Appeal announced against Barclays tribunal decision in suspect timeshare loans investigation
£48 million pounds at stake as victims continue fight to have the loans cancelled.
Customers who purchased timeshare from disgraced Maltese company Azure, with loans from Barclays Partner Finance (BPF), were given fresh hope today following what observers regard as a disappointing decision by the Financial Conduct Authority.
The FCA ordered BPF to cease charging interest on the disputed loans and to return all interest already paid, but stopped short of nullifying the loan principal outstanding, despite it being handled by Azure salespeople who were neither qualified or licensed
Azure customers like John and Victoria (pictured above) were buoyed by a recent announcement from M1 Legal that an appeal has been lodged with the Upper Tribunal, who give directives to the FCA.
Daniel Keating from the Timeshare Consumer Association adds: “Azure had a reputation for high pressure sales. It seems short sighted of Barclays Partner Finance and the FCA to allow the sales staff at Azure to also be in charge of the loan application process.
“We have many enquirers who say they felt railroaded into these loans with little or no checks on income, expenditure and other information asked for as part of a typical loan application.
“Most of the affected clients we have spoken too agree that the credibility of Barclays was cited as a major factor in trusting the purchase.”
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