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Timeshare Industry in Spain Set To Collapse.
A new court ruling in Spain on the 27 of May 2010 is set to see an avalanche of timeshare compensation claims against developers, the ruling can now be used by European timeshare owners to seek compensation from illegal contracts signed after 1996 In Spain and its territories. It is now thought that up to 400,000 contracts were made illegally after 1996, industry experts believe that timeshare compensation claims could reach 2,000,000,000 (Billion) Euro.
Magistrate D. Juan Carlos Socorro Marrero has ruled that a timeshare developer in Gran Canaria must pay back double the amount of the timeshare deposit taken within the cooling off period. In a case brought against Anfi Sales SL, part of the Anfi Del Mar Group in Gran Canaria the Magistrate commented"The case of paying an advance instalment is in opposition to what is dictated in the law 42/1998, article 11, the second section of this mentioned rule permits the acquirer "at any time" to get back double the stated amount."
Anfi Del Mar reportedly one of the largest and most luxurious timeshare developments in Europe is now set for up to 10,000 new claims for timeshare miss-selling under the 1994 European timeshare directive. Anfi Del Mar, built by the Ling Group in Gran Canaria and once owned by the largest travel agent in the world "Tui", is said to be in a state of panic at this ruling. At present there are over 200 live claims for timeshare miss-selling against this developer in the Spanish court system and with fresh claims coming in at a rate of 10 a week before this ruling, it is not own what affect this will have on the stability of Anfi Del Mar.
Under Spanish law, even if a property is sold on all debts and incumberments are passed to the new owners, so even if a timeshare property has changed its ownership, the new owners will be liable for new compensation claims. However in Tenerife in the last two years a number of timeshare developments have already been repossessed by the unscrupulous developers by way of inflating yearly maintenance fees, so they can reposes the property, once ceased they split the apartments up and sell on as real estate, this then circumvents this ruling, it is widely thought within the industry up to 200 developers operating out of Spain, Canaries and the Balearics are already moving to sell off timeshare resorts that have or will have actions brought against them.
Five out of the top 10 timeshare developers in Europe including Brand name companies have taken illegal deposits during the cooling off period and some as late as 2009 were still selling illegal contracts. In contracts shown to Claims Directive this year, one developer based in Mallorca, Spain is still taking illegal deposits even after this was outlawed in a 1994 European timeshare directive, that Spain adopted in 1996.
If you have paid a timeshare deposit on or during the cooling off period after 1996, in Spain or its islands, you are now entitled to reclaim double your deposit, your contract made null and void and have any monies paid refunded, even if the company you purchased from is no longer trading, as long as the timeshare development still exists.
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