Trouble trouble ...
Sorry for the half year hiatus. It has been a busy half year as well.
There has been legal trouble for me recently. It was made known to me that the time-share that I had will be giving some legal trouble. Let me elaborate.
About 4 years ago, I undertook a time-share contract to lease some holiday accomodation, so that I could let my parents enjoy an overseas holiday without worrying too much about accommodation. The same company, that contracted the time-share arrangement, would contact me a year later to offer me a different arrangement for my monthly charges once my installments were paid off. I was paying a monthly instalment for the initial time-share lease. This arrangement allowed me to book an accomodation on their catalogue for a continuous period of up to 7 days each time, and a maximum of 2 times in a 2 year period. The new arrangement they are offering will fix the monthly conservancy charges for me to a maximum of 99USD a year for the next 30 years upon paying up the time-share. However, I lost some arrangements that are favorable to me which I cannot remeber. However I took on the new arrangement because the old arrangment will place me at the mercy of the time-share company adjusting the monthly conservancy at their whims and fancy.
This new arrangement places an additional extra burden on my monthly installments. I also thought I will be placed in a more favorable legal position. 6 months later, another company contacted me to offer me a liquidation package for my time-share. Let me eleborate. This company offers liquidation services for a foreign company called Great Eastern Trust, UK. They offer to liquidate the time-share contract for a fee, and to exonerate any legal implications from the time-share contract from me. This, to me at that time, was a God-send. I took it up immediately. I thought this would be the journey towards the end. Another event hit me just a year later. Axial Management has wounded up. Great Eastern Trust has farmed out the liquidation to another few companies. One of the companies has contacted me and offered me another arrangment.
This new arrangment will set me back another few thousands again!!!! In exchange, the liquidation date will be moved nearer. Legally, they will ensure that my contract will be compliant to UK and local laws for liquidation, as well as to return my original time-share "investment" to me. The total amount from the start of the time-share "investment" till now has ballooned from about SGD9k to almost SGD38k.
All these legal problems arriving from the contract is making me so emotional now, because of the money I poured in and the time I spent in all these offices listening to slick salespersons selling their companies' wares. It is such a heartache such companies exist in Singapore, in my opinion, to fleece poor consumers who are in a legally binding agreement, unable to extricate themselves without spending humongous amounts to extract themselves from legal nightmare.
I have no confidence in Singapore's legal scene helping me at all. The legal profession and courts are quite stacked against individuals without moolah. In this time, I really wish a saviour would appear to save me, but each saviour would pile on more burden on me in exchange for my legal reprieval. I am really jaded. I am thinking of looking up CASE Singapore after trying a last time with the liquidation company now handling my case. I am just sad at the state of affairs some people go through to enrich themselves.
Labels: liquidation, time-share