Barclays facing potential loss of £billions over fresh timeshare mis-selling claims

Barclays facing billions more in claims over timeshare loans

Barclays Partner Finance, already ordered to repay millions of pounds following scrutiny over their relationship with disgraced Maltese timeshare company Azure, are potentially facing further billions in claims it has been revealed today.

Compensation

"It was a challenge," says Andrew Cooper, CEO of ECC.  "Barclays fought their corner, but the FCA tribunal came to the right decision in awarding money back to the victims.  If anything we believe it didn't go far enough, and in fact an appeal is in progress to increase the compensation awards."

Financial Times

Adriana Stoyanova  made the lead story of the Financial Times last month as their victory over the banking giant was reported in the world respected publication.  

"Obviously it was a positive result to get some financial relief for these  Azure victims," Andrew Cooper says, "but it turns out they have barely scratched the surface. Barclays were also providing loans to other giant timeshare companies like Club La Costa and Silverpoint, and as with Azure, the same people processing the loan applications were the sales people pressuring the customers to sign up on the day; a clear conflict of interests that ought to raise red flags with any responsible lender."

"Over a £billion" in liabilities

Barclays is not the only financial institution accused of wrongdoing "Hitachi Personal Finance and Shawbrook Bank also provided loans for high pressure timeshare sales operations," says Cooper.  "There are over 100,000 owners just between Club La Costa, Azure and Silverpoint, and based on our research, at least 80% of those had loans from these finance entities, with an average value of over £10,000 each.  Add to that the thousands more timeshare resorts in Europe and you can see that the figure is substantial.

"Interested parties are examining an estimated total of well over a £billion in liabilities that they believe is owed to people who may have been mis-sold to by the timeshare sales staff at these resorts."

"Anyone who bought a timeshare membership of any kind, felt under pressure and felt mis-sold can contact ECC to find out if we can help you," Mr Cooper adds.  "Just let us know when and where you bought, and have your documents to hand.  One of our team will be able to let you know fairly quickly if you might qualify to join the legal action."

Reputation

"This is a huge deal" says Daniel Keating of the Timeshare Consumer Association.  "Many people see these banks as having been complicit with disreputable timeshare operations and it's a reputation they will want to disassociate from as swiftly as possible.  Frankly we would have expected more oversight from responsible financial institutions like these.  Compensation for the victims should be the very first consideration.  The TCA will follow the legal proceedings with interest."