If you’ve been affected by the timeshare industry, you may be owed thousands of pounds in compensation. But making a claim can be a complicated process, and it’s important to understand your options before taking any action. See more about timeshare shared ownership on this page here.
It’s always best to explore your options and why you need a lawyer for mis-sold timeshare claims. An overview of the industry and how it has affected consumers will also give you an insight into what to do next. If you think you’ve mis-sold the product, then a good representative can give you a good chance of recouping your losses.
What is a Timeshare?
A timeshare is a vacation ownership product in which an individual purchases the right to use a specific unit of property, and this is usually in the form of a condo, villa, or vacation home for a set period of time each year. Timeshares are often purchased through developers or resort companies, who then sell them to individuals.
You will be given a specific week to visit the villa for a short time and only pay a fraction of the price, along with the others. This is an attractive option for vacationers who want to own their own piece of property that they can visit annually without paying too much. However, you should be aware of some significant downsides to timeshare ownership before making a purchase.
One of the biggest problems with timeshares is that they are often sold using aggressive and misleading sales tactics. People who buy them often feel misled or taken advantage of by the salesperson. See more about wanting to exit in this url: https://www.forbes.com/sites/christopherelliott/2022/06/18/how-to-exit-your-timeshare-after-the-pandemic/?sh=1ca33d50562b.
If you’re considering buying one, it’s important to do your research and ensure you understand all the pros and cons before making a decision. Also, ensure to work with a reputable company with a good track record of treating its customers fairly.
Examples of Fraud
There’s a growing issue in the community of timeshare holders in the UK where scams are being perpetrated left and right. These scammers are everywhere and can be found on social media, radio, and agents calling on the phone.
Someone might have wanted out of their timeshare, and they receive an exit scheme call from one of the scam call centers operating in a temporary office. They will tell you that there are already buyers willing to arrange the transfer of your contract and confirm your relinquishment with the resort.
With a sigh of relief, you might be required to pay an amount of £5000 and never hear from them again. The telephone call was a scam, and the letter was forged. Others will tell you that you owe them somewhere around £3,500, and if you don’t pay immediately, your account will go straight to the collections department.
You might also receive a letter from the resort saying you’re allowed to sell your timeshare for about 10% more than what you’ve paid. You might think this is the best deal of your life, but you have to pay someone else a fee of £600 or lose this opportunity. You’ve paid the account in Geneva instead of the one you have in Tenerife and never heard from them again.
These scams are very old, and you might be presented with a wonderful investment. These vacation homes are located in Maldives, Cape Verde, or other exotic islands that you’ve never heard of and find out that years later, the property was just the imagination of the salesman.
With timeshares, there are a few common ways that people are mis-sold:
- Being told that the timeshare is an investment that will make you money in the future
- Being pressured into buying on the spot without being given time to think it over
- Not being told about the full costs of owning one, such as maintenance fees and annual charges
- Being promised benefits that don’t exist, such as guaranteed rental income or the ability to sell the timeshare easily in the future
Consequences of Mis-Selling
If you suspect that you’re a victim of a timeshare fraud, there are several consequences that you may face. These can include financial loss or emotional distress.
Sometimes, people tricked into buying have lost tens of thousands of pounds. This is because they have been pressured into buying a property they cannot afford or do not exist in the first place. In other cases, individuals have been persuaded to take out loans to pay for their timeshare. This can leave them in debt for many years.
There’s also the emotional distress that should be taken into consideration. This can be caused by the anxiety of not knowing what will happen to your money or the worry of being unable to use your allocated time in vacation homes. In some cases, people have even committed suicide due to the emotional distress caused by mis-selling.
Getting the Help of a Lawyer
If you believe you have been a victim of these fraudulent activities, you need to take action to get your money back. The first step is to contact a lawyer like Lincoln Green timeshare claims that specializes with these things. They will be able to review your case and determine if you have a valid claim.
If you’re considering claiming mis-sold timeshare, you may wonder if you need a lawyer. The answer is yes and here’s why:
- You’ll need someone to represent you in court
If your case goes to court, you’ll need legal representation. A lawyer can navigate the complex legal system and give you the best chance of success when you want your money back.
- The attorney can help you gather evidence
To win your case, you’ll need to prove that your timeshare was mis-sold. A lawyer can help you gather this evidence and build a strong case.
- A lawyer can negotiate on your behalf
If your case doesn’t go to court, a lawyer can still help by negotiating with the other party on your behalf. This can often lead to a better outcome than if you tried to negotiate yourself.