posted 6th February 2024
Being paid compensation for a mis-sold timeshare can have substantial financial benefits, mental relief and a massive decrease in your level of stress! For many, it will also be a matter of principle to see justice fairly handed out to the people who have wronged you. Being mis-sold and lied to is never a pleasant experience, and for most, buying a timeshare is a decision they regret. As such, over the last ten years, we have helped thousands of timeshare owners get their money back. The tips below will ensure you take the correct steps to get your money back and cancel your outstanding timeshare loan.
Step 1. Ascertain if you qualify
Despite what you may of heard or been told by 99% of companies, of which the vast majority are scams, not everybody qualifies for compensation. The qualification of a timeshare claim isn't based on a story you are told on a zoom call by an ex-timeshare salesperson, but a simple set of facts. These facts are determined by the 1974 Consumer Credit Act.
1. Did you pay by point-of-sale loan or credit card?
2. Are you still paying your timeshare loan?
3. Have you paid off your loan within the last six years?
2. Know what doesn't qualify.
If you paid by cash, bank transfer, or cheque directly to the timeshare company, you cannot recover your money. Before many timeshare companies closed down, there was a tiny glimmer of hope, and a handful of timeshare owners got back some money. However, this was very few, and after they had paid thousands in upfront fees, they were left with very little.
The modus operandi of many companies and cold callers is to convince you that you can still recover your money despite how or when you bought and paid for your timeshare. They will ask you to pay upfront fees and change the percentage of the claim to suit the amount you pay upfront. This tactic is just a distraction tactic used to try and legitimise themselves. Remember, a percentage of nothing is nothing.
3. Which Banks are paying compensation in 2024?
Due to the Ombudsman and High Court Rulings, the following Banks must 'put things right'—these claims concern Club La Costa and Diamond Resorts' Fractional memberships. Typical compensation settlements include a full refund, 8% statutory interest, maintenance fees, and a complete write-off of outstanding timeshare loans. Shawbrook Bank; Barclays Partner Finance; Hitachi Finance(Novuna); First Holiday Finance; Oplo; Tandem; Honeycomb Finance.
