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Madeira Regency Palace – Another way to seek compensation

Posted on August 28, 2015

Madeira Regency Palace – Another way to seek compensation

In the event that you did not secure a deposit and or the full amount of the timeshare on a credit card, you are right in thinking that you cannot claim compensation under Section 75 of the Consumer Credit Act. However, that does not mean that you are unable to claim at all.

By registering your “right to occupy” with the liquidator, when making his/her final decision on the property, they will have two options either;

  • Pay-off the consumers in exchange for them giving up their rights,

Or

  • Take those rights into consideration in any forward sale of the resort.

If a sale of the property is agreed, the buyer (having an opportunity to perform-due diligence-on the blight) will be bound to honour those established rights if they are inherited with the sale.

In the alternative a deal could be struck whereby a consideration is offered to those who have established their “rights to occupation” so as to compensate them for the loss of the “occupation rights”.

Timeshare, long term holiday products and Pure Points will fall into “occupational rights” and consumers have a need to decide what they want to do!

  • Either claim a continuance of those rights (when and if a new buyer is found)

Or

  • Relinquish them in exchange for a consideration.

Filling your “right to occupy” involves contacting the Portuguese liquidator and providing a translation along with all the relevant Legal documents. This can be quite daunting to a person who does not have the required knowledge to complete this action. In the event that you need assistance with this, please contact the TCA who can direct you accordingly.

For more information please follow the below link to the full report –

https://www.timeshareconsumerassociation.org.uk/2015/08/19/madeira-regency-palace-update/

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

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