Many people do not attempt to claim money back from timeshare points as they do not associate holiday club points with timeshare.
Can you claim money back from timeshare points?
There are many companies that sell points-based holiday products. In Europe these products are classified as long-term holiday products. All long-term holiday products must be assigned to a physical product. It may be possible to null and void the contract to relinquish responsibilities of your ownership if the points are not assigned to a particular hotel, unit number and week number. However, being able to recover money from the holiday club or bank that may have provided finance / credit to make the purchase would depend on whether it was mis-sold.
Was your timeshare points mis-sold to you?
The timeshare industry has a very bad reputation due to misrepresentation of the products as well as confusing and mis-leading information given by the sales representatives. You may not know that the timeshare was mis-sold to you. Sometimes mis-selling is about what people leave out and not just about what they have said.
The most common mis-selling are below but not limited to.
- Contract in perpetuity or having no end date. Not only is this now illegal to include on a contract but many sales reps sold timeshare points being in perpetuity and did not explain the impact that this would have years down the line.
- Maintenance fees. Have your maintenance fees increased above inflation and more importantly, were you told that this would happen?
- Sold as an investment. Were you told that you would be able to sell your timeshare points for a profit? timeshare points and timeshare weeks both have an extremely high mark-up value compared to the resale market. Timeshare in Europe are not allowed to be sold as an investment.
- Exclusivity. Were your timeshare points sold to you on the basis that the resorts and use of facilities would be exclusive to its point members? Many timeshare resorts are no longer exclusive to its members. Although the timeshare resorts themselves may not have planned this to happen, if it has happened then the products is now not as described.
There are other factors in place that could prevent you from making a claim. These vary from product, how you purchased and when you purchased.
Speak to a specialist today to find out if you are eligible to claim money back from timeshare points!
Use our FREE compensation calculator to find if you are entitled to compensation!