August 16, 2017
Another scandal has rocked the timeshare industry, this one affecting an estimated 500 British timeshare owners. The victims of the scam were offered a “timeshare holiday product” according to a police spokesperson in Malaga, where a total of 36 people were arrested. Police raids also confiscated designer watches, a yacht and a Ferrari as part of the investigation into the multi-million-pound scam. Individual victims are believed to have lost between £500 and £2,700 each.
“It’s sad to see so many more victims of a timeshare scam. The arrests in Spain emphasise the need for caution when buying a timeshare. Hasty decisions can have long-term consequences, but with high-pressure selling techniques it’s often hard to say no – or indeed to fully understand what it is that you are signing up to in the first place.”
Jodi Beard, Timeshare Compensation
This is a key reason why so many families are looking to get out of their timeshares at present. Many did not fully comprehend the nature of their commitment, or are unhappy with annual maintenance fees that have risen out of all proportion to inflation (or anything else) during their period of ownership.
Thankfully, there are certain circumstances under which families can exit from their timeshare contracts without paying a penalty. Indeed, in many cases, compensation may even be due. This applies to owners who were rushed to make payments during the ‘cooling off period’ that followed the signing of their contract. Those who signed up to ‘in perpetuity’ contracts (i.e. timeshare contracts that last longer than 50 years) may also be eligible for compensation.
This knowledge has led to a rush of enquiries for Timeshare Compensation, which stands up for owners’ rights and supports owners to make informed decisions about how to pursue any compensation that they might be owed due to the illegal nature of their timeshare contracts.
“Now is a key time for timeshare owners seeking to overturn their illegal contracts and seek financial redress. Scams can take many forms. The Spanish Supreme Court is leading the way in acknowledging this in relation to the timeshare industry. Dubious selling tactics and contractual terms that put owners’ interests at risk are gradually being tackled through the legal system, with far-reaching ramifications for timeshare owners.”
Belinda Rollins, Timeshare.lawyer
The Spanish arrests will no doubt serve to push many families who were considering claiming compensation to take the plunge and find out what they may be entitled to. Timeshare owners are, little by little, standing up to fight corrupt selling practices and claim back what is rightfully theirs.
Timeshare Compensation and Timeshare.lawyer are a trading names of Advanced Business Consultants Legal SL.