Hello,
Does anyone have any experiences of the Maderia Regency Palace -'Owners Incentive Programme'.
This scheme involved purchase of timeshare units, with a promise of guaranteed return of investment plus 10% interest after 1 year.
Could anyone with any experiences of the above please get in touch.
Madeira Regency Palace - Owners Incentive Programme
4 posts • Page 1 of 1
by Full Monty on Tue Aug 04, 2009 21:03 pm
Two points.
1. This is about 3 times the amount that any other investment will guarantee you. Ask yourself why. They can see into the future apparently.
2. In the UK it is illegal to sell any investement without being qualified.
Read about timeshare until you are sick of it. Then realise how many people want to get out of it AND CAN'T.
Then ask yourself if this is really what you want.
1. This is about 3 times the amount that any other investment will guarantee you. Ask yourself why. They can see into the future apparently.
2. In the UK it is illegal to sell any investement without being qualified.
Read about timeshare until you are sick of it. Then realise how many people want to get out of it AND CAN'T.
Then ask yourself if this is really what you want.
- Full Monty
- Posts: 103
- Joined: Mon Jul 07, 2008 15:29 pm
by gillgough on Fri Sep 25, 2009 15:18 pm
We are in the same boat as you, we invested several years ago and kept it going for several years. Now we are waiting to be repaid, ha, ha!
Getting info from the hotel is difficult. We were advised to write to the directors, but never received a reply. The best policy is to ring the hotel and speak to Marilyn Citro - she is cagey but gives out more info on the phone than any other way.
The story, as far as we can gather is:
This programme was the idea of a timeshare manager who no longer works for the hotel. The generous interest was supposed to get people to take on a timeshare, but most people joined for the interest and had no intention of holding onto the timeshare afterwards. The Madeira Regency was run by Dr Luis Camacho. The Camachos Group is owned by several family members, and when the Regency got inself into this situation of having to repay promised interest, the other directors ousted Dr Luis. The court case and sorting out the finances took a long time. This was why the repayments weren't forthcoming, we were told.
We visited the hotel in June and spoke to Marilyn Citro's PA. She assured us the repayments were about to begin and we would receive our money back "definitely before the end of the year" - NOTHING YET! She said the company would repay everyone because the bad publicity non-payment would cause would damage the reputation of the new directors (some of the richest, most influencial people on the island).
We are still waiting, but still fairly hopeful. What have you been told? do you have any more info than this?
Gill
Getting info from the hotel is difficult. We were advised to write to the directors, but never received a reply. The best policy is to ring the hotel and speak to Marilyn Citro - she is cagey but gives out more info on the phone than any other way.
The story, as far as we can gather is:
This programme was the idea of a timeshare manager who no longer works for the hotel. The generous interest was supposed to get people to take on a timeshare, but most people joined for the interest and had no intention of holding onto the timeshare afterwards. The Madeira Regency was run by Dr Luis Camacho. The Camachos Group is owned by several family members, and when the Regency got inself into this situation of having to repay promised interest, the other directors ousted Dr Luis. The court case and sorting out the finances took a long time. This was why the repayments weren't forthcoming, we were told.
We visited the hotel in June and spoke to Marilyn Citro's PA. She assured us the repayments were about to begin and we would receive our money back "definitely before the end of the year" - NOTHING YET! She said the company would repay everyone because the bad publicity non-payment would cause would damage the reputation of the new directors (some of the richest, most influencial people on the island).
We are still waiting, but still fairly hopeful. What have you been told? do you have any more info than this?
Gill
- gillgough
- Posts: 1
- Joined: Fri Sep 25, 2009 14:05 pm
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