After the news we reported recently regarding the settlement offer made by Barclays Partner Finance (BPF) relating to the 1,400 or so loans issued between 1st April 2014 and 24th April 2016 by now-defunct timeshare operator Azure. BBC Radio 4 Money Box programme featured this matter in their programme broadcast on Saturday 26th June.
The programme homed in on an unfortunate lady who had purchased not one but seven timeshares at Azure all funded by BPF. Her reasoning is that the sales staff at Azure told her the purchases would be an investment, which of course was an out and out lie. She further stated that part of her rationale and belief was that Barclays was a household and trusted name and if they were involved the Azure product must have been sound. As we all now know that was far from the truth.
The unfortunate facet of this story is that for this consumer only one of her seven loans is eligible for a refund and cancelation because of the time window. Although BPF refused to take part in the programme they did comment that all customers holding loans with them in relation to Azure purchases can raise complaints with the bank but these would be reviewed on a case by case basis.
Going forward
It appears that BPF are adopting a damage limitation stance rather than admit that there could be many thousands more of loan holders who have been affected. By reviewing complaints on a case by case basis could involve many months or even years before any form of resolution is reached. It is quite possible that many claims will be rejected by the bank leaving the claimant with the only other route and that is to make a formal complaint to the Financial Ombudsman Service (FOS).
The general experience of dealing with the FOS is that, like many underfunded Government departments, the complaint may take 18 months to 2 years to surface. BPF are fully aware of the potential numbers and the financial implications of including all mal brokered loans into a group claim and will obviously do their damndest to avoid that scenario.
What can I do?
Whilst the stance of the bank certainly complicates the issue, those holding loans with BPF for Azure purchases, including those who may have already repaid them, should not lose hope. Even though only a small window of opportunity has presented itself as previously reported we believe that there are many thousands more loan holders that can challenge their contracts.
We find it hard to believe that Azure was operating their broking services correctly before April 2014, if so why then suddenly act illegally for two years? Obviously we can only second guess the facts but when you think that Azure were established in 2003, the question must be asked how and by who were purchase loans brokered? The Financial Conduct Authority only fully authorised Azure Services Ltd on 25th April 2016. Their authority was cancelled on 22nd May 2020.
If you have, or had a loan with BPF relating to a purchase with Azure then you need to make enquiries as to whether or not you are in a position to present a claim. One of the leading lawyers in the already agreed case is Adriana Stoyanova, Adriana is adamant that there are potentially thousands more loan holders not included in the group claim whose loans may be challenged. Quite obviously she points out that not every loan is affected but says that research and legal opinion should be sought because nothing ventured, nothing gained.
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