Press release -
Surge in timeshare compensation claims as ANFI companies declared bankrupt
Fear for ANFI's future among members of the Canary Islands timeshare giant sparks wave of compensation claims. Experts say: Not too late for new claims against them, and existing claims are safe.
End of an era
ANFI Del Mar was the largest and most successful single site operation in timeshare history. In its heyday 33,000 members were signed up by the money making sales machine based in Arguineguin, Gran Canaria.
In a bellwether indictment of the state of the timeshare industry, this ageing leviathan has finally come to terms with its own mortality as bankruptcy is declared for ANFI Sales SL, and ANFI Resorts. €56.6 million of 'unpayable' debt being cited as the catalyst for the bankruptcy request
ANFI was the best in the business, but the business itself is no longer relevant. It makes no sense to pay tens of thousands of pounds for membership of a resort that is now available to non members on Expedia or Booking.com.
Fears for the future?
ANFI members are understandably concerned about the future of their memberships. "Our hotline has been busy since the news of ANFI's bankruptcy broke on Sunday (26th September) with people wondering if they are going to lose their money," says Daniel Keating, Information Officer for the Timeshare Consumer Association (TCA).
"For the moment there has been no announcement of any disruption to people's memberships or the basic functionality of the resorts. But people should bear in mind that a few days ago there was also no mention of the bankruptcies to these flagship ANFI companies either," warns Keating.
"With the recent avalanche of market leading timeshare companies going into administration, into insolvency, or otherwise failing; one would be wise not to take anything for granted regarding the long term viability of any timeshare resort."
Compensation claims safe
The TCA has also been quizzed by members pursuing compensation claims against ANFI.
For over a decade, ANFI, along with most European timeshare sales operations, ignored laws enacted to protect consumers from aggressive, high pressure sales. Claims firms have achieved tens of million pounds in compensation awards against ANFI for illegally written contracts.
"People want to know both if existing claims are safe," explains Daniel. "And people who were on the fence about claiming are now keen to know if it is still possible. They are hopeful that a compensation claim can get them out of their timeshare contracts whilst gaining them significant sums of money at the same time."
"Happily there is good news for people in both scenarios."
"Experts who have already been through similar circumstances with the Club La Costa (CLC) insolvencies assure us that existing claims are safe and ANFI will still be obliged to pay when they have judgements against them.
"Also there is time to make a new claim if you have been mis-sold, but potential claimants should not delay. Currently the administrators are assessing debts and ideally you should have your compensation included in the official liabilities during this process.
Despite ANFI claiming the €56.6 million of debt being 'unpayable,' commentators believe that should be taken with a pinch of salt.
"ANFI has many other companies besides the two going into bankruptcy," confirms Keating. "Creditors will be working to establish financial links between the entities, as they are doing in the CLC cases.
"ANFI, again like CLC, also has vast tracts of luxury real estate. The experts we have talked to believe that there will be plenty of financial reserves for ANFI to meet their legal obligations regarding compensation awards. As with CLC it will be up to the creditors' representatives to find it."
As usual, if you are considering a claim (against ANFI or any other timeshare company) you should seek advice, both as to whether you are eligible, and then which companies can be trusted with your claim.
If you prefer to research by yourself, be aware that a lot of the Google search results have been poisoned by timeshare industry lobby groups and their paid publicity sites. They know you are searching, and want to make sure you find results that have been positioned by them.
As a general rule of thumb, ignore any results from Timeshare Task Force, Timeshare Business Check, kwikChex, RDO or Timeshare Exit Concerns. These organisations are all funded (directly or indirectly) by the timeshare industry. Their advice is demonstrably biased towards protecting the financial interests of the timeshare business.
A great guide to doing your own research safely can be found at the Timeshare Trust website.
For those people who would rather speak directly to our team, we are available Monday to Friday during business hours, for free, confidential, expert advice on all timeshare related matters
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- Timeshare Trust website
- Yes, you can still claim compensation from Club La Costa. Here's why...
- Spanish timeshare compensation claims. Fact vs fiction
- Rumours of timeshare companies hiding money and preparing to close. Time to jump ship?
- Resort Development Organisation (RDO) under investigation
- Do you qualify for timeshare compensation? A quick guide:
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Timeshare Consumer Association. Contact us on: T: +44 2036704588 or +44 2035193808 (ask for Daniel), E: firstname.lastname@example.org (Address to Daniel).
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TCA provides a central resource of consumer information on timeshare matters for the media and other organisations – We work towards encouraging responsible, honest, timeshare operators. We also publicly expose negative consumer practices and organisations which operate in a manner detrimental to timeshare buyers and owners.
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