Section 140A of the UK Consumer Credit Act 1974 is a legal provision that can help consumers who have taken out a loan to purchase a timeshare. The provision provides a mechanism for consumers to make a claim against the lender if the lender has breached its duty to provide proper pre-contractual disclosure of certain information.
Specifically, under Section 140A, a consumer can make a claim against the lender if the lender did not provide adequate information about the credit agreement, such as the total amount of credit, the interest rate, and the total amount payable. In the context of timeshare purchases, this could include information about the property, the terms of the timeshare agreement, and any fees or charges associated with the timeshare.
If a consumer successfully makes a claim under Section 140A, the court may order the lender to pay compensation to the consumer. The amount of compensation will depend on the specific circumstances of the case, but it may include any losses incurred by the consumer as a result of the lender's failure to provide proper disclosure.
It is important to note that making a claim under Section 140A can be a complex and time-consuming process. Consumers may wish to seek advice from our legal team who specialise in timeshare law to understand your rights and options.
If you have been mis-sold by any of the below companies, you could be entitled to compensation by way of a Section 140A finance claim.
- Club La Costa
- Diamond Resorts
- Club Paradiso
- Silverpoint
- MGM
- Anfi Resorts