Have You Been Sold a Timeshare by a UK Bank or Lender?
Updated: Jan 25, 2019
Have you been sold a timeshare for a property abroad?
Great this means you can have access to lovely homes or villas for your holidays.
If you had taken a loan to buy the timeshare - did you know you may be able to claim compensation?
A recent legal case in August 2018 in the UK Courts - Upper Tribunal ( Tax and Chancery Chamber ) in the case of Plaxedes Chickombe and others v FCA and others (2018) UKUT 0258 (TCC) the Judge’s ruling has major consequences to UK Banks and Financial Institutions which provided loans to consumers to purchase timeshares .
What the above means is that if you were sold a timeshare by way of a loan then you may be able to claim back the payments made if the broker who advised you was unauthorised like the holiday resort company.
Section 27 of FSMA ( Financial Services Marketing Act 2000 ) covers agreements made through unauthorised persons. This is apt to encompass certain regulated credit agreements or regulated mortgage contracts where the lender is properly authorised, but the broker is unauthorised.
Check your timeshare investments to see if you could benefit from this legal ruling.
There are several timeshare resorts where UK Clients have purchased timeshares
Elite Club Resorts
Club La Costa
Marriot Vacation Club International
Diamond Resorts International
Azure Resorts Limited
There are various UK lenders who provided loans to purchase timeshares
GE Money Lending / First National
Barclays Partners Finance / Clydesdale Financial Services
Amit Patel, Strax Capital Legal Limited
If you have a query, need some help, please don’t hesitate to get in touch at info@straxcapital or call us on 02031517150.