We have engaged many Consumers about the issues surrounding MRP. To assist everyone we confirm that the resort has closed.
Astonishingly this still hasn’t been confirmed by MRP!
I refer you to our article from yesterday with what we consider are the best options for Consumers at MRP;
https://www.timeshareconsumerassociation.org.uk/2015/07/01/madeira-regency-palace-update-do-you-want-to-get-out-this-is-your-opportunity/
Consumers appear confused and our advice is that each consumer decides what they want to happen.
In short, those wants appear to fall into two category’s.
– Some Consumers express a need to relinquish their timeshare ownership
– Others have a need to protect their rights as they wish to remain timeshare owners at the resort
Addressing the first issue, any Consumer has a window to exit their timeshare. In the event that they so wish to do so, they can either;
– Try to do it themselves
Or
– Engage professionals
As the property is based in Portugal it is governed by Portuguese Law which in reality is taken from EU Regulations. That being so, each domiciliary has adopted the core of the Regulations and the issues raised are easily resolved in the UK and dispatched to Portuguese Lawyers for implementation.
– At present, we can only recommend TESS Ltd (Timeshare Exit and support services) who have a network of specialists operating in and around the European Union. In the event that Consumers wish to engage their services please let me know and I will refer you over.
– In the event that Consumers wish to do it themselves, they are reminded of the Long Term Holiday Product Regulations 2010 and in particular, Clause 8 and 24.
– In the event that Consumers wish to remain timeshare owners, they again must act so as to establish an interest in the assets. By doing just so, an application is required through Portuguese Lawyers to record an interest and a caution. This caution will ensure that any liquidator/receiver will have to take the ownership and/or interest into consideration prior to disposing of the asset to others.
The interest at present is Legally frustrated and in the event that a receiver is unaware of your interest, they may disregard your claims.
I hope this assists you in your miss-adventure.
As always, it is your decision on how you deal with this going forward. The TCA can provide as much help and support as possible.
The Time Timeshare Consumer Association is a not for profit organisation. It has extensive costs in supporting timeshare Consumers and as such, we rely upon the generosity of individuals, communities and businesses so as to provide a continuation of the free services that we offer.
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