How Timeshare Can Ruin Your Wealth
How Timeshare Can Ruin Your Wealth
Claims Directive asks one of their timeshare compensation clients to share their experiences and asks how they come to part with over eighty five thousand pounds in purchases, have a home repossessed, get divorced, are still twelve thousand pounds in debt and will never set foot out of the UK again.
Mr and Mrs J of Wales originally purchased their first timeshare in Tenerife in 1989, after being offered a duty free pack to attend a sales presentation. The concept seemed great, 5 star holidays for £64 a week anywhere in the world, go as many times as you like, take family and friends, you can sell it, will it, or even rent it, and with only an initial investment of just six thousand pounds for a one bedroom unit, Mr and Mrs J left Tenerife happy in the thought that their future holidays and their families were now safe and Paid for.
It was not until 13 months later on their first holiday back in Tenerife, that it became apparent that not only had they been advised to purchase the wrong product, but even worse there was nothing they could do apart from upgrade at a cost of another five thousand pounds, so after only their first timeshare holiday, they had already spent the price of a luxury car, but again left Tenerife slightly aggrieved that they had spent more money, but now they had a large luxury two bedroom apartment in the sun.
They told Claims Directive that over the next nine years they visited Florida, traded their weeks in, twelve thousand dollars. Visited Portugal, purchased two more weeks on finance, fourteen thousand pounds. Visited UK, purchased a timeshare canal boat, nine thousand pounds. Visited Tenerife, traded all weeks in, seventeen thousand pounds. Visited Cyprus, purchased new weeks, six thousand pounds.
One thing that was a continued point in every buy/sale they made was that All the sales and marketing companies involved all said that, they would either purchase their previous timeshares or would sell them within a set period of time.
Mr and Mrs J were in the timeshare trap, having spent so far over sixty three thousand pounds, still owning most of their weeks and with an annual maintenance bill of over three thousand pounds, they decided to take a cruise holiday, after a great welcome break without a timeshare salesperson in sight, they arrived for their second week of holiday in the Balearic islands, and yes to their surprise it was a timeshare resort. This time it was different, no sales people around, a nice few excursions, and then from nowhere they were in the middle of a very good timeshare investment sale pitch, this time Mr J was not playing ball, but of course this was a very persuasive pitch and this time they could get rid of their maintenance bill, take as many holidays as they want, and even get a good rental income in every year.
Mr and Mrs J signed up and with an amount payable of another twenty thousand pounds, this was the end to all their worries, no more maintenance, a yearly income, and with the added bonus that they could sell after 3 years for the total amount of their entire timeshare portfolio, and this time they had it in black and white. They remortgaged their house, and paid up, and waited, and waited and waited, letters, emails, phone calls and even a surprise visit back to the resort brought no answers, suddenly the original timeshare marketing company disappeared.
Mr and Mrs J divorced in 2008, both believe that the stress and hardship that timeshare has brought created the start of this break up , their house was repossessed the same year, they have now begun a timeshare compensation claim through Claims Directive for mis-selling under the 1994 European timeshare directive, this claim will recompense them for some of the financial hardship that purchasing timeshare has done.
However it will not bring back their house, it will not relight the fire of their 25 year marriage, but it does serve as a notice to others, IF IT SOUNDS TO GOOD TO BE TRUE ITS A TIMESHARE.
Claims Directive and its sponsor, now representing mis-sold timeshare owners that purchased in Spain or its islands after 1996, under the European timeshare directive.
Claims Directive Timeshare Advice and Compensation Claims.