Singapore consumer group warns against Worldex timeshare firm
Worldex Pte Ltd has been red-flagged by the Consumers Association of Singapore (CASE), as the organization received 137 complaints against the timeshare company’s doubtful service.
According to the list of complaints, Worldex’s questionable practices include purchasing timeshare contracts from clients, who have to wait 30 to 60 years to receive their payout plus profit. Customers also allegedly have to pay hundreds of dollars in “consultation fees” when they attend presentation’s at the Worldex office, which are completely separate from the membership fee.
Others have complained of the company’s supposedly inexpensive holiday offers.
Customers are asked to invest S$10,000 (over $7,000) to avail of Worldex’s steeply discounted rates for luxury holidays and 5-star accommodations. However, the rates were not as cheap as promised, and there were still many lower-priced alternatives.
The company that offers to buy timeshare membership while advertising its own cheap holiday programs for a fee also provided passwords for an “exclusive booking website”. However, members found that the rates were at least $70 higher compared with the rates on the hotels’ official websites.
The discrepancies have prompted CASE to release a consumer advisory against Worldex. Mr. Seng Choon, executive director of CASE, as already warned that they will pursue legal action should the organization receive more complaints.
The consumer watchdog also noted that multiple parties are named in the company’s membership contracts. This might lead to confusion among members as to whom they could make a claim against, should there be a default.
Choon warned timeshare investors to be wary of businesses offering to buy their timeshare memberships. Such companies have consistently been the main source of complaints received by the organization, with more than 2,500 received in the past year alone.
Apart from CASE, the Straits Times published an investigative report on Worldex. According to company documents obtained by The Journal, telemarketers are instructed to tell potential customers that the company does “foreign real estate sales and leasing.” However, reporters discovered that the company is actually registered only as a business and management consultancy.
Journalists also visited the Worldex’s registered business address at Orchard Road, but instead found a company called River Marketing. A check with regulatory authorities revealed that no such business exists with that name.
The Straits Times tried to get the side of Mr. Peter Mitch Mabbort, listed as Worldex’s executive shareholder, but he refused to comment.
The Journal reported last year that more timeshare companies in Singapore are luring customers with offers of buying their timeshare contracts for a substantial fee. Such cases have gone up tenfold since they began surfacing in 2003, and now make up more than 25% of timeshare complaints.
EDIT: Please see our latest coverage of the newest scam to hit Singapore timeshares here.
Short URL: http://www.timesharepages.com/?p=204
i am also a foolish victim of this company. Should have stopped when realised that they were not professional as my hubby pointed out. Now have to send registered letter to get back refund of 3.5k, then will report to CASE.
Shall I make police report?
I called up Marriott Hotel sec to GM, Rachael, (6831 4501)and she was sympathetic and advised me to call Marriott vacation Club (Alana Mah 64631811)to lodge compalin too. So far I am her 3rd caller so I urge more to call so that the MVCI will do something to stop these scams as well.
Appreciate anyone’s help inlearning how to get back full refund despite the threaten EUR 1250 non refundable fees.
Thanks
Anyone can offer any help …would appreciate.
Hi david,
Read your account of how you made payment to Concord Development company.
Did you receive full refund? I made deposit of 3.5k on sunday and have sent registered letter to cancel contract and cc to CASE.
Do I need to make report to CAD as well.
I am definitely going to call all related hotels (have already informed the marriott) and will post the company’s name on the CASE website as well. Anything to stop them from fooling others.
Appreciate your reply about outcome and the details of how long to wait and what to do.
Thank you and all the best for your case.
Hi all,
There is a New Company introduce, just received a Call from Credit House located at Bugis, he mention. Spoken to me is a malay guy, sound quite so serious. He mention that they get Local DBS as a gurantor to recover ur lost. But ask him how its work he say, must meet up than get his superior to explain to us, u believe what he say? Anyone can share the inform from this Company?
Interesting… there used to be many more comments on http://www.timesharepages.com/world-news/asia/singapore-consumer-group-warns-against-worldex-timeshare-firm/ back a few days ago on 18 Oct 2011, regarding these scammers, e.g. location address 65 Chulia St, OCBC Building, #25-05. I’d also seen info from one kind contributor as to the different possible legal actions to take. But interestingly this hugely useful info went missing very recently too. If my message now goes missing too, things will get even more interesting, can’t wait to see what happens … how does it get any better than this? To you scammers at Concord Development, if you are reading this, good for you. Let’s just say, you have come to the right place, what fun to have you here. How does it get any better than this?
Hi Bdc…
Go to CAD will not solve the problem.
We have the same situation. We lost $3.5k too.
Really need help as how to go about getting the refund.
We also need to stop this scam so that no more people get cheated.
Hi Bdc…
Go to CAD will not solve the problem.
We have the same situation. We lost $3.5k too.
Really need help as how to go about getting the refund.
We also need to stop this scam so that no more people get cheated.
OMG ! I had been conned by these chow Angmoh
Felt a bit fishy when we told them not enough money n they allow us for ‘trial membership’ at $3750 for 1 yr . Told them 1 yr too short and was surprised they can extend to 3 years ! Told them not enough cash n pay day end of month and they allow us to deposit $300 n balance $3450 on 31st oct !
Now that I read these blog , I confirmed not paying them the balance which they say will arrange courier to collect from me on 31st oct …
Oh dear , what should I do next ? Police report ? I may not get back my $300 deposit is one thing , but the clause on no cancellation which I did not notice don know they can sue us or not ?
Can anyone advise ??
I am being conned too over last sat by this concord development at OCBC . Paid a minimum deposit of $300 and suppose to pay the balance end of the month which I had not done so .
Well, after reading all these scams , I will report to CASE tmr since today PH and will ignore the balance payment . Read the small print which mention contract not covered under consumer protection act , non cancelable n non refundable . Do not know co can override Singapore law of fair trading act ? Do not know the concord development can sue me for not paying the balance . Can anyone advise me ?
TEK, did you report to CASE? What did they say?
Did the company come and chase you for the balance payment?
I too got conned into this. Just wish people will see this and not get themselves into this as well. If there are others who had experienced this scam, we would appreciate if you can share your experience and advise victims like us how to handle this case. Don’t think we can get our money back that easily. The company is Realty Assess or Concord Development. Please do not talk to them if they happen to call you.
I have signed the agreement 2 days ago and paid around 5k as deposit. The statement said i have to pay for the €1250 if i break the bond. Anyone knows how to deal with this? Stated as below”In consideration of your agreeing to purchase a Realty Acess Subscription for less than the International Sales Value, we hereby agree that we shall pay the lum sum of €1250 on yr behalf in advance in order to register you as a Subscriber.
Has anyone actually paid up the whole package and went on a holiday thru’ them? I’ve paid $3.5K and not sure whether to go ahead. Will greatly appreciate any sharing. Thks!
Hi.
I too went for the presentation and felt that they were sincere.Its actually up to us as to whether we want to sign or not.Where can you get to stay in disneyland for 28 usd which i actually used last week.
All u pple letgo of te sheep mentality and try out the products before u comment.real shit heads
I beleive i will benefit from this
Kojak
I have purchased timeshare from Oriental Travel in 2003. I am trying of off load the time share. Many timeshare companies have called to say that they can off load the timeshare. We get conned to pay a certain amount for them to act to get the contract terminated as there will be a annual maintenance charge that will be claimable by the developer.
Many of us is ignorant on the process or whether the timeshare contract can be terminated. We were told that there is an amount of money held by the Trustee for the Timeshare Resorts. We will need to do the process of CTC (Confirm the Cancellation) and then receive the RFA (Release Form Agreement) and they will then act to terminate the timeshare. There is also a mail sent from ETF (Escrow Trust Fund) to notify how much can be recovered in this Recovery Policy. If this is true or legitimate??? Company involved is Goodwill Ettikon at Far East Shopping Centre #12-02.
Any information from those that came across this situation?
I have purchased timeshare from Oriental Travel in 2003. I am trying of off load the time share. Many timeshare companies have called to say that they can off load the timeshare. We get conned to pay a certain amount for them to act to get the contract terminated as there will be a annual maintenance charge that will be claimable by the developer.
Many of us is ignorant on the process or whether the timeshare contract can be terminated. We were told that there is an amount of money held by the Trustee for the Timeshare Resorts. We will need to do the process of CTC (Confirm the Cancellation) and then receive the RFA (Release Form Agreement) and they will then act to terminate the timeshare. There is also a mail sent from ETF (Escrow Trust Fund) to notify how much can be recovered in this Recovery Policy. If this is true or legitimate??? Company involved is Goodwill Ettikon at Far East Shopping Centre #12-02.
Any information from those that came across this situation?
Hi all,
I was one of the victim of this scam vacation club. I hold this Concept Vacation Club membership thru a company called ‘Garraway Enterprise’. Since then, it was closed down due to certain issues with CASE. Then, a company called, Beaufort Park Pte Ltd, located at Tong Building, (Rolex Building) saying they can help me settle my issues with Garraway. Spoke to a guy named, George Grimes, claiming he’s a lawyer, can help me get out of the contract. But instead, I was lured into buying another programme called, Holiday Plus. I’ve already made a total payment of $4000 to Beaufort Park.
Then, after a year, I received a lawyer letter from a new agent of Garrwaway, I-Generic, requested payment for my CVC membership. After repeated calls to George, was unsuccessful, I knew I was conned. So, I took this matter to Small Claims Tribunal, (SCT). After few sessions at SCT, thankfully, I was granted full refund and cancellation of their contract. So, if there’s anyone still holds the Garraway contract, meet the people at I-Generic, (authorised agent)
First and foremost, I believe that it is unfair to comment about this company this way and to use such profane words like SCAM or CHEATS. Let me enlighten you further with the following:
1. I availed of the services of this company and have been very HAPPY and SATISFIED with their services. Many of my friends also invested in them because the money, as explained to me, are PLACED IN A TRUST FUND, which of course takes a while for me to achieve but it is worthy investment for the future generations in our family.
2. Amid many complaints, THE COMPANY IS STILL THERE, and that is because what they are doing is LEGAL. They had never coerced anyone to sign – IT IS BECAUSE OF YOUR OWN GREEDINESS AND LACK OF JUDGMENT THAT you signed on EVEN IF YOU KNOW YOU CANNOT BITE MORE THAN YOU CAN CHEW, or in this case, you cannot PAY beyond what you actually have.
3. Everything is explained and these poor hard-working people stay up to midnight or beyond just TO ANSWER ALL QUERIES.
They are indeed not perfect, but I got the watch they told me I will get, and so I am happy with it!!!
AT THE END OF THE DAY, THERE ARE TWO THINGS YOU MUST UNDERSTAND:
1. NO ONE CAN FORCE YOU TO ENTER INTO A CONTRACT UNLESS YOU ALSO WANTED TO GET ITS ADVANTAGES (For everything there is a price and you fools just keep canceling because you only wanted to get the GOOD and DO NOT WANT TO pay the reasonable price);
2. YOU CANNOT SIGN A CONTRACT AND THEN GET OUT BECAUSE YOU JUST CHANGED MOODS AND THUS CHANGED YOUR MIND.
It will stay here as long as there are people like me who believe in them. Their services benefit THE WISE, and so if you are NOT Wise enough, THEN DO NOT GO BLAMING OTHERS FOR THE THINGS YOU CAUSED UPON YOUR OWN SELVES!
I just realized that we had been conned too just last night after reading all these comments. Already Paid S$3,500 to them. They expecting more payment of about 12 K more from us on coming Friday.
Some one should take the initiative and the lead to gather our names to make a collected claim from them or through Consumer Association. It’s doomsday for me now… Helppppp
Contact me Willie Ong
96841282
I don’ want to be another victim of a scam.
The cooling off period should still apply even though they make us sign a penalty of paying 1250 Euro should we back out… SOS.
i has been invited to concepts Service Club at Orchard Tower told that LGM already closed down by goverment,but if i want to stop my membership CVC will pay back the money to me,if LGM register my membership to CVC(Spain).anynoe know that is true ? the guy said that have peoples success to get back the money.It is another SCAM !!!
Madblues29 did not elaborate how he got a full refund – through Small Claim Tribunal or through I-Generic, which I understand do not offer any full refund and on top of that charge an exorbitant termination fee which I wonder is justifiable.
I am also a poor victim getting involved with CVC through Garraway which is now gone. How to get the CVC membership cancelled and my money back? Can someone who has really got through this, please help?
Thank you
Hi Tan ,
I never pay the balance . But I did send the notice of cancellation within 5 cooling off period . One of the Angmoh did call n ask why cancel , I just replied him I change my mind .
As for the deposit , i did go for SCT . Court already order them to pay us the deposit . Still waiting .
What about your case ?
Hi Willie,
Unfortunately i too just signed this contract 3 days back. Can you please advice what happen to your case ? Were you able to get back your deposit ?
Hi TEK,
Can you please share your process with SCT on how you got your deposit back ?
Appreciate so much for any information i can get, thanks.
Hi Willie,
Can you please advice what happen to your case ? Were you able to get back your deposit ? Can you share details as i also just signed 3 days back.
Hi TEK,
Can you please share your process with SCT on how you got your deposit back ?
Appreciate so much for any information i can get, thanks.
Can anyone from this forum actually confirm if they went ahead with this deal and used their travel deals ?
I think this is one of the most vital information for me. And i am happy studying your article. But wanna statement on few normal things, The website taste is perfect, the articles is truly great : D. Good activity, cheers
did u get back ur deposit after u went court?
Hello Guys,
Please be warned that now,
WORLDEX HAS REGISTERED INTO A NEW COMPANY >> THOMPSON GROUP AND PAN ASIA INVESTMENTS COMPANY.
DO not fall for their traps again – MANY HAS BEEN VICTIMIZED AND SOMEONE MUST TAKE THESE STUPID ANG MOS TO COURT!!!
Hi Lee,
Till now I had yet got my refund of deposit through SCT , perhaps my amount is only $350 , that’s why even the court order them to refund , they can’t be bother.
As for the process, just bring the doc u signed , fill up the form given with brief description on what happen . Pay $10 fee. They will give u an appt date for both you n the respondent . During the first appt , if concord development did not send anyone down , then the case is close n the court will write a legal letter to ask them to pay us . But if they send someone down , they will insist cannot cancel (usually those r paid to say no) then court will arrange another appt . Later part I not quite sure , coz for my case , the second appt , the respondent no show . So court wrote them legal letter to refund .
Hi, All Timeshare Scam Victims, (LGM-CVC)
I & my Husband just got conned by Concept Club Services (CCS). Went tru quite a hell just to claim back our “Deposit” for terminating of the agreement.
If U Guys whose holding this “LGM” CVC membership and trying to get rid of it, receive calls frm this CCS (4th flr Orchard Towers) Formerly at POMO Selegie.
D o not entertain them, or U will get conned further. For more info Follow Forum Thread at “Hardwarezone.com.sg”
Until now I still recd calls frm “AFTAG” (OCBC Building). I just hung up on them. They are all scammers. Theykeep changing Company names, place. Ur LGM membership datas are evrywhere now. (These Scammers are maybe some ex LGM Staff.
We are Genuine VICTIMS.
Guys, i strongly recommend go to this website :
:http://forums.hardwarezone.com.sg/timehare