Unregulated Companies Success Stories
Following up from last weeks’ articles, you may wonder why our investigations have led us to have serious doubts that people are not getting their compensation, after they have supposedly “won” in the Spanish courts.
Why do we think that compensation is not being paid out?
We are aware that there is currently over €30 million outstanding, in unsatisfactory Spanish Judgments, against timeshare companies. This means that there are thousands of timeshare owners who have collectively paid millions of pounds to non-regulated companies, and they will not receive any compensation.
It is more concerning that these companies know that consumers cannot recover any money, but they are still cold-calling timeshare owners and taking their hard-earned money.
What should I do if I am a victim and paid them money, or I am getting cold calls from these companies?
What can you do for me? How much are you going to try and charge me?
- There is no charge for our initial advice.
- We will give you a frank appraisal of where you stand.
- Advice can be provided as to how to get your money back from a non-regulated company.
- If you do have a claim, we can assist you on a no win, no fee basis.
What evidence is there to support this?
Information provided to us by various sources, including the Liquidators of Club La Costa.
The Administrators (now Liquidators) of Club La Costa (UK) Plc reported the following late last year.
Outcome for the preferential creditors
“We have received claims totalling c£129,000 from preferential creditors in the UK and
c€1.18m from preferential creditors in Spain. The position of these preferential
creditors will be reviewed to ensure both the UK and Spanish creditors are dealt with equally.
It is currently uncertain as to whether there will be sufficient funds available to make a distribution to this class of creditor.”
Outcome for the unsecured creditors
“We have received claims totalling £67,564,454.11 from unsecured creditors, as at the
date of this report.
It is uncertain as to whether there will be sufficient funds available to make a
distribution to the unsecured creditors.”
How are they able to make these misleading claims?
Unfortunately, unregulated companies can put anything on the internet. As they are not regulated, they take the chance that they will not be caught. A regulated firm would be punished if they operated in the same way. In some cases, they post false reviews on regulated companies’ websites, or use photographs which they have no right to use.
How can I check out what they are saying? For example, they say that the regulated companies are under investigation and are going to be arrested.
There are three things you can do:
- Go to the SRA or the FCA website and check to see if they are regulated, whether they are being investigated, or if there are any adverse remarks listed.
- Check if the company who has cold-called you are allowed to carry out the work, using the same websites.
- Apply good, old-fashioned common sense. How did the company get your details? Did you agree to the telephone call? If not, then do not believe what they say. A regulated company would not cold call you.
What happens in the UK as a comparison?
Sarah Waddington Solicitors are a regulated firm of solicitors. We have pursued banks who funded the purchase of Timeshare products, as well as “scam” services, in a variety of different ways. We do the work on a “no win, no fee” basis. We have recovered significant sums for our clients, which have been paid into their accounts.
In the UK if you issue proceedings against a limited company and you win, you get a piece of paper from the Court that says that you are owed money. If the company is in liquidation, like CLC, you will not be able to convert the piece of paper into cold, hard cash. There are lots of people who have pieces of paper, but they cannot have converted that into cash, because there is no cash to pay them.
The approach we have taken is to use various provisions of English law to bring the very same claims against the finance providers, i.e. the banks. There is no possibility that the banks will cease to trade, there will always be enough money to pay any judgment, and they have to pay, or they breach their regulation. It is a safer option and, if you win, you can convert any judgment into cash.
These provisions do not exist in Spain and unregulated companies cannot make such claims in the UK. This is why they pick Spain because they can take money up-front. We do not.
Don’t believe us? The proof is in the pudding: we have many clients who we have succeeded with their claims, and they have all been paid in full.
This all sounds too good to be true.
What have you got to lose? If, in the unlikely event you don’t like or agree with our advice, you simply say thank you but no thank you, put the phone down and carry on with your day at no charge.
Sarah Waddington Solicitors
Sarah Waddington Solicitors do NOT work with any 3rd parties and are not working in partnership with any other companies. If you are told otherwise, please get as much detail as you can and forward it on to us. We will deal with it appropriately.
If you want any assistance please feel free to get in touch with us on 01924 601 097, or request a call back
Finally, remember any genuine 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, be sure to do your research and check if they are regulated by the SRA and if the individual is registered as a solicitor.