Introduction
What if we told you the most well-known timeshare exit company ever built was once BBB Accredited, advertised endorsements by major celebrity figures such as Dave Ramsey, Glen Beck, and Steve Harvey, and is now responsible for lawsuits up to 150 million dollars?
Is this article’s intention to “bash” the BBB and blame them for the fault of others? Absolutely not. The purpose is to ensure you know and understand the risk associated with choosing the wrong company to help you exit your timeshare based on something that may not be so important after all.
Understanding the BBB
To better understand what the BBB can and cannot do, let’s take a look at what kind of entity the BBB is.
What is the BBB?
As we can see from the BBB’s website directly, it is a non-profit organization that is NOT affiliated with any government agency. It is not a legal entity like a law firm, and it is not a State or Federal entity either.
This means they aren’t going to be able to do anything for you in terms of directly going after a company to get your money back if you do end up getting scammed. This is why we state the importance of using a credit card when paying for timeshare exit services in our free resource, Why You Should Always Use A Credit Card To Pay For Timeshare Exit Services.
What the BBB Can and Cannot Do
We recently submitted a complaint on the BBB about a company, and due to the business not responding to us… This was the response from the BBB:
So… If they can’t make them respond, can’t make them give your money back, and can’t take legal action against them? What can they do? Well… They could lower the company’s score on their BBB page, show they have complaints, maybe even take away their accreditation, but how does this help you?
How does this get your money back?
The Accreditation Process
Now, to be fair to the BBB and their review platform, we do want to mention that companies are required to go through a “vetting” process to even get accredited. However, what happens when someone gets through that process and receives a badge showing they’re a “trustworthy” company? Does this mean they automatically aren’t a scam? Does it mean you’re somehow protected if things go South? Let’s take a look at what we believe the best example possible is for this situation.
Case Study: Timeshare Exit Team
The Rise and Fall
Enter, Timeshare Exit Team…
This organization has got to be the biggest name brand that has ever been built in the timeshare exit industry. They had all sorts of celebrities shown on their website that apparently endorsed and or supported them. Take a look at some of these images here:
As a consumer looking to exit a timeshare, you would think, based on even the smallest amount of research online, that this company would be THE BEST. They’ve got the BBB behind them, and they’ve got celebrity figures all over their site. It seems they’ve got it all.
But what happened next is something we don’t believe anyone expected.
Legal Troubles and Closure
Timeshare Exit Team, also known as Reed Hein & Associates, has closed its doors following significant legal challenges. In 2020, the Washington State Attorney General sued the company for deceptive practices, resulting in a $2.61 million settlement and an agreement to stop its misleading activities. Despite this settlement, additional financial penalties and a consent decree were imposed, leading to the company’s eventual shutdown in early 2022. This closure left many consumers without the services they paid for, highlighting the risks associated with third-party timeshare exit companies Source 1 / Source 2
Additionally, Dave Ramsey, a well-known financial advisor who endorsed Timeshare Exit Team, is facing a $150 million lawsuit. The lawsuit alleges that Ramsey misled his listeners about the company’s capabilities, despite being aware of its issues. The suit claims that Ramsey continued to promote the company and profit from the partnership, contributing to the financial losses experienced by many of his followers. Source
Lessons Learned
Timeshare Exit Team is just ONE example of what could happen when you don’t follow the best practices our organization shares with consumers just like you when hiring someone to help you exit your timeshare. It’s not so much about accolades or reviews. It’s more about practical steps that you can take as a consumer to stack the odds in your favor and protect yourself. You can learn more from our free resources here.
The Role of BBB Accreditation
Being accredited with the BBB did not stop Timeshare Exit Team’s customers from being let down. It did add validation to the legitimacy of their business, which is why most accredited timeshare exit companies boast their badge with pride.
But… Does that mean you’re actually protected from losing your money and being guaranteed the service you’ve paid for? No. Not in our opinion or based on the examples found all over the internet.
The Real Value of BBB Accreditation
So why is it so important to be accredited?
Well, we don’t really know the answer to that. Maybe it’s perceived value or the lack of knowledge regarding what the BBB actually is as an official entity and what accreditation even provides in terms of protection to a consumer.
Paying For The Accreditation
How does a company get accredited anyway? In short, you pay.
That’s correct. You pay for your accreditation.
From what we’ve found, you cannot be an obvious scam and then just pay for an accreditation. That would be plain silly. However, the BBB charges the following rates for the ability to use their logo in company marketing:
What Happens If You Don’t Pay?
So what happens when you don’t pay?
Well… creating a BBB page is free, but if you don’t have an accreditation, you get this image slapped onto the very top of your page:
This, in our opinion, indicates that a business is somehow not legitimate or trustworthy. This could stop the business from earning a customer’s trust and desire to move forward with the organization, even though it could be a perfectly run company with stellar results.
We don’t believe this is right… and we don’t believe this is fair.
You should not have to pay someone to “prove” your company is trustworthy or legitimate.
Alternatives to BBB
This is especially true when there are bigger review platforms that offer free pages to collect testimonials from customers, like Trust Pilot.
That’s who we use, and as of the writing of this free resource, we only have 5-star reviews.
So, does not having a page on the BBB make Bridge Transfers illegitimate? We don’t think so, and neither do our customers.
Protecting Yourself as a Consumer
While there may never be a “guaranteed” way to know if a company is trustworthy or runs their business in a way that enables the organization to actually stay in business, we do believe that using a credit card is the safest way to protect yourself when paying anyone for timeshare exit services.
Final Thoughts
In short, we don’t understand why consumers believe that a timeshare exit company’s BBB accreditation somehow means they are guaranteed to get the job done successfully or that they are legitimate. Do your research and pay attention to what you’re actually signing. If the process is not clearly laid out in writing for both parties to sign, that’s a problem in itself. If the contract is riddled with all sorts of language that voids any money-back guarantee or refund clauses, ensure that you understand the consequences of signing that document. This advice alone will save you more heartache and money than just seeing a logo for validation, in our opinion. Stay safe out there!
To learn more about how our office may be able to help you, visit www.BridgeTransfers.com today.
FAQ
What is the BBB?
The Better Business Bureau (BBB) is a non-profit organization that aims to promote trust in the marketplace. It is not affiliated with any government agency, legal entity, or state/federal entity.
Can the BBB help me get my money back?
No, the BBB cannot directly take legal action to help you get your money back if you are scammed. They can lower a company’s score, show complaints, or revoke accreditation, but they cannot take legal action against a company for you.
How does a company get BBB accredited?
A company pays for BBB accreditation after going through a vetting process. In our opinion, this does not guarantee the company’s legitimacy or protect consumers from scams as shown in this article.
What should I look for in a timeshare exit company?
Look for practical steps and clear contracts. Avoid companies with vague terms or those that void money-back guarantees. Using a credit card for payment can offer additional protection.