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Attended an EZE group presentation in Tenerife. Returned to their offices twice whilst still there requesting re-negotiation of contract as it was too expensive. On return loan compnay rang with offer, which did not reflect what EZE had quoted to us. They then rang EZE who rang us back. She asked if an interest free loan of £2000 for 12 months to be paid back alongside the loan would help. Manager back today so will probably ring. If they stick to their guns and persue this through the courts would the court give time to pay or demand the money be paid up front immediately. The main selling point of this product was disposal of time share properties and they have to have the paperwork for these by this Friday to comply with the contract of usually being able to relinquish them.
When did you sign and when did you try and renegotiate please?
We signed on Friday 24th January, 2014. Rang them on Monday and went to see them on Tuesday 28th. We then went back to see them on Monday 2nd February. The answer was that the price was the price and they could not remove any aspects of the contract.
Did you try and cancel? I assume this is for membership or points?
We expressed grave concerns which they dismissed and we asked if we could take the hit of the £3000 deposit paid and walk away. They dismissed this stating that with their credit card and discount schemes we would be making far more than the cost of the product.
Yes but is it membership or timeshare
the product if Leisure Credit Points and they state catagorically that they do not come under the time share directives, which arfe set up to protect consumers
Its points or membership?
The original purchase if for 25,000,000 leisure credit points, which are used to purchase holidays, pamper days, theatre tickets etc. and they do refer to their membership which gives a credit card for discounts, which are also available on utilities, fuel, shopping
Have you paid for anything?
We paid £3000 deposit at the presentation. The paperwork states non-refundable deposit and no cancellation policy
But you have purchased points for timeshare?
No they do not use time share. Their pitch is that they take you from the time share side of the holiday business to the rental side with discounts. Their paperwork strongly denies any connection to timeshare and they say they will relinquish our timeshares but they require the documents within 21 days. This is not guaranteed in the paperwork which states 'on most occasions they can relinquish timeshare without any further cost' even though the sales pitch is that they WILL get rid of them
So you had timeshare but they are buying it off you?
Not buying it but relinquishing it back to the original companies, which they state costs thousands to do and they do this in batches.
Have you ever had timeshare?
Yes we own 2 timeshare properties in different locations and this is the lure they use to sell their product
Ok - so they want to take it off your hands in effect?
Yes, but the paperwork only says 'On most occasions they can relinquish the timeshare property without further cost' even though this is their selling point stating how much will be due in maintenance payments over the next 10 years
Yes yes I understand that. What is the total cost of this they are offering you?
After deductions for each time share and the cost of the holiday the figure came to £16750, £3000 was paid in deposit leaving £13650 to pay. We were quoted repayments of £147 over 9 years, and this is supposed to be covered by savings we will make not paying maintenance costs and using their credit card. We expressed concerns at this level of repayment but when the loan company rang it appears that £147 per month was to repay £11000 only over 9 years. The loan company quoted around £50 per month more for the full amount of £13650 over 7 years, due to age.
In short you paid for them to take the timeshare off your hands?
Yes. If they continue to state that we hacve to pay them and persue this through the courts are the courts likely to give time to pay or demand payment up front. if we persue this course they obviously will not relinquish the time shares and we will end up paying £16650 for nothing of any interest
But is this new deal a different company or the same one?
I don't understand what you mean, there is no new deal.
OK - you have an old timeshare - right?
EZE do not give credit, they want paying up front and pass the loan application on to Empire Finance to source the best available loan, so ensuring that they are paid and any future change in circumstance does not affect them. We currently have 2 seperatre time share properties
And this new Company is offering to take it on - for a fee, in effect?
No - We have completed a 'Trade-In Assistance Confirmation' form with details of the time shares which they say they will relinquish as long as we do nothing to alert the time share companies which could jeopardise this process
So they are taking them off your hands then?
Unfortunately, upon checking the internet there appears to be a lot of people stating that 12 months later they are still receiving maintenance demands from their timeshare companies. But yes they state they will take them and clear you of the commitment
But they are agreeing to take it off your hands, for a fee?
The Trade-In form states that they have given a discount against the price of their service to relinquish the time shares
Ok. Its bad news then I am afraid
Having considered what you have said this would NOT come under Timeshare Regulations because they are purchasing your old time share in effect for a fee
If you read the contract and it states the deposit and contract can not be cancelled then you are sadly bound by it
There would be no cooling off period for this.
Well as I asked before, if they persue us through the courts, is the court likely to give time to pay as in a County Court thing and demand that the money bepaid outright
If you had signed it in your home in the UK then you would have had a cooling off period
If you had signed it on their premises in the UK then you would not have a cooling odd period.
Yes if there is a UK CCJ you can apply to the Court to be given time to pay
I am sorry if this is not the answer you want and certainly not the one I want to give you but I have a duty to be honest
Can I clarify anything for you about this today please?
It is as I expected but basically wondered how the courts would respond. Is there any other way, other than CCJ that they could persue us by
No, CCJ is the only way.
I am sorry it is not better news
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