Customers Financial Protection
Your funds are 100% financially protected
About the Travel Trust Association
The Travel Trust Association was formed as organisation to provide total consumer protection at much lower costs than existing bonding arrangements. The scheme that we operate is a Trust Account backed by a fidelity insurance which covers each passenger up to £11,000 (The insurance is underwritten by AIG Europe Ltd, members of the American International Inc. Group who have assets exceeding US$100 Billion).
How does the Scheme work?
All our Members operate their own properly constituted Trust Accounts.
The Independent Trustee on each Trust Account is always a professional person e.g. Chartered or Certified Accountant, Solicitor, TTA Trustees (UK) Ltd.
In the event of a failure the Association steps in and works closely with the Trustee to the Trust Account.
Because of our monthly monitoring procedure on members we already have transaction reports giving details on all outstanding bookings including customers details, travel services booked, names of Suppliers / Principals and money paid over.
A reconciliation is done on the Trust Account and customer funds identified.
Customers and Suppliers / Principals are immediately notified of Member failure. Suppliers are paid from the Trust Account enabling the customer to have his holiday as booked. Where this is not possible the customer is refunded.
If the Trust Account is found to be deficient of funds due to fraud the fidelity insurance policy (in place with every booking) is invoked and replaces the trust funds so that suppliers are paid or customers refunded.
Failure of Tour Operator Member
The same procedure applies. Tour Operator / Suppliers are paid e.g. flight provider, hotelier, car hire etc., and the customer travels.
If the service booked is dependent on Tour Operator presence, the holiday is therefore cancelled and the customer is refunded.
If any holidaymakers are left stranded the TTA undertakes to step in and ensure repatriation where that responsibility is with our Member and not already provided.
Failure of Travel Agent Member
Procedure as before. Travel Agent is generally only responsible for pipeline funds. The TTA ensures suppliers are paid and customers travel.
Tour Operator is usually responsible for arranging repatriation of stranded customers.
Failure of Travel Agent Member who acted as a Tour Operator
Procedure is as before but in this instance, the responsibility for repatriation may be with our Member. The TTA would undertake to ensure repatriation.
Refunds
Normally the TTA would notify the customer of the Member's failure and wherever possible it is envisaged the customer would still receive his booked services even at short notice.
Each Travel Trust Association Member provides total financial protection to both the Principal and consumer in all bookings. This is done in two stages:
1. Every TTA Member operates a trust account. This is an independent bank account to which an independent third party has been appointed Trustee. Members appoint a Chartered or Certified Accountant, Solicitor or Banker as their Trustee. Funds are placed in this account for each consumer’s total financial protection.
2. The TTA Travel Protection Plan is a unique fidelity coverage that covers all clients booking with TTA Members up to £11,000 per passenger, should the funds the consumer placed with the TTA Member, not be in the Trust Account, or not been given to the Principal.
You should always check that the travel company you are booking with is a current member of the Travel Trust Association, this can be done through the Consumer Webzone or contacting the Association directly by phone 0870-8890577.
If you find yourself in the unfortunate position that a Travel Trust Association member company you have booked a holiday with cannot be contacted then you should contact the Association and notify us of this matter on 0870-8890577. You will then be given clear instructions on the procedure you need to follow.
If the company has ceased to be a member you will be required to supply proof of the booking you hold. This would mean supplying all documentation given to you by the TTA member as well as proving payment to the TTA member. You should have to hand the name of the TTA Member, the lead name on the booking and the date of departure.
