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It seems that consumers are becoming increasingly aware of their right to refunds and compensation. Data from the Financial Conduct Authority shows that between January 2011 and July 2016, individuals received £25 billion in refunds and compensation for mis-sold payment protection insurance (PPI), with £244.6 million repaid in July 2016 alone.
Meanwhile, MoneySavingExpert's flight delay compensation letter templates, which can be used by customers who have faced long flight delays to reclaim up to £540 each – for flights dating back years – have been downloaded some 480,000 times.
Now it is timeshare owners who are pushing for their right to compensation, following a Spanish Supreme Court ruling that has given hope to those trapped in 'illegal' timeshare contracts. The ruling essentially paved the way for contracts to be declared illegal if they:
- Last longer than 50 years
- Are for floating week products
- Involved taking money during the cooling off period.
Increasing numbers of individuals are considering legal action in order to have their timeshare contracts declared null and void and to claim compensation for the mis-selling. The Timeshare Consumer Association has reported that €4.5 million has been won by timeshare owners so far, with a 'vast number' of preliminary cases still to be heard.
Jodi Beard, marketing director of timeshare industry specialists Timeshare.lawyer says, 'We're really only just seeing the tip of the iceberg in terms of claims for compensation relating to illegal timeshare contracts. In the same way that PPI compensation claims snowballed, we're expecting to see a rapid increase in timeshare contract claims over the coming months and years.
'Owners who have spent years locked into expensive, illegal contracts now have a way out and we're encouraging anyone who has a timeshare contract that they're unsure about to contact Timeshare.lawyer to find out if they could be eligible to claim compensation.'