Timeshare Issues: Unregulated companies doing regulated work
We have been dealing with consumer credit claims involving timeshare consumers for the best part of the last decade. It has been a long journey, during which we have experienced significant delays in the Financial Ombudsman Service (the “FOS”) dealing with the timeshare claims we have submitted and an almost blanket rejection from the banks on those refund claims.
Sarah Waddington Solicitors timeshare claim success
Nevertheless, we have persevered with the claims, because we believed them to have significant merit and that the consumers had been wronged. This last 12 months have shown our view to be correct and, slowly but surely, there has been several successes on some of the timeshare refund claims we started to submit many years ago. We expect that good news to continue over the next few years. To date, we have had over £1.4 million worth of timeshare claims paid to our clients. We expect that to more than double before the end of the year, so the quicker you submit your claim, the faster you could receive your compensation, if your claim has a reasonable prospect of success.
“We expect that to more than double the £1.4 Million of Timeshare refunds before the end of the year”
Sarah Waddington Solicitors timeshare claim success
This success has only been possible due to the high standards we hold ourselves to, and the stringent standards we are held to by our regulator: the Solicitors Regulation Authority (the “SRA”). Without those high standards, the timeshare claims we submitted would likely have failed and consumers would have lost out on money they were rightfully entitled to. If you look at the FOS website you will see a large number of claims being struck out, for various reasons. All those timeshare owners are now left in a position that they will not be able to resubmit their claim and have lost out on thousands of pounds worth of compensation with no recourse.
“The quicker you submit your claim, the faster you could receive your compensation”
The Financial Ombudsman Timeshare Decision
You will have seen recently on our website that the FOS have made precedent decisions in claims regarding the sale of fractional points by Club La Costa (“CLC”) and Diamond Resorts (“DR”). Whilst those decisions are welcome, they also show the pitfalls of instructing firms who are not regulated and not qualified to do the work. The first of those decisions referred to various cases brought in the County Court by an unregulated firm. Those consumers did not win and will now not receive the money they were entitled to. It takes four years of full-time study, then a further two years working under full supervision, before you can qualify to be a solicitor. Timeshare law was designed by the timeshare companies to be extremely complex. No matter how good the ex-timeshare rep tells you he is, they are simply not capable of submitting your claim correctly.
Why Regulation is important
Regulation in this industry is very important. It allows the consumer to have recourse in the event that something goes wrong and ensures that they are receiving the best possible advice. Whilst we are regulated by the SRA, other companies must be regulated by the Financial Conduct Authority (the “FCA”) if they are to carry out consumer credit claims work or to even pass such work to a firm which is regulated. No matter how many assurances the non-regulated firms give you, it is an offence to obtain money off you in respect of a consumer credit claim and, in addition, they simply cannot to pass work on to a regulated company, even if it is a firm of solicitors.
What is absolutely clear, is that if that business is not regulated and carries out any of the work, we have set out above, then they are committing an offence. Moreover, the consumer is disadvantaged. If something goes wrong, they have no recourse to complain to anyone. They will simply lose their claim and any chance they had of recovering any money that is lost, notwithstanding the money you have paid to the non-regulated firm.
“Regulation allows the consumer to have recourse in the event that something goes wrong”
What should I do if I think I have a claim?
If you have a potential claim, or you instructed a non-regulated business to make a claim on your behalf, please contact us today. If you are not sure as to whether the business is regulated, then you can check on the FCA Register or the SRA as to whether they are, or simply call us and we can find out for you. If you find that the business is not regulated, then please contact us and we can advise you as to how best to proceed. We have been having great success in obtaining the money for some of our clients paid out to the non-regulated companies.
If you think you have a claim, get in touch with us now; it’s FREE, call us on 01920 481499 or email us at firstname.lastname@example.org and could result in a refund of payments made for your Timeshare purchase. We’re a UK registered Law firm, regulated by the SRA, with extensive experience in Timeshare claims, and with almost £1.4 Million pounds in refunds already paid out, we’re confident we can help.