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What are Floating Weeks Timeshares?
The timeshare floating week system enables resorts to sell less desirable times of year and apartments. It also means the resort never runs out of inventory to sell. As such, it often becomes challenging to book a holiday at the resort, with demand outweighing supply.
The Supreme Court decided that any timeshare contract signed in Spain after January 4, 1999, that contains floating weeks or an undefined time- period is illegal. However, sales of floating weeks at Azure resorts in Malta carried on up until December 2019.
Although many timeshare floating week agreements will show a specific unit number and season on your contract, this does not give you the sole right of usage for that particular unit. Holiday bookings come on a first-come, first-serve basis. It has been particularly difficult for high season owners to get the accommodation that they want to demand.
Resorts that are actively marketing and selling their inventory will always prioritise clients that have been invited over on a promotional holiday as the resort stands a better chance of selling to those new clients. We have heard from clients that have contacted their resort to book their week, told that has there is no availability—then heard from friends, that have been invited over on a promotional for that very same week!
Timeshare resorts such as Anfi Beach Club and Azure resorts in Malta have now found themselves in trouble due to the mis-selling of their products and services associated with these floating weeks. Both companies had their products financed through Barclays Partner Finance.
Fortunately for many, that took out finance to purchase their timeshares, will find themselves able to make a claim. A successful application will result in having the money returned and also awarded compensation. If the timeshare wasn’t used in particular years, it is also possible to claim back a maintenance fees refund. This maintenance fee refund is based upon a fair usage policy by the Financial Ombudsman service.
If you own floating timeshare and would to cancel your maintenance fees and check to see if you qualify for a claim, then get in touch. The Financial Conduct Authority regulates us.