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Timeshare exit- Square One

chapjim

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Square one has scammed big money from seniors.
We are trying to find their presentation schedule in any state to alert the authorities and senior groups and venues.

We believe there is credit card fraud involved with the financing of these exit schemes.


If just 1, 85 yr old widow can be saved from handing over $1,000’s to these scammers we have accomplished a good deed.

The 2 lowest forms of life are child abusers and those who steal from old people.
For those that know about square one we are dealing with both.

Aw! Always thinking of others! What a gal!
 

DannyTS

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has anyone had experience with Square One to legally get out of a timeshare?
The only way to legally get out of a timeshare is to sell it/transfer your deed. You have 5 options:

1) Many resorts and developers take back deeds and for many this may be the simplest option. Not to be used when your timeshare has some resale value.

2) Do it yourself. You can post ads on FB, Redweek, TUG market, Ebay etc and use a transfer company (I recommend LT Transfers).

3) Use a broker. It is going to cost you money, up to 1k if I am not mistaken but you will only pay the broker when you sell.

Provided that your timeshare has some market value, you may get some money for your timeshare in 2) or 3)

4) Use an exit company. You pay thousands of dollars upfront and you may still pay for the closing fees. If your timeshare has any value at all, you will not keep the proceeds of the sale, the exit company will pocket the money.
The only thing the exit company does (besides taking your money upfront and making you feel good for about 5 minutes), it uses the channels described in 1), 2) or 3). There is not guarantee that you will get rid of your timeshare and their money back guarantee is a bogus claim as many have discovered. I will write more about this later.


5) in limited situations it can make sense to let it it foreclose.

I believe option number 4) is by far the worst.
 
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RX8

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The only way to legally get out of a timeshare is to sell it/transfer it to somebody else. You have 3 options:

1) Do it yourself. You can post ads on FB, Redweek, TUG market, Ebay etc and use a transfer company (I recommend LT Transfers) when somebody wants it.

2) Use a broker. A little bit of work for the broker and it is going to cost you money, up to 1k if I am not mistaken but you will only pay the broker when you sell.

In these 2 cases, provided your timeshare has some market value, you may end up making a bit of money off this transaction

3) Use an exit company. You pay thousands of dollars upfront and you may still pay for the closing fees. If your timeshare has any value at all, you will not keep the proceeds of the sale, the exit company will pocket the money.
The only thing the exit company does (besides taking your money upfront and making you feel good for about 5 minutes), it uses the channels described in 1) or 2) or both.

Easy choice if you ask me.

You could add a fourth option which is to let it foreclose.

There are stories of people who paid thousands of dollars to an exit company, only to have them do nothing but advise the owner to not pay anymore. When the timeshare was foreclosed the exit company denied to refund the upfront fee because in their view they got the owner out from under the timeshare.
 

DannyTS

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You could add a fourth option which is to let it foreclose.

There are stories of people who paid thousands of dollars to an exit company, only to have them do nothing but advise the owner to not pay anymore. When the timeshare was foreclosed the exit company denied to refund the upfront fee because in their view they got the owner out from under the timeshare.
I updated my comment.
As I mentioned in another thread, I was recently in touch with an exit company, out of curiosity, just to see how they operate. I pretended that I owned an oceanfront Westin Ka'anapali 2 bdr annual deed ( I do not). Their pitch was that my timeshare had zero value but they would help me exit. Of course this is not true, a similar timeshare is worth over 20k in the resale market. The exit companies pocket the proceeds of the sales by the way. But look at the verbiage in the contract I was sent. The guarantee to give you the money back does not kick in after 18 months, 18 months is actually a MINIMUM. Of course, the "commercially reasonable amount of time" is interpreted at their discretion and can also be 18 years or 18 centuries lol. I could not believe how cheeky that clause was. The whole contract is outrageous, if you read it well they actually do not have any obligation except billing you lol. The owner however, can be at fault at any step of the way. This is just a small part of the contract:


[EXIT COMPANY] Guarantee

[EXIT COMPANY] guarantees that if Owner does not obtain the Services within a commercially reasonable amount of time (no less than 18 months), Owner shall be eligible for a full refund of the Fee Amount. [EXIT COMPANY]’s Guaranty obligations are met when [EXIT COMPANY] obtains a reasonable Exit opportunity, even if Owner does not accept the terms of the Resort’s Exit offer. This Guarantee is contingent upon the following conditions being met: (a) all information provided to [EXIT COMPANY] by Owner is true, accurate and complete and (b) full cooperation by Owner to timely respond to any request for information from [EXIT COMPANY] or the Resort.

This Guaranty is void and unenforceable if Owner (i) fails to fulfill Owner’s representations or obligations required by this Agreement, including, but not limited to, Owner stopping or delaying the Exit process or refusing to sign a reasonably procured Exit offer, (ii) does not timely and completely respond to requests by [EXIT COMPANY], (iii) fails to disclose a mortgage or other lien encumbrance on Owner’s Timeshare or (iv) completes the Exit process through alternative efforts while contractually engaged with [EXIT COMPANY] for Services.

Owner acknowledges that once [EXIT COMPANY] obtains a reasonable Exit offer, even if Owner does not accept the terms of the Exit offer, this guarantee does not apply. Owner further acknowledges that a foreclosure is a valid Exit and therefore Owner is not eligible for a refund.

Potential Impacts to Owner During Exit Process

Owner acknowledges the following: (a) Owner may incur negative credit reporting, foreclosure and/or other legal action by the Resort, and Owner acknowledges and agrees that [EXIT COMPANY] bears no responsibility therefor, and acquits and holds harmless [EXIT COMPANY] from any such actions and (b) Owner may be required to pay a transfer, settlement or termination fee to the Resort or to a third party as a condition to completing the Exit, and Owner understands and agrees that [EXIT COMPANY] will not be responsible for any such fee.
 
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STLBBB

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Got a solicitation from Square One in the mail. Now that I know what they're about I'm tempted to take they're free meal for two and the $50 gift card. Has anyone here attended their presentation? How long do they keep you before you eat and get the gift card? Sounds like it could be like a never ending "owner"s update".

Our office would be interested in seeing that mailer if you could share it with us.
 

chapjim

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I updated my comment.
As I mentioned in another thread, I was recently in touch with an exit company, out of curiosity, just to see how they operate. I pretended that I owned an oceanfront Westin Ka'anapali 2 bdr annual deed ( I do not). Their pitch was that my timeshare had zero value but they would help me exit. Of course this is not true, a similar timeshare is worth over 20k in the resale market. The exit companies pocket the proceeds of the sales by the way. But look at the verbiage in the contract I was sent. The guarantee to give you the money back does not kick in after 18 months, 18 months is actually a MINIMUM. Of course, the "commercially reasonable amount of time" is interpreted at their discretion and can also be 18 years or 18 centuries lol. I could not believe how cheeky that clause was. The whole contract is outrageous, if you read it well they actually do not have any obligation except billing you lol. The owner however, can be at fault at any step of the way. This is just a small part of the contract:


[EXIT COMPANY] Guarantee

[EXIT COMPANY] guarantees that if Owner does not obtain the Services within a commercially reasonable amount of time (no less than 18 months), Owner shall be eligible for a full refund of the Fee Amount. [EXIT COMPANY]’s Guaranty obligations are met when [EXIT COMPANY] obtains a reasonable Exit opportunity, even if Owner does not accept the terms of the Resort’s Exit offer. This Guarantee is contingent upon the following conditions being met: (a) all information provided to [EXIT COMPANY] by Owner is true, accurate and complete and (b) full cooperation by Owner to timely respond to any request for information from [EXIT COMPANY] or the Resort.

This Guaranty is void and unenforceable if Owner (i) fails to fulfill Owner’s representations or obligations required by this Agreement, including, but not limited to, Owner stopping or delaying the Exit process or refusing to sign a reasonably procured Exit offer, (ii) does not timely and completely respond to requests by [EXIT COMPANY], (iii) fails to disclose a mortgage or other lien encumbrance on Owner’s Timeshare or (iv) completes the Exit process through alternative efforts while contractually engaged with [EXIT COMPANY] for Services.

Owner acknowledges that once [EXIT COMPANY] obtains a reasonable Exit offer, even if Owner does not accept the terms of the Exit offer, this guarantee does not apply. Owner further acknowledges that a foreclosure is a valid Exit and therefore Owner is not eligible for a refund.

Potential Impacts to Owner During Exit Process

Owner acknowledges the following: (a) Owner may incur negative credit reporting, foreclosure and/or other legal action by the Resort, and Owner acknowledges and agrees that [EXIT COMPANY] bears no responsibility therefor, and acquits and holds harmless [EXIT COMPANY] from any such actions and (b) Owner may be required to pay a transfer, settlement or termination fee to the Resort or to a third party as a condition to completing the Exit, and Owner understands and agrees that [EXIT COMPANY] will not be responsible for any such fee.

Define "reasonable Exit opportunity" and "reasonable Exit offer." We know one thing -- foreclosure is a "valid exit." That's about the only thing that is defined.
 

wynBob

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Hi
Looking to go to a presentation. Can anyone help me by listing the flyers they got?
Where can I get a list of their upcoming events?

Thanks
Missy

Are you crazy? Companies that do road shows are the worst of the worst. They charge ridiculous amounts and often will bundle it with a resale to “replace” your original ownership. Once they have reeled you in for thousands, you will ultimately end up with two timeshares and two maintenance fees - the resale and the original contract that they never cancelled. It would literally be cheaper for you to just payoff your timeshare.
 

AMK1219

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Want to know what kind of people you would be working with at this company?

The corporation was established in 2005 by George and Louann Reed. Sometime around 2010 the principals of the corporation changed to just Louann. The most recent public document shows them at a home in Defiance, MO.

George Reed was convicted of one of the worst kinds of crimes.
https://www.homefacts.com/offender-detail/MO9740142020170613/George-Leo-Reed.html

George and Luann still own the home together that is listed on the link above.

Legit company or not, I wouldn’t give them a dime of my money. Disgusting.
I used to work there. George isn't the only one. There are 4 more of these disgusting people working there including the other co-owner. Glad I was let go when I was.
 

Linda S

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I went to the Square One Group presentation at a local hotel. They bilked me out of $10,000 using elder abuse and high pressure sales tactics. I have since contacted the timeshare directly. Guess what - the timeshare has their own buyback plan for free. I reported Square One Group to the Missouri Attorney General's office. If you have been scammed by them, please report it to the Missouri AG, as well as make a BBB complaint. The owner of this company, LouAnn Reed, needs to be investigated for elder abuse and fraud.
 
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LannyPC

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I have since contacted the timeshare directly. Guess what - the timeshare has their own buyback plan for free.

That is one reason why many here on TUG do not recommend using any of these exit/relief/cancel companies, even if the company is legitimate.
 
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RX8

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Well, this company is certainly making a name for itself!


Is anyone really surprised? George Reed is a convicted felon for child porn. His buddy also charged is on the sex registry list too so they must be friends. This is what happens when you have felons using spouses as “Owners” of their businesses. What will happen next is Square One will likely ratchet up the cold calling, collect hundreds of thousands of dollars and then go out of business leaving many more people scammed out of their money.
 

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Has anyone here attended their presentation.....Sounds like it could be like a never ending "owner"s update".

Not theirs, but years ago I attended a number of similar presentations to see what went on. In every case 90% of attendees were older. Most had enjoyed their TimeShares but for one reason or another wanted out. The Presenters had slick presentations and lied more than TS Salesmen. Their lies were outrageous. The sad thing was that when I left almost all of the Attendees were engaged in one on ones with the Presenters. From the looks of it I suspect most signed up and wrote checks...

George
 
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RX8

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And George Reed has been charged with PPP fraud.

$7 Million and Counting: COVID Relief Fraud Allegations Mount in Eastern Missouri | Missouri News | St. Louis | St. Louis News and Events | Riverfront Times


One thing learned is that George Reed’s partner in Square One, Christopher Lee Carrol, is a sex offender buddy. I hope both these scammers rot in prison.
 
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dioxide45

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that story is crazy!
 

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chapjim

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Ol' George had a lot of things going, didn't he?
 

RX8

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George has been scamming for four years and while better late than never that doesn’t help the victims who lost millions of dollars. Hopefully, they take every one of his assets.

Although this most recent case is a civil one, he will likely go back to prison for the PPP fraud. They should post this flyer on his prison cell.


Note the collection of classic cars, his Tesla , Infiniti and Toyota Tacoma. Those should be on the list of seizures.
 
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