CCR Magazine

You are here  :Home arrow News arrow Flush-feeling Brits on holiday should keep a level financial head
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Flush-feeling Brits on holiday should keep a level financial head PDF Print E-mail
Tuesday, 14 July 2015

As Britons head overseas this summer, with perhaps a few more euros stuffed into their pockets than usual, AES International is warning them not to get conned when their guard is down and they are in holiday mode.

Exchange rates between the sterling and euro are at their most favourable since 2007, with rates having hovered between €1.3 and €1.4 per pound for the past month.

“Feeling a bit more flush on holiday can lead people into making slightly more hasty financial decisions,” according to Sam Instone, chief executive of AES International, which provides financial advice to British expatriates.

“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.”

One of the worst examples of holiday home purchases going wrong was in Andalusia, south east Spain, where thousands of Britons bought homes which were ultimately deemed to have been built illegally and who have spent nearly a decade fighting developers and local government.

Holiday club and timeshare scams are also still rife in many popular holiday destinations and so holidaymakers need to keep their wits about them and not sign up to anything they will live to regret once back at home.

“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,” added Instone.

“Don’t let your dream holiday turn into a financial nightmare.”

(Source - AES International Press Release)  


latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197