posted 21st November 2023
Based on what has happened, it's clear that many of the banks that decided to work with timeshare companies had more interest in their shareholders than customer satisfaction. After all, it doesn't take a genius to work out the timeshare product itself and sales methods used, break nearly every mis-selling regulation in the book.
Many of the banks in question believed that 'out of sight, out of mind' would have been enough to cover up what was happening in sales centres across Europe. This is evidenced by many of the responses we receive from these banks regarding the regulation of the companies they were working with.
Far too often, the value of a business is often quantified through short-term performance metrics and reports designed for the benefit of shareholders and stakeholders, sidelining the very customers who are the lifeblood of the business.
Club La Costa complainants were 'ping-ponged' backwards and forwards between the lender and product supplier, neither wanting or willing to help. Their attitude was simple, "the 14-day cooling-off period has ended, and you are now bound by a regulated loan that you are legally obligated to pay."
Despite thousands of mis-selling complaints, UK Banks and Lenders were queuing up at the doors of timeshare companies such as Club La Costa, hoping to get their piece of the pie. The Club La Costa gravy train was fuelled by a lack of action by UK authorities that knew very well that thousands of their citizens were mis-sold abroad.
A self-preservation and propaganda campaign by the timeshare industry, funded by Club La Costa, did its very best to shift the blame onto others, leaving Club La Costa to carry on mis-selling with impunity, whilst the banks carried on counting their ill-gotten gains.
Fortunately, after nine years of ineptitude by the authorities, Club La Costa and Diamond Resorts Fractional members who took out a timeshare loan with Barclays Partner Finance, Novuna or Shawbrook Bank can get their money back.
The Fractional membership was mis-sold as an investment, which is illegal. Consumers who have paid their timeshare loan off within the last six years or are still paying it qualify for compensation. Our 100% No Upfront Fee Policy ensures that making a timeshare claim with us against the Bank is risk-free.
