A court in Spain ruled that timeshare developer, Anfi Del Mar, in Gran Canaria must pay back double the amount of timeshare deposits taken within the cooling off period. According to the Spanish Magistrate, it is unlawful to require a deposit and Law 43/1998, article 11 permits the timeshare holder to get back double the deposit amount at any time.
Anfi Del Mar, one of the most largest and luxurious timeshare developments in Europe, is now liable for 10,000 new claims for “timeshare miss-selling” under the 1994 European timeshare directive. Presently, more than 200 claims are active in Spanish courts against Anfi Del Mar with 10 new claims a week being filed.
Five out of the top ten timeshare developers in Europe are guilty of taken illegal deposits during the cooling off period and are still selling illegal contracts. The European timeshare industry does have a regulatory body, but four of its members are developers that have broken these laws themselves.
The ruling is potentially crippling to the European timeshare industry as it sets a precedence of refunding money to timeshare owners who were sold by nefarious means. It is now thought that up to 400,000 contracts were made illegally after 1996, industry experts believe that timeshare compensation claims could reach 2,000,000,000 (Billion) Euro.
If you have paid a timeshare deposit during the cooling off period after 1996 in Spain or its islands, you are entitled to reclaim double your deposit. If the company you purchased the timeshare from is no longer in business, you can still reclaim your deposit as long as the timeshare development still exists. Visit Claims Directive for free advice and to file a claim.
