Further to our article in October regarding Clydesdale Financial Services and Barclays overlooking reasons as to why a client was applying for a loan or credit card. Most were passed off as home improvements, so that they would be approved, and then used to finance their timeshare purchase. We can now confirm that there are 106 claimants that are suing the credit company Clydesdale Financial Services in relation to these ‘oversights’.
These 106 claimants think they were duped into believing that they were making an investment with Silverpoint and their subsidiary, Resort Properties. Having been told, as many have before, that they could rent out their unit to help with their loan payments if necessary. All of which is a blatant lie for the sales representative to seal the deal on the day. One has to ask what Barclays bank has to do with a timeshare sale. Clydesdale Finance Services (for Barclays) is being accused of loosely allowing loans and credit card applications to fund the timeshare purchase, these applications are believed to have been approved on misleading terms, the finance company is now being sued for £1.5m under section 75.
Most of the claimants, further to their first purchase, were then targeted to ‘upgrade’ their original purchase in Resort Properties to a more luxurious unit in Club Paradiso. The upgrade was also offered to them as a better investment, and would more than likely have a better chance of being rented out. Again, more stories from sales reps to get the client to agree to the upgrade.
Moneymarketing.co.uk have reported that Clydesdale have denied the claims, and go as far to say the detail in the cases are “embarrassing”. Also believing that some of the cases are too old to be heard. However, Edwin Coe, the representatives of the 106 cases, believe that there will be a positive outcome for the claimants. Silverpoint and Clydesdale financial services are both in hot water here. This comes not long after the Supreme court ruling in Spain, in respect of Club Paradiso selling their timeshare properties as an investment. This has now been deemed illegal throughout Spain.
Silverpoint could really be hit hard here, along with the bank. Neither side has been able to come to an agreement as to who should be responsible for these clients. Silverpoint has refused to comment on the ongoing case, as have Barclays. The case will now be heard in a County Court. It will be interesting for other owners at Club Paradiso and Resort Properties to hear the outcome of these 106 cases.
If you have an enquiry regarding your ownership, please make contact with our team of timeshare specialists on the contact details below.
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