Des Moines, IA (May 15, 2012) — On April 4th, the BBB warned consumers about the risks of getting involved with a timeshare escrow company called Wade Capital Management. Now just one month later, the BBB is faced with investigating the legitimacy of another timeshare company by the name North South Title. Claiming to be from Davenport, Iowa it is hard to ignore the uncanny similarities to Wade Capital Management as both company’s “sale agreements” were identical in language and layout. Whether it is all part of the same ring or a copycat scam, the bottom line is that consumers who become involved end up losing thousands of dollars and are still stuck with a timeshare that they thought was sold.
Similar to Wade Capital Management, consumers are first contacted by another company. In this case it is Platinum Management Solutions from Denver, CO. A BBB business review is available at http://www.bbb.org/denver/business-reviews/timeshare-resale-and-rental-marketing/platinum-management-solutions-in-denver-co-90144121. In both instances, consumers are told that they have a corporate buyer from Mexico who wants to purchase their timeshare. In the next phase, the consumer is contacted by the title company. Whether it is Wade Capital Management or North SouthTitle, consumers are told that they are the escrow agent for processing the funds and title work. Consumers are then asked to wire transfer a 10% processing fee to a bank in Mexico. You know the rest… Once funds are wired, the company ceases contact and the customer becomes a victim.
North South Title states they are located at 268 West 2nd St. in Davenport, IA. This is not a valid address. According to one consumer, the company told him that they were located in the neighboring Mississippi Plaza building. The BBB confirmed with the building’s leasing office that no company by the name of North South Title is renting office space. The BBB is also warning consumers that the company website, www.northsouthtitle.com is using much of the exact language and nomenclature from a legitimate company’s website, out of Santa Barbara, CA. A reminder that just because someone has a nice looking website does not mean it is a reputable or trustworthy business.
The BBB urges consumers to never wire money to companies or individuals they don’t know personally. The act of requesting a wire transfer as the method of payment is the tell-tale sign of a scam. In addition, if you are contacted by phone regarding your timeshare, get all information in writing. Don’t agree to anything until you have had the chance to thoroughly check the company out.
For more information or a BBBBusiness Review on an individual business, go to www.bbb.org or call 515-243-8137.
Contact: Chris Coleman, President, 515-243-8137,[email protected]
SOURCE: Iowa Better Business Bureau