WARNING. Non-regulated companies fight amongst themselves.
In the last week, we had a number of new enquiries from concerned timeshare consumers.
One elderly lady said she was cold called from a woman offering to get her compensation for her timeshare. The elderly lady politely advised the cold caller that she was already out of their timeshare and the banks had been in touch to say they were transferring all her money back, plus interest, direct into her bank account.
The caller asked which company had done the work for her. When the elderly lady informed them that it was a large, well-known company, the cold caller said that she used to work for them in Spain and that they were under investigation by Interpol. The cold caller went on to say that all the staff work under false names. In addition, the company is under investigation for not being regulated, they could not undertake the work for her, and at least one director had been arrested for fraud in the past to do with timeshare.
The elderly lady explained that they had put her case to a firm of Solicitors. The cold caller further explained that the company could not pass this type of work onto a UK firm of solicitors under any circumstances, as they were not regulated. The elderly lady said that the Bank was refunding her over £80,000.00 plus interest and the firm she used wanted 35% of her money for the work. The cold caller explained that, as a non-regulated company had done the work, she was not legally bound to pay their fee. For a fee of £2,500.00, the cold caller would write letters to the SRA reporting the solicitor, another letter to the banks, and a third letter to Interpol. The cold caller went on to say under no circumstances is the timeshare owner to pay any money over to the non-regulated firm, as she would be committing an offence by aiding and abetting the non-regulated firm of misleading the banks and committing fraud.
Going further, the cold caller went on to say that the banks were aware of the situation and will eventually refuse to pay out on any claims that have been put into them by non-regulated companies. The result would be that the consumer would be out of pocket, as they would have to pay the banks back all the money, including the money they had handed over to the non-regulated company.
All the cold caller wanted was a copy of the original contract between the non-regulated firm and the elderly lady. The cold caller explained that the contract was not valid, as they were not regulated to take on the work and pass it on to solicitors. It was further explained that the non-regulated company could not take them to court.
“How could the non-regulated company sit in front of a judge and explain that they had committed an offence by cold calling, taking on work they are not regulated to do, and then passing the work to a solicitor illegally?”, the cold caller asked.
As you could imagine the elderly lady was very frightened when she contacted us. We explained that a lot of what had been said is true.
FACT: no matter where a company is registered, whether that be the UK, Spain or America, they ARE NOT allowed cold call you. They are NOT allowed to even pass the work onto a UK solicitor. The legal fees to defend any claim against you would dwarf the amount you were awarded. Fact a non-regulated companies cannot under any circumstances act for you against another nonregulated companies. DO NOT give them any money.
If you are in a position in which you have used a non-regulated company, or you have a claim is which has been submitted to the FOS, or you have an court order in Spain that has not been paid out, or even if you have simply paid a non-regulated company, contact us now as a matter of urgency. In a lot of cases, we can get your money refunded that you have paid, on a no win no fee basis. Do not feel embarrassed, we know how convincing these people can be.
To date, we have successfully deposited in our client’s personal bank accounts £151,637.40 recovered from unregulated exit and refund companies who have who have failed to deliver the promised outcome.
Regardless of what these companies say to you, Sarah Waddington Solicitors do not work with any 3rd parties, or in partnership with any other companies.
Finally, remember any genuine timeshare solicitor will be extremely careful to manage a client’s expectations. They will be honest and realistic with what could possibly be achieved in regard to your individual case. If someone claiming to be a lawyer or solicitor has been in contact contacted, be sure to do your research and check if they are regulated by the SRA and if the individual is registered as a solicitor.