Club la Costa Holiday Ownership

delm1977

We are in a bit of a pickle with a holiday ownership that we have bought into. This is a point timeshare facility that if it was what it says it is we would have no concerns, however we are paying good money for a product that fails to meet the company policies.

The ownership is in both my wife and my name, with my brother and his wife as associate partners in the membership.

In October 2007 we had a meeting with the people from CLC in regards to discuss our membership and ensure that we were happy with the product. At this time we were, but had concerns re. our point level and the ability to have a good vacation for four adults. We were advised that we could upgrade our membership by purchasing more points.

We decided at the time that this would be in our best interest and agreed to do this, and CLC advised that this would be possible through further finance with GE Money. At this point we advised that we could only afford a max. of £250 between the four of us and CLC advised that to begin the finance would be £450 and they would pay £200 of this and in August of this year they would re-finance the loan to a far more manageable payment.

In August we went back to CLC to re-finance and were advised, sorry you need to do this yourself and advised us to go onto moneysupermarket.com.

This was completly impracticle as we were mis-sold the product several times by CLC, were not offered any other options for finance, not advised of the total cost of re-payment (£82k), and then advised to re-finance through a new loan that for a value of £28k would mean using equity in our home.

The current loan is not secured on our home or anything else but has now meant that we are all paying £250 a couple per month, which is now becoming impossible.

We need to get out of this, as it is a product that has been mis-sold, has no benefits and through a company that have no interest in us as a customer.

I would be grateful is someone could possibly give us advise on the best steps forward on cancelling our membership and resolving our issues with the finance that we have outstanding.

Thanks,

Derek.

jonesMUFCforever

In order for me to give you my opinion can you please tell me how 'we were missold the product several times by CLC' ?

delm1977

Hi there, yes the story is as follows.

Firstly we took out a trial membership in May 2006. At this time I was planning my honeymoon and CLC advised that the product would save us a considerable amount of money offering a 5* holiday. When we went to book a holiday the cost for doing so would have been £7-8k, for a resort that I could book for £3k from an agent.

We raised this point with them and were advised that the member of staff who had advised this, had been removed from the company for reasons such as this. We took a break in Tenerife during the New Year of 06/07 and we had very lengthy discussions that we had been mis-sold the product with the company and that we were unhappy, however we were happy with the quality of accomodation provided and due to this we took our trial membership to a full membership.

As advised in the original post, we then had discssions with CLC in Oct 07, and again found that we had been mis/under sold the product, and that we would not be able to find the standard of accomodation that we would expect on our current membership. We agreed that we would upgrade again, and this is where our main concerns are.

At the time we were told that the finance would be £10k and would be through GE Money. At this point it was not made clear to us that the finance would now be £29k and that the total amount repaid would be £82k!!!!

On the finance we advised we could only afford £250 between all involved, and as the payments would be £450, CLC would pay £200 towards the finance until August of this year and that they would then re-finance the loan. It was on this basis and this only that we agreed to continuing with the product. In August we went to discuss this and were advised to go onto moneysupermarket.com to refinance.

This would mean having to use equity in our homes, and in the current market along with only being in my home for 1 year (which CLC were fully aware of), would be impossible, as any loan available be secured on property.

We feel that we have been sold a product that is financially out of our reach and now that CLC have had their money they have no interest in our concerns or needs.

If you need any more information please tell me what and I will supply as much info as possible.

Thanks for your help.

paulfaz

You spotted you were sold a pup twice and carried on first to a full membership and then you upgraded - I don't get it???

delm1977

At the time our concerns (although small) appeared to be resolved by the company, however now with a major concern the company has turned their back on us and decided that they want nothing to do with this issue.

I am looking for help on trying to cancel this membership as I am not sure which way I can turn.

I could refuse to pay the finance, however the effects of that would be, well stupid in the long run. So I am looking for a bit of advise on this if anyone can help me.

paulfaz

At the end of the day you need to study the contract you signed. Where the full costs/payments in writing aswell as the changes in August you mentioned? The chances that you can get some sort of refund through it being missold sound slim to me - I presume the company is based abroad?

Can you put the timeshare up for sale - either privately or through the company?

Otherwise you need to move your loan to the lowest possible rate, what APR are you paying now? - watch out for ERC's if you are moving and keep it unsecured.