Maybe Singapore should ban this as well…
International December 4th, 2007
Came across this about banning stuffs in Malaysia. Apparently, there’s a scratch and win scam going around, whereby people were approached to scratch and win some stuffs, but in order to collect them, they need to buy more stuffs, usually expensive stuffs.
What I find perplexing is that people actually take loans to find these expensive stuffs just to collect the prizes, which is usually a car. Doesn’t this sound suspiciously like that happens in Singapore? Except that they don’t tell you that you’d won a car – probably something less expensive, but they want you to buy into their timeshare s*ahem*c*cough*a*ah-choo*m…
KUALA LUMPUR – MALAYSIA has banned scratch-and-win contests after thousands of people complained they were duped and did not receive the promised prizes, an official said.
The Domestic Trade and Consumer Affairs Ministry has made it illegal to hold such contests, said ministry Enforcement Deputy Director Iskandar Halim Sulaiman on Tuesday.
In scratch-and-win contests, consumers are given paper cards with an area coated with coloured plastic that can be scratched with a coin to reveal whether a prize has been won.
Mr Iskandar said direct sales staff often duped consumers at supermarkets or at their doorsteps with cards that showed they had won cars or other expensive items. However, to get the prizes, consumers were asked to first buy the company’s products, and in the end ‘never get the car’, Mr Iskandar said.
Almost 1,400 complaints were filed in the first 10 months of this year, with many people claiming they lost thousands of ringgit in the scams, often used by direct marketing companies, Mr Iskandar said.
Companies found illegally conducting such contests risk a fine, up to three years in prison and a loss of their business licenses, he said.
The Star newspaper quoted a 42-year-old civil servant, Ms Satilah Mahmood, as saying she lost RM27,000 (S$12,000) in a scratch-and-win scheme this year.
The home theatre system and massage chair she bought – to be eligible for more prizes – broke down within weeks, the newspaper said. It said the people who lured her with prizes moved out of their rented office.
‘My family is now saddled with debts,’ it quoted her as saying. — AP
Article obtained from straitstimes.com on 4th December 2007
About
Friends,
I too went to worldex on tuesday. they were having two framed sample HUTCHINSON certificate on their table and told me that they can verify whehter my timeshares are still valid using some software program. if valid they will buy from me 85% to 95% of the money that I have paid. when I showed them my original hutchinson cert then they went out and cameback in few times and finaly they told me that their target was completed and they have bought enough timeshares and they do not need mine.
i think this worldex is a scam better takecare.
Wow, Worldex can check whether a timeshare is valid or not using software program. That sounds very interesting…
Money thrown time and timeshare again
Channel NewsAsia – Saturday, May 16
SINGAPORE: Instead of calling it quits after pouring so much money into certain questionable timeshare deals, some customers keep buying similar investments over and over again.
Retiree Wong Liang Yong, 69, is one such investor. He has spent close to S$80,000 since 1996, when he bought two timeshare investments for S$25,000.
“We did enjoy the timeshare holidays but when I retired in 2002, I found the S$1,000 in maintenance fees costly to upkeep and wanted a way out,” he said.
In 2004, a timeshare company LGM approached Mr Wong to terminate his two contracts and promised him a cashback of around S$25,000 within five years. The catch: He had to pay S$10,000 upfront, which he did.
Mr Wong went on to sign two more resale timeshare contracts. In February this year, another timeshare firm Maxmega Group promised him a cashback of S$104,000 within 18 months, but he had to fork out S$35,000 first and he did.
Two weeks after signing the contracts, Maxmega told him that “they had problems with LGM as it had been suspended”.
“They said Maxmega is an agent for Colco Ventures — a firm that has taken over all the timeshares all over the world, and it could not use LGM services. So it had to charge me some S$200,000 liability for subscription fees,” he said.
Mr Wong became upset when the company threatened to sue him if he did not pay. He then contacted other timeshare victims. On Friday, 16 of them went to the Consumers Association of Singapore (CASE), but only six filed complaints against Maxmega.
Customer service officer Juraimi Selamat, who has invested around S$85,000, hopes CASE can help get his money back. If not, the 16 of them might consider “legal action”, he said.
“I’m doing this to warn other people about terminating their timeshare. I hope the government can do more against these practices,” Mr Wong said.
CASE will be sending a Voluntary Compliance Agreement to Maxmega and will investigate whether it has breached the Consumer Protection Fair Trading Act. If it has, an injunction will be filed against the company.
Since 2008, CASE has received a total of 27 complaints against timeshare companies totalling S$791,000 in value.
— TODAY/so
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Hi, anyone bought cashback CVC fr LGM? My cashback is this year. Wish to get as many “members” as possible to fire attack to LGM. They’re after our money AGAIN!
Timeshare in Singapore…….In general this kind of business…..TIMESHARE, LGM CVC, whatever……..THIS KIND OF SCAM WILL NOT BE OPERATED IN SINGAPORE WITHOUT APPROVAL OF SINGAPORE CUSTODY…..your PRESIDENT IS A BIG PART OF THIS KIND OF SCAM…….IF NOT THERE SHOULD BE AN ACTION FOR THIS FOR LONG TIME AGO….this was operating in Singapore for like 15 yrs ago.
Beware of Worldex Asia’s tactics. Telemarketeer will call and tell you they have checked and found your Time Share can be absorbed and the company will pay you a cheque immediately. When you appear, they will walk in and out with 3 to 4 people trying to help. Know what,2 of them were formerly found in LGM doing the same thing.
Worldex claimed they are Developers in co-operation with Holiday Plus, but I found out that they are just companies just like LGM, CVC,etc.
I wonder why our Singapore government is not taking action and stop them
I also purchased a cashback reward from LGM and mine was a seven years investment and will be due in 2014. I am really wanted to know whether I will get back the money I invested. Anybody came across they get back the money or it is not possible? I hope anybody can enlighten me, tks.
Hi Helen,
As long as you follow all term and condition correctly, you will get your money,however don’t expect to get full.
Cash back is an incentives on top of your timeshare purchase.
Bensoo
Thanks. May I know what do you meant will not get full, can you tell me more, tks.
Hi Helen,
You need to be aware that what you had purchase was the CVC club membership and that is for your used of booking any holidays with them. As far as the Cash back concern it is an incentives given to you. You may expect a return between 13%-20% when matured.
But sadly to said that many claims was disqualified due to incomplete submission of the cashback documents.
Helen,
You may be asked to upgrade your membership in lieu of cash back. Be careful of that.
Hi,
I got a call from Worldex, saying that we have won a holiday package to some country and to meet up with them to redeem this prize. I have no idea how they got my phone number. I spoke with a couple of friends about this “prize” call & was told to be careful about such calls. I did a google search and landed at this website. I am not intersted in purchasing or investing in any of their schemes. Has anyone had this experience before and whatz the advice, please. Thanks in advance!
Anyone heard of Asialinx?
分时度假转售代理突停业 参与投资消费者百万泡汤
——————————————————————————–
分时度假转售代理突停业 参与投资消费者百万泡汤
（2009-06-22）- 联合早报
● 邢谷一 报道
一个月前与客户就代办套现分时度假权而闹纠纷的一家公司，最近突然关门歇业，公司负责人和职员全体“失踪”，一般相信这些客户被诱参与投资收购公司所付出总额100万元资金已全部泡汤。
这家先后在义安城和丹戎巴葛道拉实街开设办事处的分时度假权转售代理Maxmega，是在前个星期五在没有预先通知客户的情形之下突然停业。它的几个客户上门查询投资事务时，发现公司办事处已经换招牌，且转由别家公司租用，无不感到吃惊，分别向警方报案。
尽管警方一名发言人在受询时表示不能透露在调查案件的内容，但据所知商业调查局已接到投诉，并着手展开调查。
上个月代表一批会员与Maxmega进行交涉的新加坡消费者协会在接受本报询问时，证实协会已失去与该公司的联系。
消协理事长谢成春透露，Maxmega的事件自去年8月便开始，消协接到不少关于该公司处理转售分时度假权和投资事务不当的投诉，从那个时候起到现在，正式向消协备案（filed Cases）并委托消协代为与该公司交涉的个案总共29起，涉及款额116万7000余元。
消协成功取回6万余元
他说：“在这些备案中，消协援引公平交易法里消费者有权在5天冷静期取消合约规定，成功替10名会员争取得6万6700元退款。”
换句话说，消协无法向Maxmega追回会员所付出的投资款额总共110万元。不过，这不包括已向消协备案但后来因为各自原因放弃退款要求的4名消费者所涉及款额，以及曾向消协投诉或咨询，但却没有办理手续备案和自行与该公司交涉的消费者所涉及的款额。
当被问及消协替其余19名会员取得退款几率时，谢成春表示悲观。他说：“根据我们以往的处理经验，恐怕机会渺茫。”
据所知，消协在过去几年里，每年都接到不少消费者投诉分时度假转售代理处理手法不当的个案，但以Maxmega所涉及的款额最大。
有一名消费者透露，今年初Maxmega同他联系，说愿意收购他所拥有的分时度假俱乐部Concepts Vocation Club的会籍，并保证在18个月后连本带利付给他8万元，不过这需要他先签署一份价值5万元的投资合约，以作为一家房产买卖公司作为股东才能享有这个好处，结果他被说动，以信用卡支付了1万元的手续费和部分投资费，但到了后来，他发觉所拥有的分时度假俱乐部会籍没有被收购，而Maxmega公司说什么也不愿意退款。
另有一名消费者说，他为了转让在澳洲黄金海岸的度假公寓分时度假权，被Maxmega诱导与中美州伯利兹（Belize)一家房地产买卖与贸易公司签订合约，被骗了1万6000元的律师费和会员费。
有消费者投资11万余元
消协的纪录也显示，被Maxmega说服刷卡参加投资的消费者，大都是付出两三万元的投资金。而为了让客户相信他们投资是“真实”和认真的，该公司甚至按照国际惯例，让双方签署的合约由一名公证员（notary public）见证签署。
有一对夫妇为了转卖2份分时度假权，在今年初被该公司以高价收购所吸引，总共付给了该公司11万2500元。后来当他们知道他们的分时度假权只能转让给个人而不能够转让给机构时，为时已晚。对方一直以他们已签订了合约、规定支付收购费和投资盈利不到期为由，拒绝退款。
http://www.zaobao.com/sp/sp090622_001.shtml
http://www.zaobao.com/sp/sp090622_001_1.shtml
Been reading all your posts, and I must thank you guys for this awareness of these companies who come under such names. I got approached by Worldex also this week, to attend their “launch” on Friday 26 June (tomorrow). I indicated a “maybe” only for me and wife, but they got us registered anyway. I got their confirmation email stating the wonderful reward of 4 days/5 nights stay in a 4-star hotel in 4 resorts in Thailand or in Hong Kong, plus 2 return flight tickets.
Anyway, they called me again today to confirm and I turned them down. Thanks to checking out this blog first and seeing the name Worldex mentioned here.
Trust me guys, their schemes and gimmicks will not end. Please enlighten more and more people where possible.
I smelled a rat when I had insisted they tell me more about what kind of investments this investment company does, and got vague answers. Everything will be explained at their launch.
Hey, I’ve been in sales and marketing for years, and the best way to win trust is to be honest with your client. They were not and seemed intent to hide things.
Take this as a good sign for any such company or venture in future. Coz once you walk in their doors, the hardsell takes place and it gets hard to leave easily. And most people are too nice and not thickskinned, that’s why they cannot leave easily.
Take your guts with you if you do attend their events
.