We are receiving more and more messages from concerned consumers who have their Cash Back / Reclaim certificate due to expire this year and the hopes of getting the money return as promised years ago are slowly vanishing..
With all the publicity and when searching on the web, it has become clear that the likelihood you will get any money out of a Cash back / reclaim scheme is very small and most probably you would stand a better chance to win a lottery.
Cashback schemes and how they work:
As a way to persuade potential buyers of holiday clubs to buy this product, marketing companies are offering Cashback schemes.
Cashback schemes within the discount holiday club industry are redemption based, meaning that clients have the responsibility to claim, and also the return of their investment is based on fund growth, and minimum guaranteed return over whatever period has been stated by the particular Cashback Company.
The amount anyone receives when their certificate matures after several years depends on how successfully the cash is invested, and on how many others make claims.
To make it more difficult, for Cashback certificate holder to be able to claim their money back they have to register it within a certain time, and then they have to claim it within a certain window of opportunity. Miss either set of dates by a day, and they would lose everything.
The real truth is that very few people get any money back at all from these Cashback schemes, and lots of victims complain that they were informed when they purchased their membership by the sales rep, that they would get all their money back plus interests, whereas the Cashback companies, only invest a tiny part of the money paid for the discount travel membership. Reading the articles below you will have lots of info on Cashback schemes, and evidences that support this analysis of how it works.
Almost every week we get emails with names of Cash Back Schemes we haven’t heard from before, so it is obvious that the Certificates are still used as “carrot” or sweetener at point of purchase of a holiday product and most probably gives the last push to the consumer to sign the paperwork and buy into a Discount Holiday Club or Timeshare Disposal schemes.
At the same time it seems that the “bad guys” out there are smelling business and instead of offering guaranteed timeshare sales over the phone they have switched to guaranteed redemptions of the Cash Back Certificate. Companies such as Timesharedisposal.com are claiming to be able to get the money back from the Reclaim Certificate even there where the money has been refused before! This is pure nonsense and this set up has a sole objective to get money out of desperate consumers who had their hopes up to claim some money back.
There is no such thing as the Spanish government holding money from the Reclaim Certificates and by paying your tax in Spain you will get an 80% of the promised amount transferred to your account.
I don’t think so!
So what you do if you bought into a Discount Holiday Club or another dubious holiday product with which you were supplied a Cash Back certificate that doesn’t seem very trustworthy?
Well we would recommend to start claiming a refund NOW for what you paid to this Holiday Club under the Consumer Credit Act 1974, based on mis-representation and where applicable breach of contract! Having been sold a dubious Discount Travel Membership Club with the promise of cashing back in the money spent after a couple of years is a mis representation on itself!
A lot of consumers are actually waiting to see what happens when they claim their certificate and due to this they do not want to start procedures on asking for a refund for the money paid to companies such as ILG and Club Class. Well did they not tell you they were not linked to this cash back when selling you the membership? Why then should you wait? The sooner you start claiming your money back the better!
Some names of Cashback companies / certificates are:
Incentive Capital Return ICR Inversion Claims Services, Inversiones Cash Back Services, Cash Rebate, Cashback Europe PLC, Cashback Sales & Administration SA, Hyprafund, Inversion Cashback Services ICS, Loyalty & Rewards LLC, Loyalty Reward Scheme S.L., Reclaim Capital SA, Reclaim Ltd, Retrieve Ltd, Reliance Reward Trust, RPI Redemption Plan and many others…
Which one do you hold?
In the following articles Incentive Leisure Group, Designer Way Vacation Club & Reclaim Ltd are mentioned. However be aware that this information is provided by the British Media and NOT by RDO Enforcement / Mindtimeshare;
UK’s ASA Bans Cashback Promo of Reclaim Ltd – January 2011 – ASA
Incentive Leisure Group goes under liquidation / Reclaim Ltd mentioned – January 2011 – ILG
Incentive Leisure Group, Designer Way Vacation Club, Cashback Reclaim under the spotlight –
Personal Travel Group is the “new” product of Incentive Leisure Group -October 21st BBC
ILG/ Designer Way Vacation Club under the spotlight (Reclaim briefly mentioned) – August 2009, The Guardian.
Saying ‘no’ to timeshare Cashback offer from Incentive Leisure (read first part of the article) –Reclaim Ltd and other cash back used in the past by ILG explained – February 2009, Daily Mirror
Holidaymakers caught in Incentive Leisure and Cashback Promotions snare – January 8, 2009, Daily Mirror
Exposed: The holiday club rogues behind Timelinx, Designer Way Vacation Club, Incentive Leisure – March 2007, Daily Mirror.
The Reclaim time bomb is ticking louder, July 2005 – This is Money.
Designer Way’s world of dodgy promises, May 2005 – This is Money
If you have any question or doubt about your Cash Back / Reclaim Certificate, please let us know.