Timwshare and holiday ownership

Windward

Hi

I hope there is someone out there that can offer advice. We too bought a timeshare at CPO years ago and have been contacted by several firms offering similar terms. ALL of them turned out to be scams and ALL requested money up front for sometime after the initial contact claimed that fees would only become due after the sale.

However, not many people are aware CPO Albufeira has been sold by Petchey Leisure and depending upon the terms of your contract you may be entitled to some money back.

As detailed in our contract the resort was supposed to be sold by Dec 2011 and we would get a proportion of the sale price back. The resort has been now been sold to an Indian Management company and Petchey have offered us 1,200 Euro’s.

According to the contract we were entitled to 1/51 of 75% of the proceeds of the sale and 1/51 of 75% of the proceeds from letting the apartment if the property was not sold on 31st Dec 2011

We have asked the actual sale date and the final sale price, but they have just provided a valuation of the apartment at 30,000 Euro’s which actually gives a weekly value of 440 Euro’s. Not wishing to look a gift horse in the mouth, but on the other hand I can’t believe, from my dealings with Petchey Leisure, that this is the right figure. They are clear this is an offer not a calculated sum!

We would be grateful for any advice. Should we take the money and run? How can we guarantee they will pay out?

Catherine_Taylor

Please be careful - it is illegal to charge an upfront fee for timeshare resale as per the European Timeshare Directive. Also, there is no resale market, meaning you could be paying out for nothing. I agree with the previous poster who recommended Worldwide Timeshare Hypermarket - they are a long standing and reputable company however the chances of anyone being able to 'sell' it are slim.

Check your paperwork from when you bought ... if the contract is not legal i.e. in line with the European Timeshare Directive then it is null and void anyway. This is only applicable if you bought after the Directive was introduced though, if you need help let me know.

With regard to legal cases, there have been quite a few in Spain and the Canaries but certainly not class actions filed by ITRA - they were private individuals claiming against Developers who sold timeshares in breach of the Directive.

[Deleted User]

Catherine_Taylor wrote: »

if you need help let me know.

You appear to be touting for business, which is against forum rules.