Claiming compensation for your mis-sold timeshare
If your timeshare is not what you were promised and you feel that it was mis-sold, you could have a claim for timeshare compensation.
Buying a timeshare can seem like a fantastic opportunity – a chance to enjoy exotic holidays each year, and a way to own your very own piece of vacation property. And, for many people, having a timeshare is a positive experience. However, for others, it can be a disappointing and frustrating experience as the reality fails to live up to what was promised.
If you fall into the latter camp, it’s possible that you could have a case for a timeshare compensation claim.
Am I eligible for compensation?
Taking legal action to escape your timeshare contract can be a lengthy and costly process, so before you begin you need to make sure that you are potentially eligible for compensation. Luckily, the Spanish supreme court has provided clarity on this, specifying three situations where your timeshare contract may be illegal.
The first of these is a timeshare with an ‘in perpetuity’ contract, that is, a contract that locks you in for life or for more than 50 years. These types of contracts are often considered to be illegal, as are contracts for ‘floating weeks’ products. If you hold either of these types of contracts it’s likely that you are eligible for compensation.
All contracts are subject to a legal ‘cooling off’ period in order to give purchasers the chance to change their mind and cancel their purchase should they wish to. If you handed over money to the timeshare company during the official cooling off period, this will invalidate the contract, giving you the opportunity to make a claim.
Even if your experience doesn’t fit neatly into one of these boxes, you could still potentially have a claim if you feel that your timeshare was mis-sold to you – so it’s always worth looking into it further. For example, people who have been the victim of high-pressure sales tactics, who weren’t given sufficient time to read through the paperwork, or who were sold their timeshare as an investment could all have sufficient grounds for claiming back the full cost of their timeshare.
However, it’s worth noting that in addition to the above, in order to make a claim, you must have paid at least £100 towards the cost of the timeshare on a credit card.
Know your facts and figures
Before launching any timeshare compensation claims, it’s important to go through your paperwork with a fine-toothed comb in order to gain a thorough understanding of all your facts and figures, and to understand exactly what you’ve signed up for. Depending on how you paid for the timeshare, you could actually be signed up to three different contracts rather than just the one, so it’s always a good idea to get an accurate overview of your situation from the outset.
It’s also important to read carefully through any contracts to see what country holds jurisdiction over the contract. This will give you an indication of how and where any legal disputes should be settled, and what country laws apply. This is essential information for any lawyer taking on a timeshare compensation claim.
Seek legal advice
As we’ve already mentioned, launching a timeshare compensation claim can be a tricky and complicated business, so it’s always a good idea to discuss your situation with an expert in this area who can guide you through the process. But beware; there is a large number of phoney companies and cold-callers out there who are only too happy to prey on people who have been victims of timeshare mis-selling. So, if you receive a phone call out of the blue, be on high alert for potential scams and only proceed with extreme caution.
We would always recommend doing your research and seeking professional legal advice. Most solicitors are happy to provide initial advice for free, assessing the viability of your claim and laying out the pros and cons of proceeding with legal action.
With an experienced lawyer on board, you can take the first step towards claiming compensation and escaping your mis-sold timeshare contract.