Timeshare Problem

[POPSY155]

Hello all,

 

In 2002 we purchased a timeshare in Gran Canaria, which I feel we were more forced into it, but that's another story. At the time we paid the deposit on my credit card and when we came back the management company we purchased it from arranged finance, this was with First National Finance (now GE Capital Home Finance).

 

When we purchased the timeshare we were told we would be enrolled as members of RCI, but nothing has ever materialised. I queried this again yesterday with RCI and I've been told that the resort we purchased our timeshare at has disaffiliated with RCI from August 2006. Coincidentlly, I tried to email the resort yesterday and the email was returned back to me. My gut feeling is the resort has closed down, although I don't know for sure.

 

We paid £5K for the timeshare, and GE Capital are charging an exorbitant rate of interest, plus it's secured on our house, so I really need to get this sorted. I have read on Timeshare Council website that I could claim for any money paid under section 75 of The Consumer Credit Act 1974. Has anyone got any experience of doing anything like this, and were you successful. I'd like to know before I encounter on this, although, I suppose nothing ventured nothing gained....!!

 

Thanks so much for your help

 

Kind Regards

Popsy:razz:

[owdlad]

Try posting the question on Consumer Action Group - fighting unfair bank charges where they seem to have a lot of knowledge about the scams that are pulled in timeshare.

[e28bigalbexley]

Hello all,

 

In 2002 we purchased a timeshare in Gran Canaria, which I feel we were more forced into it, but that's another story. At the time we paid the deposit on my credit card and when we came back the management company we purchased it from arranged finance, this was with First National Finance (now GE Capital Home Finance).

 

When we purchased the timeshare we were told we would be enrolled as members of RCI, but nothing has ever materialised. I queried this again yesterday with RCI and I've been told that the resort we purchased our timeshare at has disaffiliated with RCI from August 2006. Coincidentlly, I tried to email the resort yesterday and the email was returned back to me. My gut feeling is the resort has closed down, although I don't know for sure.

 

We paid £5K for the timeshare, and GE Capital are charging an exorbitant rate of interest, plus it's secured on our house, so I really need to get this sorted. I have read on Timeshare Council website that I could claim for any money paid under section 75 of The Consumer Credit Act 1974. Has anyone got any experience of doing anything like this, and were you successful. I'd like to know before I encounter on this, although, I suppose nothing ventured nothing gained....!!

 

Thanks so much for your help

 

Kind Regards

Popsy:razz:

Please read my PM

AL

[gracebiz]

Hello All - I have a similar problem to this - was this resolved?

[Guest 10110001]

I could claim for any money paid under section 75 of The Consumer Credit Act 1974.

 

Hello All - I have a similar problem to this - was this resolved?

 

Tell the finance company the product was not sold as desribed and you want to revoke the credit transaction under the joint liability of Section 75. Also, tell them clearly that you were placed under pressure when the credit transaction was arranged. If you hold keys to the property, return them to the lender with your letter.

 

Send the letter recorded delivery and legally you have no obligation to make any further repaymemts and any subsequent debt collection action is unenforceable.

 

Dont sign any forms if the lender sends you any, they are trying to exclude themselves from liability.

[gracebiz]

Thank-you for your reply - very helpful.

[grumpy001]

Be careful in stopping repayments as the finance may have been arranged as a secured personal loan and not as a creditor/debtor/supplier agreement. Best you check your credit agreement thouroughly first. Its possible that loan application was passed to a UK based broker and a personal loan made. Check mandating on payment made to sellers to indicate whether it was implied as a 3 way agreement.

 

Good luck.

[Guest 10110001]

Highly unusual for a trader to able to sell secured loans to buy their own products. If its a secured loan then it'll be secured on the timeshare property.

[sunworshiper]

Get hold of Sandy Gray at Timeshare Consumers Association. He'll help