Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Holiday Scam – Feel flush but don’t get rinsed!
Marc Crosby
14th Jul 2015
Right now the exchange rate between Pound and Euro is at its most favourable since 2007.
For the past month rates have been hovering at between €1.3 and €1.4 per pound.
For businesses exporting to the Eurozone this is not good news.
But for tourists going to a Eurozone country for a holiday (Spain, Greece, France etc) it’s great news. It means you will get more for your money.
Having a bit of extra cash in your pocket is a good thing, enjoy it, feel a bit flush! Just be weary you don’t let your guard down just because you’re on holiday and there are a few more Euros in your pockets.
Property and other scams are rife at the moment so you must exercise judgment with everything you buy.
Sam Instone, chief executive of AES International, which provides financial advice to British expatriates, says “Feeling a bit more flush on holiday can lead people into making slightly more hasty financial decisions.”
“More often than not these just lead to a bigger bar bill. But the intoxicating mix of sun, sand and Sangria can sometimes lead to much more substantial financial decisions being made, such as buying a holiday home or investing in a ‘holiday club’ or timeshare.
“On many occasions, people successfully purchase holiday homes and the dream works out well.
“Unfortunately in some instances people find themselves either stuck with half built homes, no property and large debts or even facing serious legal problems.”
There are some real horror stories about holiday home properties, as you probably know.
For example, thousands of Britons bought homes in Andalusia, in South East Spain, which were later deemed to have been illegally built. They had their homes literally taken away from them.
There are also many holiday club and timeshare scams still around so you need to keep your wits about you at all times.
Sam Instone says “Many people fall in love with the place they have spent time holidaying and want to make it a permanent or second home, but they should do it the right way.
“There are many complex issues at stake when you buy property in another country or even decide to leave your home country permanently and we would urge anyone considering it to take the time to research everything thoroughly. They should then employ an expert adviser who is qualified to give them the advice they need.”
“Don’t let your dream holiday turn into a financial nightmare.”
Have you ever fallen foul of a holiday scam? Have you got any advice? Let us know in the comments below.
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