Spanish Finance company

[gonnagetthemback]

hi, my friend bought a timeshare in goa, india...when signing up out there it was made clear that there would be zero interest on the cost and she would be written to by the finance company when back in the uk. However when the finance company did get in touch she could see that the interest rate was high (4000 euros for a 7000 euro loan). also the cost of her taking a holiday is extortionate. these figures are completely different to what they advised her at the time of sale. sha doesn't have any financial paperwork from india though, only a credit agreement from this finance company who are based in spain. it doesn't have the interest rate on it, and doesn't look like a usual credit agreement.

has anyone got any suggestions about what she can do? or contact?

 

many thanks

[Hardupnotfedup]

Prove it letter if your friend hasn't signed anything stating them interest rates then they have nothing.

[Pinky69]

She should have been given all the details, including financial details, of the contract in writing at the time of sale. I take it she hasn't signed anything from the Spanish Finance Company so she can simply tell them the contract wasn't properly executed under European Law and she will not be purchasing the time share - end of. She is protected by European Law but I am afraid if she paid a deposit she has probably lost it.

[gonnagetthemback]

she's sent them in a SAR, but would a Spanish company comply?

[Hardupnotfedup]

there is no need to spend more money on SAR What are they going to send there isn't anything.

Just write to the finance company stating what Pinky has said above, no properly executed agreement no debt and no worries.

Obviously explain to them the whole story.

[Pinky69]

As Hardup says a SAR is irrelevant and is in any case subject to Uk law.