The practice of using a holiday loan to purchase a timeshare is being debated in banking circles. While many consumers may be tempted to use a holiday loan for this purpose, they are being cautioned to be careful since not all timeshare offers are legit. For those that don’t wish to get stuck paying back a holiday loan on a timeshare, this advice may be very helpful.
“Everyone likes to win a prize, but you may have to attend a lengthy presentation with a barrage of confusing information, where you are pressured into parting with thousands of pounds for something you might not even want – without the chance to think it over,” warns Lorna Cowan from Which?
“Many people are very happy with timeshares,” says Susan Marks, consumer affairs officer at Citizens Advice. “But we’ve all heard lots of horror stories. Don’t claim it unless you want to undergo several hours of high-pressure selling.”
“Ignore suggestions that the special offer may not be available later on,” adds Ms Marks. “And never make a payment upfront to clinch the deal on a timeshare. If the sales rep asks you to do so, they are acting illegally.”
Tags: adverse, credit, loan, mortgage, self, cert, council, car, home, improvement, holiday, remortgage, tracker, fixed, rate, mortgages fixed, adverse, car, mortgage, home, tracker, improvement, council, loan, rate
Related reading: Holiday Loans
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