Rogue Exit Companies – Monster Travel and Others
Now that we’re in the new year, it’s the perfect opportunity for third-party companies to do their scamming rounds on timeshare owners who are becoming even more desperate to be rid of their contracts. With over 800 timeshare complaints being submitted in 2018 alone, it doesn’t come as a surprise that third party companies choose to take advantage. These companies tend to cold call or use pop-ups to not only grab attention but to be perceived as credible and trusting businesses.
Despite April 2019’s new regime set by the FCA (Financial Conduct Authority) whose nature was to improve on the standards of the industry and regulate Claims Management Companies (CMC’s), there are still rogue exit companies on the horizon. Whether or not the FCA are critically observing and examining these companies, we don’t know, but what we do know is that timeshare owners are still being approached by these misleading businesses who promise them the world, but leave them in a worse position.
These companies know what they are doing – with their charm, knowledge and convincing documents, they have persuaded thousands of timeshare owners to embark upon a journey of further debt. These businesses claim that they can terminate your timeshare contract while they provide the timeshare company with ‘plastic indemnity contracts’ which don’t source the right legal requirements to terminate a contract.
Thus, their thousand of pounds asking fee goes into their pocket without delivering their clients with an exit. This not only leaves their clients in more debt, but it leaves them in an even more distrusting position when seeking further help. An indemnity certificate must only be issued to a timeshare company if a policy and underwritten certificate can support it – if a CMC is trying to reassure you with an indemnity certificate, do not be fooled that your timeshare will be cancelled. A further letter written by the timeshare company is the only way to prove that it is.
Have you recently been approached by CMC’s of a similar nature or ones that you’re not overly sure are legitimate? If you’re unsure, here’s what to look out for:
- Cold calling: no reputable company will tend to cold call; they most often will wait for you to get in touch with them.
- Not regulated by the Solicitors Regulatory Authority: ensure that you thoroughly research into the company to prove that they are regulated.
- Written advice not provided: if the company hasn’t given you documentation of what steps you need to take, this can be seen as unprofessional and as them not taking the proper precautions.
- Copies of communications with the timeshare developers not provided: if they haven’t proven their contact with the timeshare company, how are you to know that they are truthful?
- The company has not been trading for a significant period of time, and its field accounts do not evidence income or assets: to be credible, you must have evidence! If the company looks brand new without any indication of successes, this is worrying.
- Indemnity schemes containing onerous terms or which are not backed by insurance: do you understand what the scheme says? You need to ensure that you are aware of what you’re getting into and if it’s claims are insured otherwise.
As a reputable timeshare law firm that is fully regulated, we take every precaution in finding our clients an exit of their timeshare. Over the last 2 years, we have been assisting many hundreds of consumer clients in recovering money lost to rogue timeshare exit and compensation companies; most notably in respect to claims that have been brought on behalf of many fhundreds of victims of Monster Travel (now in liquidation).
These Monster Travel claims arose from the mis-selling of Monster credits, and associated timeshare termination and compensation “services”. By presenting claims towards these monster credits that were supported by similar fact evidence and through a combination of referrals to the Financial Ombudsman Service and commencement of Court Proceedings, we have so far recovered approximately £.2.6 million in compensation for clients; with more to follow.
With such credibility and success behind us, we are able to offer our clients a service that delivers. If you are concerned about such Claim Management Companies (CMC), contact us immediately for our advice and guidance before ‘making a deal with a devil’. We can review your case free of charge so that we can offer you the best solution for your situation.
If you have already paid the CMC by credit card, we are able to act upon a no win, no fee basis when pursuing a claim against your credit card provider. By paying on a card, you may be eligible for a claim on the baseline of Section 75 of the Consumer Credit Act 1974– giving you the chance of compensation for all sums contained in the contract.
We endeavour to give you the most cost-efficient and simple solution to your timeshare contract and CMC based claims by avoiding the courts at all costs. Get in touch with us today on 0161 839 8847 or email firstname.lastname@example.org for further information.