Timeshare claimants celebrate as ruling extends the administration process for ‘bankrupt’ Club La Costa. Administrators granted 12 extra months to retrieve money owed
Compensation claims for illegal timeshare sales
Club La Costa, along with many other timeshare companies based in Spain (sometimes elsewhere) ignored protective consumer laws for over a decade. Since 2015, claims firms like European Consumer Claims (ECC) have been fighting for the rights of consumers mis-sold timeshare memberships.
Thanks to ECC and others, CLC have been ordered to pay tens of millions of pounds in compensation to British customers. Anyone who bought a timeshare membership in Spain after 1999 qualifies for a compensation award if they can answer ‘yes’ to one or more of the following 3 questions
- Did you pay any money for your timeshare either on the day, or within the Cooling Off period?
- Does your membership last for over 50 years?
- Is the membership ‘floating time’ or ‘points’?
There are other circumstances in which claims can be made. Anyone concerned can easily check their eligibility with a respectable claims firm or consumer association.
Timeshare companies evading legal responsibilities
Due to the overwhelming success of ECC, the former powerhouses of the European timeshare industry are drowning in compensation awards. “They have nobody but themselves to blame,” says Andrew Cooper, CEO of ECC. “These companies knowingly and wilfully ignored the law for decades in the pursuit of profit at the expense of consumers. Well now these timeshare companies’ arrogance has caught up with them and they are paying the price.
“Nobody should feel sorry for them.”
CLC, like many other former European timeshare market leaders (including the once mighty ANFI) has fallen on hard times. Some of the companies have fallen into administration, others claiming bankruptcy and liquidation.
These moves by timeshare resorts are viewed by industry experts as transparent and frankly doomed attempts to avoid their obligations
“It beggars belief that immensely wealthy timeshare companies like CLC would think they could get away with pleading poverty to avoid their legal responsibilities,” confirms Cooper. “CLC have swathes of luxury real estate, and make tens of millions of pounds a year just in annual fees from their members. And that is without even considering the hundreds of millions they have made over the years with their illegal sales contracts.
Gift of 12 extra months
Leading bankruptcy administrators FRP who are handling the multi million pound bankruptcy have since been granted an extra 12 months to give them the time they need to drill down into CLC’s murky finances
“Club La Costa is a web of interconnected entities and trust companies,” explains Cooper. “Locating where the money is secreted takes experts like FRP and that is why the judge appointed them.
“This whole extra year is amazing news for CLC claimants. They can relax and enjoy Christmas, safe in the knowledge that FRP have more than enough time to get to CLC´s millions on their behalf.
“If you have been mis-sold by Club La Costa, ANFI, or any other Spanish timeshare company – you still have time to claim compensation, provided you act now.”
For straightforward advice and help with timeshare compensation claims or membership relinquishments, please get in touch with the team at ECC for a confidential, no obligation chat