Cancel Your Timeshare Finance
How to cancel you Timeshare Finance
If you have an outstanding loan that you took out to purchase your timeshare, you have a couple of options depending on the type of finance you took out.
Three types of financing are predominantly offered for the purchase of a timeshare.
- Regualted Linked Finance Loans
- Unregulated Resort Finance
- Unsecured personal loans
How to cancel your Timeshare Finance
Regulated linked finance loans are specific to the product you purchased. For example, the timeshare company has an agreement with the sellers to finance their products. This is called 'point of sale ' finance. Barclays Partner Finance, Shawbrook Bank, and Hitachi Personal Finance are all friends with the timeshare industry and have supported and provided funding to them for over fifteen years. Despite thousands of complaints.
These are regulated loans, meaning they fall under the 1974 Consumer Credit Act. As such, they will show up on your credit file. Non-payment of regulated loans will have a detrimental effect on your credit score. A regulated loan means you are afforded protection under the 1974 Consumer Credit Act. For example, if you were mis-sold the product you took out the finance for, you could claim your money back from the finance company that funded the purchase. The finance company becomes responsible for 'putting things right ' for an inadequate or mis-sold product. This is similar to the responsibility of credit card providers.
Unfortunately, due to the vast amount of money companies such as Barclays Partner Finance have lent customers of Club La Costa and Azure Resorts, claiming back money for clients hasn't been easy. It has taken Barclays Partner Finance over ten years to admit defeat. With a very similar situation concerning Club La Costa and Diamond Resorts clients .Fortunately for Club La Costa and Diamond Resorts clients, the Financial Ombudsman has now ruled in favour of the claimants.
If you want to get your Timeshare Finance cancelled, get your money back and receive compensation, the only way is to make a claim. Our Azure claimants are currently receiving substantial payouts. All of our services come without the payment of any upfront fees. You only pay us our agreed fixed fee when you have received your money.
Unregulated Resort Finance is also known as Internal Resort Finance. Companies such as Azure Resorts in Malta had internal resort finance called Vacation Finance Limited (VFL). And Anfi Resorts in Gran Canaria had Anfi Finance. Neither of these types of loans is regulated, so did no credit checks to assess affordability. Neither was any money lent from a third party. Instead, the client contributes monthly payments until the total amount is cleared. This type of agreement is not regulated and doesn't fall under the 1974 consumer credit act. As such, it isn't enforceable and does not protect the consumer against mis-selling. You can only claim back the money you paid on an Unregulated Resort Finance, if you paid a deposit or payments on a credit card. However, cancelling is straightforward if you are still currently paying and have an outstanding debt. American Timeshare Mortgages also fall into the Unregulated Resort Finance category.
Unsecured Personal Loans is Finance that has been obtained independently by the consumer. Depending on what you have told the lender, what you are borrowing the money for, will depend on your rights. For example, suppose you told the lender you borrowed the money for Home Improvements but used that money to purchase a holiday product. In that case, you cannot hold the lender responsible for your mistake. after all, you told them the money was for Home Improvements!
Get in touch if you are confused or unsure if you qualify for a claim. We will independently check the viability of your case and advise accordingly. We do not charge for an assessment.