Major bankruptcies, scams and criminal accusations. Is 2021 the "End of Days" for timeshare?

Bankruptcies, criminal accusations, propaganda, compensation and Banking giants brought low.  Timeshare's pandemic year of 2021 had it all...

Travel restrictions everywhere

The previous year saw the pandemic explode from a few cases here and there, to a full blown, worldwide shutdown.  The harsh light of shutdown economics left nowhere for flawed business models to hide.  Timeshare was an idea whose time was done.  

Like the deceased main character in "Weekend at Bernie's" somehow it was presented to us as still being in rude health.  But 2021 would not tolerate imposters.  After clinging to existence in 2020, timeshare empires were about to crumble

January:  Anfi investigated and CLC bankruptcies

Anfi Del Mar was a colossus among timeshare companies.  The most successful single site operation in history, worldwide.  Anfi had been a well oiled, burgeoning, money making machine since opening in 1992, but in recent years they had been ignoring protective consumer laws, and were sued for huge amounts of money as a result.  In January they were reported as being under criminal investigation for moving money illegally between their companies to avoid paying what they owe.

Club La Costa, another timeshare leviathan also announced bankruptcy, causing a huge stampede of compensation claims against them.  Things were only going to get worse for CLC

February:  Scams, Diamond judgement and payment protection news

A new scam first reared its ugly head, although it is commonplace now at the end of 2021.  Victims were contacted and told that despite a genuine claims company relinquishing their ownership, in reality they still owed money to the resort and (you guessed it) needed the scammers' help to really escape

Diamond Resorts Europe had a significant loss on grounds of jurisdiction.  To wit: Despite their contracts stating that they would be governed by the laws of England and Wales, if the company has a presence in Spain, you can sue them in Spain

February also heralded possible good news for timeshare owners who paid by bank transfer.  Major banks announced that they are looking at ways to protect people who were tricked into forgoing the protection of paying by credit card

March:  RDO investigated, Seasons difficulties and Anfi tricks

TCA conducted an investigation into timeshare lobby group RDO, and their financial relationships with other funded websites; KwikChex, Timeshare Task Force, Timeshare Business Check and Timeshare Exit Concerns

Seasons Holidays made the UK national media again.  This time for alleged high pressure sales, causing Jo and Linda Ashby to lose their house and become saddled with debt

Anfi tries to cajole owners into signing "updated" contracts in what was condemned by observers as an attempt to protect themselves from being sued over the current illegal contracts

April:  Santana Carzola liquidation (Anfi), RDO slammed and Timeshare fury over compensation delays

Anfi owners panicked as Santana Carzola (a 50% owner on Anfi) went into liquidation.  Anfi presented this as not affecting holidays, and told members not to worry.  Later in the year, things were to get worse

RDO and timeshare companies were condemned for trying to persuade beleaguered members not to have any contact with independent help groups like TCA. 

Timeshare owners revolt over futile attempts by timeshare companies to avoid paying legally awarded compensation.  

May: Foreign travel panic, compensation claims focus, scam companies fail

UK government's chaotic travel advice leaves timeshare owners nervous to fly in case the country is declared a higher risk while they are away, necessitating quarantine on return.

Leading consumer group TCA reports on the morality of claiming against timeshare companies over illegal contracts, causing an upswing in compensation claims

Following a campaign by TCA, Inside Timeshare and the Daily Mail, scam company JSD Group Ltd closes down.

June:  Barclays loan defeat, timeshare thugs, and CLC mocked over 'suspect' award

Hot shot timeshare lawyer Adriana Stoyanova is dubbed the Erin Brockovich of timeshare after her landmark victory against Barclays and disgraced Maltese timeshare company Azure.

Legal staff in Spain fear for their safety as timeshare vigilantes terrorise men and women working in the claims industry.  Cars are vandalised and a young mum attacked in a sports complex over lawsuits to retrieve money for illegally sold timeshare victims

Club La Costa apparently wins a prestigious Trip Advisor Travellers Choice Award.  Observers wonder 'what travellers, as most countries were in lockdown  

July: Timeshare companies 'hiding money', Seasons under fire again and BBC backs TCA campaign

Rumours abound over timeshare companies hiding money to avoid paying their creditors (including compensation award recipients).  Experts confirm that their attempts are doomed, but is it time to jump ship?

Seasons Holidays make the news yet again, this time over 'missing Slaley Hall fees' and late accounts.  Facebook groups reveal a groundswell of dissatisfaction against the Bristol based timeshare company

 Award winning BBC national finance program, Money Box, reports on Barclays timeshare loan scandal following advice and direction from Timeshare Consumer Association

August: Silverpoint surprise, ASA report and insolvency fearmongering

The Spanish court appointed administrator completes a 14 month review of Canarian timeshare company Silverpoint, revealing good news for Silverpoint victims and worrying news for key Silverpoint personnel.

The Advertising Standards also completes an in depth, 4 month investigation into timeshare sponsored accusations that TCA had connections with leading claims firm ECC.  The result?  No connection.

Timeshare industry and RDO scaremongering designed to make consumers wrongly believe that it is pointless to sue resorts going into administration falls on deaf ears.   

September:  Anfi bankruptcies, Grandmother's Barclays nightmare and Barclays/Azure update

Gran Canaria timeshare giant Anfi declares bankruptcies, causing a surge in compensation claims against them.

Barclays makes the news again over their ill advised partnership with Maltese timeshare company Azure.  Once when a Croydon grandmother goes public about how the hastily arranged loan ruined her life.  

The second Barclays headline is an update of the remuneration process to 1400 people sold loans in the above case.

October:  Wyndham/CLC alliance, Parque Albatross for sale and scammers using real law firm names

Wyndham and Club la Costa announce 'strategic partnership', unleashing a tidal wave or rumours regarding the CLC bankruptcy.

MGM Muthu (formerly Petchey Leisure) announce the sale of one of their properties, Royal Parque Albatross.  The move angers owners who point out that this means they will have even less availability, and there is nothing they can do about it.

Ardaga Abogados is a real law firm.  The scammers who are contacting people 'on their behalf' are opportunistic thieves.  The latest scam to beware of...

The year ain't over yet...

It's only November.  There are two months left in 2021; plenty more can still happen, and knowing the timeshare industry it probably will.

We want to hear from you about any news, scams, or information we can use to help others.

Please send us your opinions and comments to info@timeshareconsumerassociation,org.uk 

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