It was confirmed that on the 6th June 2019 another Spanish timeshare resort Club Paradiso/Paramount has closed its doors. The company that manages the resort is Excel Hotels & Resorts and their website is no longer available, phones jump to voicemail with only security remaining on site. Various sources are stating that their timeshare owners cannot use their weeks. We have also been informed that members are being moved to other Silverpoint resorts but they would have to pay for the transfer as Excel is not honoring any payments made.
For owners of this resort, alarm bells start to ring about their initial investment. No one really knows at this point what is going to happen however, it has been reported that Silverpoint and Excel are currently in the middle of a dispute.
For all members of this resort, it is likely that they will no longer be able to use Club Paradiso/Paramount and if they wanted to make a claim against the resort and finance company (if applicable) the advice would be that this is a clear breach of contract.
Other resorts are facing liquidity problems and more insolvencies are expected.
With this in mind we urge anyone who is unhappy with their resort who feels they were mis-sold to seek professional advice sooner rather than later.
For new enquiries ECC have recently launched an exclusive offer to give timeshare owners a mini-break hotel stay in either Costa Del Sol, Spain or one of their satellite offices across the UK.
Can I Claim? Can I Walk Away? Can I Ignore?
ECC along with their legal associated law firms are one of the leading companies paving the way for claims/payouts against the timeshare industry.
Our successes at court are upsetting the timeshare industry who are using Kwikchex.com together with the Timeshare Task Force and Timeshare Business Check to fabricate false accusations against claims companies and in particular ECC who are at the forefront.
Despite the chronicled history of mis-selling and illegal contracts Kwikchex have never condemned or criticised any timeshare resort. The primary income for any timeshare resort is new sales income plus management fee revenue and arrears. Over the years, ECC have relinquished several thousand timeshares thus depleting the overall maintenance fee income.
Associate Spanish law Firm M1 Legal who specialise in timeshare contract law reported the following latest victories since beginning of July.
During the Timeshare sales boom of the 80s & 90s, potential buyers were lured in by the promise of affordable exotic holidays, flexible exchange programmes and the impression that Timeshare would be a valuable "investment".
In an industry with little or no regulation, high pressure sales tactics were rife and contract smallprint was often glossed over and explained away by sharp salespeople.
Many Timeshare buyers were therefore unaware that they were actually making significant, long term financial commitments on behalf of themselves and their families.
To find out how you can escape the Timeshare Trap please complete the short Timeshare Release Wizard now.
For many Timeshare owners, annual maintenance fees were barely considered token amounts in the early "honeymoon period" of ownership.
However, year-on-year increases imposed by the resorts over time now mean that the maintenance fees have risen to become substantial sums.
Owners are also facing the prospect of ongoing yearly fee increases and realising that they (and their families) are often committed to long term contracts for generations to come.
Please try our Future Fees Calculator to estimate your liabilities over the term of your Timeshare contract, based on an annual increase of 7.5%.
If you're concerned about rising fees and how to escape the Timeshare Trap, please contact us today.
Recent comments from RCI Timeshare owners who have come to us for help with contract cancellation:
“We 'swapped ‘another place in Tenerife for this in order to move to the points system. Since then, getting exchanges to desirable resorts proves almost impossible, irrespective of in-season or off-season.”
“I purchased my timeshare in 1999 and have been a timeshare member ever since. More often than not, I have not be able to go where I wanted and have ended up giving a few weeks to Friends, etc to book somewhere they wanted in order not to lose the weeks. I have then stayed in a hotel!! I am desperately trying to get rid of the timeshare and am now paying Timeshare Shop in Manchester to get rid of it for me.”