Money saving masterclass: Timeshare compensation explained

Published On : 03/18/2017

• Timeshare compensation claims mirroring PPI snowball effect (Timeshare Compensation)
• Detailed fact finding essential for successful claims (Timeshare.Lawyer)
• Most recent Timeshare Compensation client awarded £13k

In much the same way that PPI claims have snowballed in recent years, timeshare compensation looks set to do the same, according to industry experts.

“A series of decisions by the Spanish Supreme Court has set the stage for the volume of timeshare compensation claims to grow significantly. The effects are already being felt – increasing numbers of timeshare owners are finding out if they are eligible for compensation and how they can make a claim.”

Spokesperson from Timeshare Compensation

The Supreme Court decisions have focused on factors that can deem a timeshare’s sale to have been illegal.
According to the Court’s view, a timeshare contract that lasts longer than 50 years, is for floating week products or involved taking money during the cooling off period is illegal.

The selling of timeshares under the guise of fractional property ownership has also been ruled to be illegal, as has the selling of timeshares as ‘investments.’

For British timeshare owners who feel trapped by the properties that they purchased, these rulings have provided new hope that they may be able to exit from their contracts and receive compensation. But where do they start?

“The first step towards winning timeshare compensation is to go over the facts. Dig out all the paperwork from the time the purchase was made. That doesn’t just mean the contract, but includes bank statements and any other documents relating to payments made at the time of purchase.”

Belinda Rollins, Legal Support Manager, Timeshare.lawyer

The fact-finding stage of the process isn’t quick, but can reap big rewards. Over time, memories of precise figures, dates and even currencies can become blurred. All of those details need to be crystal clear before any claim for compensation can be progressed.

According to the experts at Timeshare Compensation, the research part of the process should also focus on recalling how the purchase was presented, including promises made by sales staff and any paperwork that was provided to promote the timeshare prior to the purchase.

Those looking for an early indication of what they might be due can also use the compensation calculator from Timeshare Compensation. Based on the amounts paid, average maintenance fees and the number of years owned, timeshare owners can find out an indicative amount of the compensation that they might be due.

For clients with a decent case for compensation, the next step is to prepare for court. Going through the courts isn’t a fast process, but it can be well worth the wait. The last client to be supported through the court process by Timeshare Compensation – a UK resident who owned a timeshare in the US – walked away with compensation of £13,000.

The final element to consider is whether or not the owner wishes to get rid of the timeshare. While this is often a secondary focus, it isn’t always.

“Even owners who are perfectly happy with their timeshares may have been mis-sold them and be entitled to compensation. This doesn’t necessarily mean that they want to exit from their timeshare purchases, just that they are eligible to be awarded compensation by the courts.”

Spokesperson from Timeshare Compensation

As further legal cases test the industry, it is likely that even more reasons for timeshare compensation will arise. Anyone considering claiming for compensation should seek expert professional advice to find out the latest developments.

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.