Forum Itra

General Category => Client Statements => Topic started by: Staff 7 on November 25, 2015, 12:53:41 pm

Title: Atlas/CPO
Post by: Staff 7 on November 25, 2015, 12:53:41 pm
Mr & Mrs J told us on 16 November 2015

I believe we were mis sold to and I donít wish to leave this to our children.
In 1991/1992 went to a timeshare presentation in Leicester Square London.
The presentation concerned C.P.O. (Club Praia da Oura) in Albufeira Portugal where the apartments were offered for sale at various sums depending on size and time of year.
We were all told that the scheme ended in 2011 when the site including all properties would be sold and the money achieved was to be paid to the individual owners according to their valuation.  No mention was made of decline in value.
We purchased a studio in CPO for £3,900 on the basis of using it as a holiday home and an investment (we have no documents for this).  Due to an admin error by CPO we did not stay there in 1992.  They compensated for this with two weeks (wk 8 + 9) in Feb 1993 with two free return flights Gatwick to Faro.  I have no recollection or paperwork of any maintenance fees at that stage and this may have been included in the purchase price as was membership of Interval International a timeshare exchange company.
During our stay at CPO in Feb 1993 we visited the Montechoro Beach Club (next door to CPO).  This had a gym and other on site ameneties that at the time CPO did not have.
We purchased a one bedroom apartment for £2,900 for week 7 which included membership of RCI a timeshare exchange company.  The contract was signed in the presence of a Portuguese Lawyer and it was specified that the maintenance fees would not exceed the rate of inflation.
During late 1993 we received a telephone call from CPO offering us the opportunity to invest in 2 weeks high season using our current studio (ref 91F011152) and then changing to a studio in apartment 507 week 27 + 28.  The maintenance on this was payable from 1994.
Membership of Interval International was still included.
During the period May 1993 to December 1994 things are very vague as my father dies in May 1993 and I became the sole carer for my mother who had cancer and died in December 1994.
In July 1994 we were unable to stay week 27/28 at CPO due to caring for my mother and CPO rented this out for us.  I cannot recollect what we did with our Montechoro wk 7 in Feb 1994 but we may have banked it with RCI.
We have always paid our yearly maintenance fees to Montechoro and CPO and have regularly stayed at both.
In July 1995 we stayed at CPO but had to alter the dates via Interval International for family reasons.
We did not retain that membership after that.
During July 1998 CPO offered us the opportunity to change our ownership of studio B507 week 27/28 to a one bedroom apartment F106 week 19 and 20 in May.  The maintenance fee was higher for a 1 bed apart and we decided to change only week 28 for week 19 and keep week 27 for the use of our family and for rental purposes.
Since that time we have regularly stayed in F106 and in 2007 we celebrated our youngest daughters 30th birthday and CPO arranged rental of other apartments for my whole family during weeks 19 and 20.
The cost for this was the same as the weekly maintenance fee standard for the room type at CPO.
On 20th October 2005 we received a letter from Petchey Leisure notifying us that they as CPO had wholly acquired Montechoro Beach Club.
We tried to sell our Montechoro apartment after that as we werenít using it and only had 1 exchange via RCI in early 2007.  We continued to offer it for sale but unsuccessfully.
We were constantly contacted by countless bogus timeshare companies requesting money to sell our timeshare.  We declined each case and sent details to CPO in London who told us they were in contact with the authorities and co-operating in the prosecution of the bogus timeshare companies.
From 2007 we have stayed for 2 weeks in F106 initially by paying internally (CPO) for an extra week.  This lead to some aggressive sale ploys by onsite sales people saying we would have to join Infinity a points system.  We declined to do this.  We contacted the London office of CPO and told them of the aggressive sales ploys.  They said they would report this to Mr. Petchey.
In 2009 CPO offered to take back week 7 and week 27 in a scheme called Atlas.  We agreed to do this for 2 weeks in a 1 bedroom apartment as long as we retained ownership of F106 and could use these Atlas weeks to stay for the two weeks each year.  They agreed to this for the sum of £2,995 interest free using a deferred payment on my Barclaycard.
The Atlas weeks and our fixed F106 were subsequently taken over by MGM in 2012, see letter from Petchey Leisure Group.
Since that time they have tried to get us to join their Infinity Points System in particular to give up our fixed week F106.
In Feb 2015 we used 2 of our Atlas weeks to stay at Royal Park Albatros Club Tenerife now owned by MGM.  They offered owners a new scheme to pay £8,950 or £6,950 and be allowed to give up their ownership in 5 years or 10 years repectively.