To Much money when clients are still not been serviced as they should be.

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WyndhamWorldwide has issued its second quarter 2016 earnings report, so as usual I’m posting some highlights from their Vacation Ownership segment below for your edification.

  1. Revenues were $705 million in the second quarter of 2016, a 1% increase over the second quarter of 2015.
  2. Net VOI sales declined by 2%, as higher gross VOI sales volume was offset by an increase in the provision for loan losses, which was in line with the Company’s expectations.
  3. Gross VOI sales were $518 million in the second quarter of 2016, an increase of 3% compared with the second quarter of 2015. Results reflect tour flow growth of 3.4%, partially offset by a volume per guest (VPG) decline of 0.8% in constant currency, reflecting higher sales to new owners.
  4. The number of new owners added increased 13% from the second quarter of 2015.
  5. Vacation ownership contract receivables, net, of $2.7 billion, unchanged from December 31, 2015
  6. Vacation ownership and other inventory of $1.3 billion, unchanged from December 31, 2015
  7. Securitized vacation ownership debt of $2.0 billion, compared with $2.1 billion at December 31, 2015
  8. EBITDA for the second quarter of 2016 was $187 million, an increase of 3% compared with the second quarter of 2015, reflecting higher gross VOI sales, a lower cost of sales and higher management fees, partially offset by an increase in the provision for loan losses.

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Diamond Resorts are have class action against them

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Diamond Resorts are trying to get dismissed a class action against them for claims that they violated the Vacation ownership and Timeshare Act of 2004. Elderly clients claim that they were swindled into paying more for vacation rentals that they had little access to. The lead Plaintiff Sharon Ferraro, said that she originally paid $19,000 for a timeshare from Pacific Monarch Resorts. After Monarch was acquired by Diamond Resorts she was contacted by a representative who invited her to a meeting so that she could purchase more points to use towards her vacation rental. At the meeting in Palm Springs in 2013, she was informed that unless she upgraded her timeshare, she would eventually be left with almost no choice of resorts. She was also told during the meeting that her quarterly maintenance fees would reduce and although she was persuaded to upgrade her timeshare, she now claims it is not only worthless but her maintenance fees have increased to such a level that she can not afford to pay them. A similar theme is heard from the other plaintiffs in the class action who also experienced sharp increases in fees on top of purchasing points or upgrades. Diamond Resorts have argued that that the cases do not qualify as a class action as they are made up of 19 transactions over 15 years and that there was no overlap in witnesses identified by Ferraro and the other plaintiffs. Diamond say that keeping track of the different people involved and different state laws could potentially confuse a jury and are arguing that an outright dismissal is the appropriate remedy. Diamond have denied the plaintiffs’ claim of a single scheme that took place across three vacation rental sellers – Sunterra Corporation, Monarch and Diamond – noting that the sellers were independent companies. They then later acquired the other two vacation rental companies from whom many of the plaintiffs acquired their vacation packages. Ferraro has argued back that even though the purchases were made with different sales representatives at different companies, the contracts were the same and their witnesses could attest to the underhanded manner in which they were sold. Other defendants include Diamond Resorts Financial Services, Diamond Resorts Hawaii Collection Development, Diamond Resorts International Club, Diamond Resorts International Marketing, Diamond Resorts Management, Diamond Resorts U.S. Collection Members Association, Diamond Resorts US Collection Development, ILX Acquisition, and Premiere Vacation Collection Owners Association. The trial date has been set for April 29th 2016

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ITRA Singapore news over the past 12 months

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Timeshare Reseller Accused of Cheating Consumers Out of Thousands says ITRA Singapore

Posted on by Delta News Web

Anchorage, Alaska — September 17, 2015 – ITRA Singapore reviewed a complaint given to the Better Business Bureau serving Alaska, Oregon and Western Washington has recognized a pattern of complaints concerning sales practices and refund issues of Carriage House Travel Inc. which has a virtual office address in Kirkland, Washington, but now appears to be out of business.

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Itra Singapore news

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ITRA Singapore news from 2015 we will push forward with more ITRA news from Singapore in 2016

There are no registration or legal fees because this action is being pursued by the group’s lawyers on a contingency agreement (No win-No fee). The case is listed for an imminent hearing, so if you want to get on board we recommend that you take urgent action by registering your interest at no cost.

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ASA Ruling on ITRA Singapore and ITRA Europe

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ASA Ruling on International Timeshare Refund Action ITRA SINGAPORE

KwickChex claims to be the reputational manager for the timeshare industry. Full Document

As reported previously on the TCA website, they are employed by the RDO and TATOC. Their operations can only be viewed as questionable as they are in subjection to their pay master generals. Those generals run, in part, a timeshare industry and fuel by way of copious amounts of cash, the many adverts which suggests that the industry is fantastic.

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Important News for Singapore timeshare owners

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=&0=& singapore-scam-itra-newsJust under 88% of you Singaporean, Indonesian and Malaysian sales victims believe you deserve a refund and we agree with you. Should you wish to make application for refund, please feel free to chat to your counselor in the strictest of confidence. Legal Counsel for the refund action group has dedicated many hours to training advisors to assist you. You will not be required to sign any service agreement or make any commitment for a simple free assessment.  =&2=&

The Story So Far

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story-so-far-itra-singaporeOur action group was incorporated in 2002 BY DIRECT SALES VICTIMS THEMSELVES to gain evidence that a lack of regulation in the direct sales industry has lead to the public being targeted for systematic and intentional fraud. By 2008, six years later enough evidence had been collected to interest two top law firms, Edwin Coe LLC and Stone Buildings LLC. The idea was simple… To set up a where victims can register for refund sign with complete confidence due to both anonymity and the freedom of upfront cost. The result being that claim volume has been high enough to attract notable law firms to take on contingency work. Should legal action fail in court, no charge be enforced against claimants. However, to motivate the most prestigious law firm’s claimants will agree to award 40% of their claim. This percentage would equate to five times the legal fee usually charged. Currently some of the most influential law firms on the planet are registered.

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Eco House Scams Singapore out of Millions

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Press release (Straits Times) to create awareness that Eco House (our clients) have lost 180 million dollars in Brazilian Housing fraud.

ECO-House-ITRA-Singapore-scamFollowing the previous post Property Investment Schemes Gone Wrong, where we talked about the Ecohouse Property Investment Scheme which is potentially in trouble, there are new alarming developments.

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