Updated: Aug 9, 2019
The Times reported recently that football super stars Ryan Giggs and Gary Neville are allegedly connected to a Maltese timeshare resort who are suspected of mis-selling timeshare and related loan agreements brokered by unregulated timeshare sales agents.
You can see the entire article here (Times subscription required):
It raises an interesting question about timeshare finance and what it means for timeshare owners wishing to get rid of their timeshare and/or claim compensation for mis-selling. Approximately 50% of the people who contact us have outstanding finance on their timeshares (even if they no longer own)! Often this finance is from a UK lender such as Barclays Partner Finance, Hitachi, Shawbrook etc and was sold at the resort by an unregulated agent, i.e. the FCA. Affordability and credit checks were routinely not completed and often the 'reason for the loan' would be stated as 'home improvements' or 'building work'. In addition, the rates of interest on these loans can be as high as 35% APR.
There may be a way to make a claim against these UK banks - under the Credit Consumer Act 1974, when misrepresented products were paid fully or partly by credit card, the full amount of the purchase price can be claimed from the credit card company together with interest.
Our advice is to seek out a UK based claims company in the UK that is MoJ registered (the claims regulator) with experience in this sector. It won't get you out of your timeshare, but it might get you your money back.
Disclaimer Note: Timeshare Advice Network does not offer any specific advice in relation to finance claims in the UK and is not regulated by the MoJ to either register or process claims.
You can view the entire article below (as it appeared in the Times newspaper on 21 February 2019