Long term owners of Diamond Resorts timeshare products have experienced many takeovers from LSI to GVC to Sunterra prior to Diamond Resorts, which was then purchased by Apollo.  Each takeover led to an increase in fees prompting owners to wonder what is in store with the announcement that Hilton Grand Vacations have purchased Diamond Resorts.

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Landmark Ruling against Shawbrook regarding for the financing of fractional Timeshare with Diamond Resorts International.

A recent ruling by the Financial Ombudsman Service (FOS)against Shawbrook in favour of the Client identified only as ‘Mrs H and the Estate of Mr H’ has ended a long battle and has set the bar by which we can expect similar cases to be judged.  This ruling which identified the Fractional Timeshare as a Collective Investment Scheme echoes the earlier ruling made by the FOS against Barclays Partner Finance for the financing of Club La Costa Fractional timeshares.

Under the Fractional ownership system owners are allocated a set number of points to be used each year and are promised a portion of the sale of the unit when the term of the fractional agreement is up.  Mr and Mrs H bought into the Fractional product believing this was the only way they could be released for their existing points contract- a fact that was quite simply untrue!  They took out the loan to pay for this purchase and have fought a long battle alongside their lawyers to recover the money they have paid.

This comes as marvelous news for the 100’s of clients who have already submitted their claims and have been long awaiting the resolution of their claims and opens the door for 100’s of other purchases of Fractional Timeshare with Diamond Resorts to seek a similar resolution.

This is not the only type of ruling against Diamond Resorts who merged with Timeshare giants Hilton Grand Vacations last year.  The Spanish courts are also ruling that many of the timeshare contracts issued under their jurisdiction do not meet the requirements under Spanish Law for a timeshare contract.  Owners whose contracts fall under the Spanish Jurisdiction can apply to the courts to have their contracts ruled ‘null and void’ and have the money that they have paid returned to them including double damages for any payments made during the cooling off period.  We offer free viability reports to any owner of Spanish timeshare who feel they may be affected by these rulings. To find out more please click here

If you have any questions or would like to discuss your options, please contact us today by calling us free on 0114 463 0002, starting a live chat using the button on the bottom left of the screen or by filing in the contact form below.  Our friendly advisers will take some details and let you know what action you can take.

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