posted 7th May 2024
Regrettably, the financial sector's reactive approach is all too evident in the mis-selling of goods, services, and financial products. A prime example of this is the handling of timeshare finance claims, where action is often taken only after the horse has bolted.
Our timeshare finance compensation claim guide will provide you with the tools to help you identify whether you qualify for compensation and the best way to claim it.
1. Let's start with the basics. Who is able to help me make a claim?
For a company to be able to help you, they must be either FCA or SRA-regulated. Choosing a timeshare claims specialist like ourselves will give you a distinct advantage over a regulated entity without experience in timeshare claims. Timeshare finance claims are a niche law area requiring years of experience and in-depth knowledge of the timeshare sector. Avoid cold callers and intermediaries that pass you on to other companies, as they either operate without the necessary FCA regulations or want to defraud you by taking an upfront fee.
2. Do I qualify, and who will pay me my compensation?
Fortunately for timeshare owners, the vast majority of loans provided to purchase timeshares were protected by the Consumer Credit Act of 1974. This means the bank is responsible if something goes wrong with the product or service you purchased or if the company goes bust. This protection is not dissimilar to credit card protection but has different features. Rather than Section 75 protection, timeshare claims are submitted under Section 140/A. Timeshare finance claims are not necessarily restricted to time limitations; it depends on which finance company you are claiming against and whether there has been any FCA intervention.
3. How much money will I receive, and what happens if I have an outstanding loan?
If your timeshare finance claim is successful, you could be entitled to the below compensation package.
- Full refund of all the money paid to the finance company.
- Statatory compensation of 8% per year on the total capital from the original point of sale.
- Maintenance fee refund plus 8% per year.
- Oustanding loan cancelled.
- Membership and Maintenance fees cancelled.
4. What do I need to do to make a claim?
Firstly, gather all the necessary documents relating to your claim. This should include copies of your purchase agreements and finance contracts. If you have lost all of the documents, don't panic! We may be able to request these from your suppliers.
When you are ready, give us a call or send us an email. We will quickly evaluate your eligibility and send you the paperwork to begin your claim. It's important to remember that we do not charge any upfront fees, and you only pay us if we win your claim.
5. Which timeshare finance companies can I claim against?
The below list is not exhaustive but is an indication of previous claims we have made.
- Barclays Partner Finance (also known as Clydesdale Financial Services)
- Shawbrook Bank
- Novuna Finance (previously known as Hitachi Finance)
- First Holiday Finance
- GE Money
- Tandem Finance
- Oplo Finance
- Honeycomb Finance
