over what the board does.
It is bizarre that people are paying to give away valuable real estate. It would not surprise me to find that Exit Timeshare Now Pty Ltd are in fact another associate of Classic.
Classic are supposed to work for the benefit of timeshare owners, but the only message they send is timeshare is a burden, get rid of it. Each time we go to the resort we are invited to go to an āinformation sessionā that is a hard sell to unload your timeshare and be involved in a different scheme, Escapes. I looked at the Escapes contract and basically you pay to join, you pay to stay joined, and you donāt actually have any equity in anything. And there is no limiting clause on fees. They could be jacked up 200% next year and thereās nothing you can do but leave. And Classic then own your bit of real estate that you paid them to take. It is absolutely shonky.
Weāre searching for timeshare owners to complete a survey to help inform some of our future work. If you or someone you know has had a timeshare in the past, please complete our survey.
since Reclaim Australia is a āfar right nationalist protest groupā, nothing to do with time shares.
A word of caution, the address appears to be in a residential unit block and there is no business related information such as an ABN. They could be legit, but I would be wary.
Classy looking website. Since the claim is āno win, no feeā on their ability to help with timeshare issues, why not try them out.
However, I would not give any money upfront, nor any account details that could be used.
Well then since they claim several times on their website that they are āno win, no feeā, but they want upfront fees, then you can work out what sort of company they are.
SHONKY.
Bought into timeshare way back in the 1980s and now in Classic. Huge Management Fees but what I donāt want is to āpassā the burden onto my one and only son. Any suggestions? (such as wording in a will?)
