- Already Exited
- Discretionary Benefit
- How does compensation work
- In Perpetuity
- Maintenance Issues
- My Timeshare Resort
Where does the money come from for Timeshare Compensation?
With the recent legislation and rulings in the Spanish Supreme Court, there is a substantial amount of timeshare compensation currently being claimed. With many people affected by illegal timeshare contracts, hundreds of thousands of pounds have been refunded and paid out in compensation claims. The amount paid out to a client is based on each individual case but can range from a few hundred pounds up to a six-figure sum. With more and more cases opening all the time, it begs the question – Where does all the money come from?
The answer is quite simple; timeshare resorts are having to set money aside in a fund designated for the repayment of compensation claims. This a very similar situation to the PPI scandals a few years ago, with banks being ordered to pay back miss sold payment protection insurance to millions of customers. Not only is this worrying for the resorts, the looming threat of compensation claims can also be quite costly. The bad press that timeshare resorts have received over the last few years combined with the current financial climate has meant that some resorts are already selling fewer units. Even with this designated fund, there is only a certain amount of money that resorts can put away for compensation claims. An influx of compensation claims may result in a resort paying out much more then they can afford and possibly fall into insolvency.
To avoid having to make these payments, timeshare resorts are fighting hard to maintain their existing contracts, even when it is at an emotional or financial detriment to their customers or when they may contain illegal clauses. Smaller timeshare companies are at a lesser advantage as they may not have the finances needed to get themselves through this situation, but it is still necessary for justice to be done and for customers to receive what may be due to them.
Silverpoint, Anfi and other larger companies are possibly in the financial situation to have enough money to cover compensations claims and to continue their business unscarred, but to avoid paying out any compensation, these larger companies sometimes decide to move their assets and declare themselves bankrupt. It has been known that once a larger company has been declared bankrupt, the company may decide to reinvent themselves by starting a new company. They continue to sell the same products and even use the same staff. Hopefully the connection between an old company and the new one will be made, and they are then held accountable for any compensation awarded to the clients, but this cannot be guaranteed until precedents by the court are set.
Timeshare.lawyer has helped clients win many timeshare compensation claims and in all of the cases won so far, the compensation has been paid to the client directly from the resort. The client receives 100% of the compensation awarded into their nominated bank account. Timeshare.lawyer then invoices the client for the agreed percentage commission which was contracted at the beginning of the process.
In a situation like this, time is definitely of the essence. If you feel that you may have been mis sold your timeshare and to ensure that you receive the compensation that you may be entitled to, we urge you to get your case started as soon as possible.
I have not paid my maintenance for over 8 years and no longer receive correspondence from the resort. Am I still entitled to compensation?
Yes, as long as you have supporting documentation.
Am I guaranteed compensation?
There is no guarantee, but we will evaluate your claim with you, before proceeding. 8 out of 10 consumers we speak to, do have a claim.
What does “in perpetuity” mean?
1.the state or quality of lasting forever.
2.a bond or other security with no fixed maturity date.
This means the ownership was sold to you with no end date and the liability will carry on within your estate even after death, passing to your next of kin. In many countries, this type of contract has been deemed illegal.
Does it matter where in the world we have our ownership?
No, we have successfully exited and made compensation claims for people who own worldwide.
If I die while this is still in progress, will the Discretionary Benefit Scheme transfer to my estate?
Yes, the Discretionary Benefit Scheme covers the ownership, not the person.
I have already exited my Timeshare; can I still make a compensation claim?
Yes, certain criteria would need to be met before we would be able to move forward with any claim. This will be evaluated with you before we proceed further.
How do you make your money?
Within our contract with you, we agree a fixed percentage fee of any compensation money you win. 100% of any compensation money is paid to you first. We will then invoice you for the agreed percentage fee.
In the contract, it states that we may not be formally exited. What does that mean?
In cases where the resort will not engage and provide a formal exit, you will receive a letter from us, confirming your informal exit, based on one of the descriptions of an exit, as explained in your contract. You will also be provided with details of the Discretionary Benefit Scheme which may entitle you to cover of up to £50,000 per timeshare resort owned.
I am working with a claims company to get my money back for my Timeshare. I have already paid them. Can I still use your services?
Our services provide an exit from the timeshare ownership and supporting contracts. Check with the claims company if the exit will affect their work. Timeshare.lawyer also offers a claims service. See page 9 of our full brochure for further details.
What happens if you can’t exit me from my Timeshare?
In 2015 and 2016 we exited clients from over 2,750 timeshares in accordance with the descriptions of exit set out in our contract.
How does the compensation process work?
Following the initial engagement of your Legal Specialist, they will extricate you from your timeshare first. This process ensures there is no future financial liability, without waiving rights to a compensation claim – which is very important. Once this part is concluded, your Legal Specialist will then proceed with any claim you may have and wish to pursue.
I have already signed a contract online, do I need to return a copy?
No. The online contract is legally binding for your timeshare extrication. However, if you are seeking compensation, complete the “Letter of Authority”
enclosed and post back using the business reply envelope provided, no stamp required.
I owe maintenance. Can I still use your services?
Yes, we can help even if you have outstanding maintenance.
What happens after I sign the order form and send it back?
We will advise you who your case has been assigned to and you must then contact them to engage and begin the legal extrication process.
What does the Discretionary Benefit Scheme cover?
It may entitle you to a payment towards the financial consequences of legal action, up to a maximum of £50,000 per timeshare resort owned, if you are successfully sued by your resort. Any payment is discretionary (i.e. not guaranteed) and subject to the conditions of the scheme which can be found in the TOPPL Terms & Conditions.
What is the maximum amount covered under the Discretionary Benefit Scheme?
£50,000 per timeshare resort owned.
Last year we exited and sold over 2,250 timeshares for timeshare owners.
This made us the largest company of our kind in the UK. We have been in business since October 2010, and our group employees total some 90 staff in four locations (three in the UK). Most of our staff have been in the timeshare industry for over a decade.