For many years now, finance has very often been provided for timeshare purchases and timeshare related products. It is understandable that for many people the cost of such a large purchase would need to be spread over a long period of time. However, what is of great concern to consumers is that on numerous occasions the products concerned were mis-sold. Often the clients were misled or, as displayed by Shawbrook Bank, insufficient risk assessments were prior to the financing of the purchase.
A murky world? Well, it very much looks like it!
Back in 2013, it was proudly announced by the timeshare industry that the First National Trustee Company had joined forces with Shawbrook Bank to provide “holiday resort developers a helping hand with consumer finance solutions which make it easier for people to buy a timeshare or fractional property.” By 2016, Shawbrook revealed that there had been breaches in their lending system. This had resulted in many loans being given when the lending risk was very high.
Furthermore, Shawbrook Bank announced that Mr. Tom Wood would be stepping down from his position as the company’s Finance Director. Although, it was stated that this had nothing to do with the company’s timeshare lending irregularities. However, it may have been related to the £9 million that had to be put aside by the bank to cover the estimated £14.7 million in the potentially dubious financing of timeshare products. Or maybe, it was because the company’s share price fell by more than half on the FTSE 250. All the same, it was both extremely costly and embarrassing for the company.
Moving forward, where does that leave the unsuspecting timeshare consumer? Many couples were sold timeshare and convinced that they could pay off their timeshare debt when in fact most prudent lenders would not have lent the required level of credit to many of clients. Most reputable lenders have steered clear of luxury product with such a poor reputation.
If you have concerns about your timeshare finance agreement, help is at hand. With the correct advice and direction, consumers who have been mis-sold, misled or indeed lent funds without sufficient due diligence being carried out, can now get out of their complicated timeshare contracts and could get money back on their finance agreements.
The Timeshare Advice Service is on hand to deal with such difficult and complex situations. A call to our office will put your mind at rest and could prove to be the first steps that you need to take to relieve yourself of a large amount of worry, concern and financial burden.