There is a noise in the industry whereby Silverpoint/ Resort Solutions has received the accolade of a resounding victory in the Spanish High Courts overturning a first instant victory establishing that the method of their selling was unlawful.
This new High Court judgements slaps in the face of reality, as it is being reported that the timeshare contract and the selling process was so far removed from reason and the timeshare Act it could not be contemplated as a timeshare contract. This being the mindset of the court the consumers could not rely upon the timeshare Act and as such the product was deemed an investment and accordingly the consumer court action floundered.
This now leaves the promises of many purported legal companies with egg on their chins, as they will either have to concede to the judgement or apply to the Supreme Court for an appeal.
An appeal will take a considerable amount of time and will stall the matter once again. No doubt Silverpoint will enjoy their rose tinted victory and the consumers will slump in their chairs with just disgust.
This judgement has not been broadcast by some which I find wicked, as it silences knowledge which facilitates consumers to reflect justly on a legal adventure.
If you were sold Silverpoint/ Resort Solutions products and are worrisome, you should call the legal enterprises and enquire what is happening and what they intend to do about it, so that your cases do not flounder.
That all said: if the Spanish court has declared that the contract (the consumer signed or bought into) was indeed a financial investment product (as determined by the court) and that now being a judgmental fact, consumer could opt to rely upon it.
If they do, then consumers should look at the corresponding loans and link finance agreements and determine whether or not those loans and finance agreements are compatible to the now legal description of the silverpoint/Resort Solution contract. If they are not compatible and if a linked load was taken out, it could be the case that the finance companies have loaned money by way of a consumer finance agreement, so as to facilitate an acquisition of a financial product. If that is the case then “happy days” as those consumers can rock up to ombudsman and claim a repudiation of the loan, as you cannot in the UK loan money on a consumer finance agreement for an investment product.
If this is actioned, the finance company (that facilitated the purchase) is on the hook for the entire amount the consumer has lost. Once this money is released back to the consumer, no doubt the finance company (by way of a claw back term in Silverpoints factoring/invoice discount arrangements), will snatch back the costs leaving Silverpoint and /or Resorts Solutions impecunious and slapped.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk