Are You a Victim of Mis-selling? If so, you only pay us if we win.
Are you a victim of Mis-selling? If so, what can you do about it? How you paid for your purchase will determine the best route to take. If you took out a point of sale finance agreement with a regulated lender, you could claim under the 1974 Consumer Credit act.
The below-regulated lenders were involved with the financing of Timeshare products.
- Barclays Partner Finance
- Clydesdale Financial Services
- HMC Funding
- Hitachi Finance
- Shawbrook Bank
- First Holiday Finance
If you paid for any part of the purchase using a credit card, you are protected under the 1974 consumer credit act.
The 1974 Consumer Credit Act
The UK's consumer credit is regulated by the Consumer Credit Act 1974 (amended in 2006), the Financial Services and Markets Act 2000 and various regulations implementing European Union consumer credit law.
Together, the legislation covers the following areas:
- the information consumers should be provided with before they enter into a credit agreement
- the content and form of credit agreements
- the method of calculating annual percentage rates of interest (APR)
- procedures relating to events of default, termination and early settlement
- credit Advertising
- additional protection credit card purchases costing more than £100 and up to £30,000 under Section 75 of the Consumer Credit Act
Before granting credit or significantly increasing the amount of credit available to you, a creditor must assess your creditworthiness.
They must base this assessment on sufficient information obtained from you and a credit reference agency.
Also, there is certain information that must be provided to you before a regulated agreement is made.
You must be informed of the following:
>the nature of the agreement
- the identity and address of the creditor
- where applicable, the name and address of the credit intermediary
You must also be given key financial information including:
- the type of credit
- the amount of credit or the credit limit
- the duration of the agreement
- the rate of interest charges and the APR and any conditions applicable to the rate
- the total amount payable
- the amounts and timings of repayments
This information must be contained in a document headed 'Pre-Contract Information' which must be provided separately to the credit agreement itself.
Both parties must sign the agreement and a copy of the agreement must be given to you either at the date of signing or within seven days thereafter.
How is Finance Mis-sold at a Timeshare Presentation?
The most considerable amount of complaints we receive are from bewildered Club La Costa clients.
These are the typical complaints:
1. We were told we could cancel at any time.
2. We were pressured into signing.
3. We had to sign on the day
4. It is a today only deal
5. We didn't realise we had finance
6. We only realised we had finance when we tried to re-mortgage
7. We didn't know the interest was so high
8. They didn't assess our financial circumstances.
9. We were told it was a short term investment
10. We will be dead before the loan finishes
Unregulated Finance Agreements
Unregulated finance agreements typically come in the form of internal resort finance. No money is lent to you. As such, this borrowing will not show on your credit report. You are merely making monthly payments until the balance is fully paid. The 1974 consumer credit act does not cover these agreements.
Resorts that have provided Internal Resort Finance :
Azure Resorts - Vacation Finance Limited
Anfi Resorts - Anfi Finance
American Mortgages - USA Resorts
Unregulated finance agreements are simple to cancel. Just get in touch.
If you think you have been mis-sold your timeshare finance and would like some help resolving your issues, just get in touch.