The Whole Truth Initiative – Assessing the facts regarding key timeshare issues

Part One – European timeshares. Establishing the truth amidst ‘information chaos’. 

By Chris Emmins, CEO, KwikChex 

Of all the subjects KwikChex is evaluating within its Whole Truth initiative, none is considered more urgent than ensuring that owners of European timeshares are fully informed about their situation. 

In the last 10 years, events have taken place that have thrown the European timeshare sector into turmoil. In particular, significant legal decisions have been made in Spain, the UK, and in the European Court of Justice that affect hundreds of thousands of timeshare contracts. As a result, we have seen thousands of claims being filed against timeshare businesses, and banks that have loaned monies to purchase timeshares. This in turn has contributed to multiple timeshare businesses and resorts becoming insolvent – with varying degrees of impact on timeshare owners. 

In addition, deceptions, including massive fraud have taken place in recent years, with hundreds of millions lost by timeshare owners to a range of scams, including several supposed ‘timeshare alternative’ schemes, and many bogus exit and claims services, where owners lost not only vast amounts of money, but were also still left with their original timeshares, after the scammers failed on promises to take them in ‘part exchange’, or dispose of them. 

KwikChex has assisted thousands of timeshare owners over this period and has provided evidence in several civil and criminal cases, winning praise from owners and law enforcement organisations, including a Hero Award from the UK Trading Standards community. 

 

The Whole Truth is cutting through the information chaos minefield. 

Timeshare owners have often been misled and fallen victim to misinformation, and lack of the whole truth. Our initiative is focused on conducting checks on establishing the truth about several key issues, including –  

• Have thousands of timeshare owners really been awarded compensation, totalling millions? 

• The viability of timeshare compensation claims, and the complications to be aware of. 

• What assistance is genuinely available for distressed timeshare owners unable to use their timeshares, or having difficulty in paying their annual fees or loans – including which timeshare businesses and resorts allow exits, and what are the conditions for relinquishment? 

 

In addition, we will be providing comprehensive information on subjects such as – 

• Are timeshare owners bound for life by their contracts, or are there options? 

• Can heirs to a timeshare owner’s estate be forced to inherit the timeshare liabilities? 

• What are the true possibilities of selling timeshares? 

• Can owners rent out their timeshares? 

 

Timeshare Transparency Reports and Register 

KwikChex is currently contacting many businesses within the timeshare sector, including developers, operators, resale, rental and legal / claims businesses, and asking them to participate in the Whole Truth initiative by providing verifiable information on these key elements, and to agree to improved commitments to owner safeguarding. KwikChex will provide a Transparency Register resource for this purpose and will publish reports on the information we have collected, including which businesses have participated. We will also be publishing information on where there are concerns, including a lack of transparency, or reasons to report businesses to the authorities. 

 

KwikChex Timeshare Assistance Resources 

If you are a timeshare owner seeking assistance over issues and concerns, you can use the KwikChex resources to make contact and find information.  

See examples of active assistance currently being provided on the Timeshare Assistance website here.

Check into a timeshare sector business via the Timeshare Assistance website here.