# Annuity Trust or Walk Away Assurance



## stodgman (Oct 30, 2016)

While in Cabo we went to two timeshare presentations. The new tactic for us was "Walk Away Insurance" or "Equity Annuity Trust".

The Hacienda Encantada contract offered to guarantee to buy back our new 1BR for $37K after 10 years for an initial investment cost of $2900.

The Bloom contract was very similar but we did not get as far as working out the final financial details.

These are obviously outrageous return rates so they cause you to wonder.
Has anyone had experience working with such systems? Are they proved to be legit?


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## rpennisi (Oct 30, 2016)

At the very least, I would be afraid that they might not be around in ten years, and that is assuming the contract has the buyback promise and numbers in writing.


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## stodgman (Oct 31, 2016)

rpennisi said:


> At the very least, I would be afraid that they might not be around in ten years, and that is assuming the contract has the buyback promise and numbers in writing.



The Walk Away Assurance contract was very specific and had all the numbers in writing. It referred to the contract number for the timeshare purchase although it is a separate contract. 

The only questionable things I could find in the Walk Away Assurance contract were 1) a clause that seemed to limit the resale of the timeshare unit and 2) the statement "For every ten memberships sold at the resort of equal or greater value, one reimbursement will be issued based on the submission date". 

BTW-their website is www.walkawayassurance.services


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## oldbuyer (Oct 31, 2016)

This is the latest reiteration of the Lloyds "insurance" scam they and others have been selling for the last 5-6 years. BTW the Lloyds they were selling was Lloyds of Panama and the reps always said it was the Lloyds of London

HE changes marketing companies about every year. The marketing company invents and offers the buyback and insurance incentives and are NOT part of the HE contract which will is disclosed at contract signing.

HE for the most part honors their side of the contract but the developer has no idea (or maybe knows and doesn't care) what other BS is being offered under the guise of HE to sell the property. Great resort but very hard to find it in the secondary market so if interested negotiate just the bare bones- no insurance and no buybacks and pay about 12k(summer) to 16k(winter) for a 1 bedroom eoy contract (with acceleration and loyalty weeks).


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## shoegal (Nov 8, 2016)

Just remember, if it sounds too good to be true it probably is… 





stodgman said:


> While in Cabo we went to two timeshare presentations. The new tactic for us was "Walk Away Insurance" or "Equity Annuity Trust".
> 
> The Hacienda Encantada contract offered to guarantee to buy back our new 1BR for $37K after 10 years for an initial investment cost of $2900.
> 
> ...


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## Gabbie (Nov 10, 2016)

*Walk Away Insurance*



oldbuyer said:


> This is the latest reiteration of the Lloyds "insurance" scam they and others have been selling for the last 5-6 years. BTW the Lloyds they were selling was Lloyds of Panama and the reps always said it was the Lloyds of London
> 
> HE changes marketing companies about every year. The marketing company invents and offers the buyback and insurance incentives and are NOT part of the HE contract which will is disclosed at contract signing.
> 
> HE for the most part honors their side of the contract but the developer has no idea (or maybe knows and doesn't care) what other BS is being offered under the guise of HE to sell the property. Great resort but very hard to find it in the secondary market so if interested negotiate just the bare bones- no insurance and no buybacks and pay about 12k(summer) to 16k(winter) for a 1 bedroom eoy contract (with acceleration and loyalty weeks).



We bought this "Walk Away Insurance" while vacation in April 2016, along with the promise to buy back our other timeshare for $21000.  Are we getting scammed?  What should we do?


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## oldbuyer (Nov 10, 2016)

Gabbie said:


> We bought this "Walk Away Insurance" while vacation in April 2016, along with the promise to buy back our other timeshare for $21000.  Are we getting scammed?  What should we do?



There is a high probability you bought "air" which is what the locals in the business call these programs. It could be legit but that would not be the norm.
The 21,000 usually appears as a credit against an inflated purchase price which is why they ask you if you are trading in first. If you say you are not then they start the game at a lower price which is about 50% higher than what they would sell it for.

Maybe create a new posting on TUG to get some feedback from others that bought into this HE walkaway program which has been marketed for about 2 years now. Something like: Has any HE owner received notice of a verified transfer of their TS trade in made when they purchased a new TS contract at HE?

You will not be liable for the 21,000 value they subtracted from your "deal" but if they don't dispose of your contract and transfer it to a new owner you WILL be liable for all future MFs on the old contract until it is transfered or turned in (for a possible fee).

Until you receive confirmation or notice of transfer from the resort you traded in you still own it!


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## Sherry Valdes (Dec 13, 2016)

oldbuyer said:


> This is the latest reiteration of the Lloyds "insurance" scam they and others have been selling for the last 5-6 years. BTW the Lloyds they were selling was Lloyds of Panama and the reps always said it was the Lloyds of London
> 
> HE changes marketing companies about every year. The marketing company invents and offers the buyback and insurance incentives and are NOT part of the HE contract which will is disclosed at contract signing.
> 
> HE for the most part honors their side of the contract but the developer has no idea (or maybe knows and doesn't care) what other BS is being offered under the guise of HE to sell the property. Great resort but very hard to find it in the secondary market so if interested negotiate just the bare bones- no insurance and no buybacks and pay about 12k(summer) to 16k(winter) for a 1 bedroom eoy contract (with acceleration and loyalty weeks).



I am definitely interested in hearing about this "Lloyds scam". The ONLY reason we purchased our time share in Mexico was the annuity portion from Lloyds. I too was under the impression that it was Lloyds of London or an affiliate and felt at ease because they are a very reputable company. Then I find out that it is this no name from Panama! We haven't paid anything to them yet and I know we will get a certificate if we do but like others were saying what good is a piece of paper if they are not around later? I am attempting to argue the purchase of my time share purchase because of this risk. They already tried to get me in touch with "Value Traders" to get rid of my other timeshare that is paid off. Mind you again I wouldn't have bought another timeshare if I knew that I couldn't get rid of my present time share. I haven't paid a dime to these services when all they want is a Power of Attorney from me rather than a sales agreement/new deed! HA! So long story short I am wondering if I should try and get legal action to cancel this "loan" we took out through a bank in Mexico because our contract is built off of empty promises. Here I know in the US it would be a DTPA claim but not sure what can be done in Mexico. Don't get me wrong I loved our resort and would go through the payments BUT not if I don't get the annuity or rid of my other time share. They knew this too. I emailed the resort, but was just referred to customer service. Before a first payment is due I want to get this worked out. Any advice would be helpful!


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## oldbuyer (Dec 13, 2016)

Sherry, the best advice I can offer is to contact PROFECO in MX first. Their phone number in Mexico City is 52 55 5211 1723. Ask to talk to one of their English speaking attorneys that handles timeshares (most all do). They are the consumer protection service of Mexico which is a very weak ministry. They have zero enforcement capability but they might know if any part of your purchase is voidable. As I recall the Lloyds portion was optional- meaning you pay a premium for this return of principal insurance. If so, you might be able to cancel the LLoyds portion of the purchase but since you are probably past the 5 day rescission period you are stuck with the HE purchase contract. As far as your old timeshare that you no longer want, do not pay an upfront fee or join value traders. You will get better results selling or giving away the contract on TUG or even Ebay.  

If you want to continue your HE contract ownership you might then contact Senor Castillo who heads up the reservation group (phone numer as in your contract) and is also the interface with HE management. He might be able to help you or petition the Developer to void the extras on the contract and keep you as an owner.


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