13 NOV 2020

Our Guide to Claim Compensation for Mis-sold Timeshares

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Given the endless array of products that you can buy with a click of your mouse or a tap on your screen, you’re probably used to buying things left and right. From purchasing solar panels to insurance, you’ve likely sought guidance from a salesperson, who was excited to tell you all about it. However, when you receive something, and it wasn’t what you were told to expect, you have the right to seek compensation. 

Although it’s easy to return or exchange mis-sold products like a computer or a refrigerator, it’s a little more complicated when it comes to mis-sold timeshares. If you’ve ever purchased a timeshare and it wasn’t what you expected, here’s what you need to know:

 

What is a Timeshare?

A timeshare is a property, like a resort or a hotel, that many people jointly own. Each owner must pay an initial lump sum, along with annual maintenance charges, to use the property for a given period each year. Timeshare comes in many forms that you’re probably familiar with, such as timeshare ownership, fractional ownership, vacation club, and holiday ownership.

 

How Can I Tell If I Have Been Mis-Sold Timeshares?

Before you pursuing timeshare mis-selling claims, you must first determine if you have been a victim of it. Generally speaking, you must have purchased the timeshares at least six years ago with the promise that your timeshare’s value will increase over the years, bringing you massive profits. You must also have paid a deposit or fully paid for it with a credit card or a separate finance agreement.

However, there are a few warning signs you must know. If the salesperson used aggressive sales tactics or put you under high pressure to purchase it, that’s a red flag. If they also refused to give you a cool-off period, or time to reflect on your decision of at least two weeks after signing the contract, then that’s another sign an agent mis-sold a timeshare. If you have attempted to leave the timeshare agreement but were told that you would have to sign a new contract to do so, that makes you eligible to claim compensation. Finally, you can also pursue a timeshare mis-selling claim if you used any form of a credit to pay a third-party company for extra service, but they defaulted.

 

How Do I Seek Compensation?

Fortunately, there are many ways to seek compensation. You can make a formal complaint directly to the company once you realise that you have been misled into purchasing a timeshare. Make sure to track the dates you’ve reached out to the company, what you’ve discussed, and any actions they may have taken. Ensure that you do not use your timeshare without filing a complaint.

However, if you aren’t happy with the company’s response, then you must file a credit card claim. Keep in mind that this method applies only to those who paid for the timeshare with a credit card. The payment must be more than £100 and under £30,000 according to the Consumer Credit Act 1974. 

When you file your claim, give them the information that resulted in the breach of contract. Supply all the crucial details, such as when you bought the purchase, how much you spent, and how you made the purchase. 

If all else fails, consult a solicitor. Taking it to court with the aid of a solicitor will help you get the full compensation in the shortest time possible, as they are experienced in such cases. They’re also well aware of the habits of timeshare companies, who prefer to drag the case for as long as possible. 

 

Conclusion

Dealing with mis-sold products is incredibly stressful, especially when it’s something you can’t quickly return to the company. Mis-sold timeshares have long been a problem of many people, which is why asking for the help of a solicitor will give you the smoothest experience possible. If you believe you’re eligible to seek timeshare mis-selling claims, be sure to get in touch with a specialist. 

 

Consumer Reclaim is an expert in seeking compensation for complaints regarding mis-sold goods and services. We are well-acquainted with the complaint process, so we make sure to provide the easiest and smoothest procedure to our clients for a hassle-free experience. If you think you’ve been mis-sold a product, get in touch with us today to see how we can help!

 

Consumer Reclaim Ltd is regulated by the Financial Conduct Authority in respect of regulated claims management activities, reference number: 835212. Registration is recorded at: https://register.fca.org.uk. Consumer Reclaim Ltd is registered in England and Wales, Company Registration number: 07223077. Information Commissioner Office number: ZA176000. VAT number: 144 4752 12