A little over two years ago my wife and I where holidaying at Capital Coast in Cyprus.
Our rep there suggested that we might be interested in a new idea that Lion Resorts where selling called the Buy to Let scheme.
We already own a high season week and therefore had no requirement to change this, however, the rep continued, saying that it would be a good investment as we would recoup the purchase price over the life of the ownership.
He told us that: – Every two years we would receive a rental income of £3,000 and that after four years we had the option to sell, invest in another resort or carry on receiving the two yearly payments. As a sweetener he offered a free upgrade to a Penthouse Suite for the week that we already owned, and a free week holiday to use as we pleased.
This sounded like a good investment, realising that after ten years we would have paid off the purchase price and any more would be profit.
Naturally we assumed that we were being told the truth, and signed on the dotted line.
We received our initial £3,000 in Oct 2009 and things seemed to be going well.
In September this year we decided to use our free week and booked in at Erietta Suites in Zante, this would also gives us the opportunity to find out where our second payment was for the buy to let apartment, as this was now over due.
On our arrival we were greeted by Peter the Lion Resorts rep who arranged for us to have a chat, we told him about our concerns over the late payment and he told us that he would look into it.
The next day we met with another Lion resort person, I think her name was Karen, who informed my wife and I that there was never going to be any more payments after the initial £3,000 and that the Buy to Let scheme was only for a period of two years, after which it became a normal rental week for our use.
To say that my wife and I didn’t take the news well would be an understatement.
Why would anyone in their right mind invest in this scheme if they knew it was only for two years?
Not only have we lost £15,975 in a low season Penthouse that we never wanted but we will also struggle to afford the yearly maintenance fee.
We feel that we where miss-sold, cheated, and lied to, whilst making this purchase by the then sales manager, Ian Kerby.
Yes, we signed the contract, a big mistake we now know, an even bigger mistake was thinking that we were being told the truth about the scheme.
How can we get, if not all, then some of our money back?
TCA Advice:-
Stop paying the maintenance fees as you are affirming what is a misrepresentation
If you acquired on a credit card or by way of a linked load then take you case to the Ombudsman.
If the timeshare was financed by your own bunds you can action in the UK through the courts and if and when you get a judgement you can seek recovery through a European warrant
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk