Q1. I have contacted your company and enquired about terminating my timeshare, but what is the process?
A1. We will take your instructions about the timeshare product you have purchased. We will then correspond with your timeshare resort and look to reach an amicable agreement with them to release you from the obligation of paying maintenance/management fees.
Q2. Do you reach an amicable agreement in every case?
A2. Whilst many timeshare companies will make various guarantees to prospective clients, we do not. No company can guarantee to reach an amicable agreement with your timeshare resort. Generally, timeshare resorts do not want its clients to leave and, as such, they ignore correspondence and continue to send out maintenance/management fee demands.
Q3. So you cannot release me from my timeshare obligations?
A3. Yes, we can release you from your timeshare obligations. We deal with the very best companies, industry experts and have taken advice from barristers in the field of timeshare. We are certain that the arguments which are presented on your behalf are legally binding on your timeshare resort and you will never have to pay maintenance/management fees again.
Q4. What happens if the timeshare resort does not accept your correspondence?
A4. If the timeshare resort does not accept the arguments which have been raised on your behalf then their recourse would be to issue proceedings against you, for the payment of maintenance/management fees.
Q5. How can you protect me if my timeshare resort issues proceedings against me?
A5. We want to make sure that we provide a one-stop solution to your timeshare problems. We take care that the legal formalities are completed to bring to an end your maintenance/management fees and then ensure that you are covered under a unique policy of insurance. That policy of insurance will cover you for any legal costs and/or maintenance/management fees, in the event that your timeshare resorts issues proceedings against you.
Q6. Whilst I understand the process I am confused about the insurance policy. My question is, what is it and why do I need it?
A6. The insurance policy we have access to is a unique policy of insurance, which is provided to our clients as a peace of mind service, following the work we carry-out on your behalf, to end your maintenance fee payments.
It is more than likely that your timeshare resort will ignore correspondence sent to them and will often deny having received it. It is not acceptable to deal with disputes in this way. Therefore, an insurance policy provides our clients with peace of mind and ongoing protection against any future legal action the resort may take against you for recovery of maintenance fees.
From the date you are covered under the insurance policy, you will not have to pay your timeshare resort another penny.
Q7. I have read comments on the internet about indemnities being ‘fake’ and not fit for purpose. How can I be sure what you are telling me is true?
A7. All of the comments you will have seen have been made by other timeshare companies, who have no understanding of any bespoke insurance policy. No-one has seen this policy of insurance before in the timeshare marketplace and no-one, other than ourselves, have access to the product at this time. Any comments you have seen will be purely based on speculation as what the policy is and what is behind it. The comments are in ignorance of knowing anything about the insurance policy.
You do not need to take our word for it, as the policy document is readily available for inspection and gives all of the relevant details of the FCA broker and the actual insurance company who underwrite the policy. However, this information is not a secret and we can tell you that the underwriters are Munich Reinsurance. Munich Re is a large insurer, with a £40 Billion Pounds asset base behind them and they underwrite the insurance policy.
Q8. What happens if your company goes out of business or goes into liquidation? What happens to my insurance cover?
A8. We have this covered. The company which holds the insurance policy does not trade per se; it has been set-up to simply hold the insurance policy. This means that the company can hold the policy without risk to your cover, even if we cease trading or go into liquidation.
The company carries no risk in respect claims made upon the policy all claims made will be settled directly by the underwriters Munich Re who have a £ 40 billion pounds asset base.
You can see the underwriters website here: https://www.munichre.com/en/reinsurance/contact/worldwide/europe/united-kingdom/index.html
All contact in respect of enquiries about the policy, cover and claims can only be dealt with by us.
Q9. I have been offered an indemnity by another timeshare termination company. What is the difference between what you are offering and what they are offering?
A9. Obviously, we are not sure what it is that other companies offer, but what we can tell you is that the product we have access to is a policy of insurance, backed by a large insurance company.
What you need to do is find out what is behind the indemnity you have been offered and, if it is not an insurance-based scheme, then you need to consider what protection the indemnity actually offers to you. Possibly, the answer might very well be none. If it is not insurance back and if the company cease to trade, or goes into liquidation, then you could find yourself at the mercy of your timeshare resort, once again, with a considerable shortfall in your maintenance fees payments, or, worse, embroiled in a legal battle with no representation.
The insurance policy, to which we have access, is fully insurance backed and provides full peace of mind to our clients, should any action be taken against them. If you have an insurance or indemnity arrangement and you are in doubt about its validity then please contact us on 0800 470 3900 and we will happily review matters for you.