Azure owners' joy as Barclays begin timeshare loan repayments

Azure loan victims start receiving their money as remediation process begins

Loans cancelled

Following a four year battle with the 'Erin Brockovich of timeshare' Adriana Stoyanova, Barclays Partner Finance (BPF) capitulated in June 2021 and agreed to cancel a large quantity of loans arranged by staff of now insolvent Maltese timeshare company Azure. Loans that sometimes had life changing consequences.

In total BPF agreed to cancel around £48 million worth of loans after Stoyanova, together with the Ivor Williams group, challenged their validity on the grounds that unqualified staff were handling the application processes.

BPF finally agreed to cancel the loans, repay any payments already made (with 8% interest) and also remove any notes on the victims' credit files relating to the loans

Remediation started

After a 3 months wait; BPF solicitors, Hogan Lovells, informed the Upper Tribunal that refunds were ready to begin. The first 200 consumers were contacted regarding payments from the 15th of September 2021 as a pilot scheme. If all goes smoothly the remaining 1282 consumers will be contacted between the 14th October and 26th November 2021, with the entire process expected to be complete by 25th April 2022.

Adriana Stoyanova, who is a collaborating solicitor with firm of timeshare lawyers M1 Legal, asked the Upper Tribunal Judge Timothy Herrington if the process could be monitored.

"Considering our past experience with BPF and the elderly and vulnerable consumers that are involved in this case, we did not trust BPF to complete the remediation fairly and in due course," explains the shrewd solicitor.

"Judge Herrington requested BPF to update him every two weeks on the development of the process until the full refund is complete," she adds.

Hope for other timeshare loan customers?

Andrew Cooper, CEO of European Consumer Claims (ECC), who has been observing Adriana in her 'David v Goliath' battle with the financial giant believes this victory paves the way for other wronged consumers to claim compensation for mis-sold loans.

"This was an amazing and historic victory," says Cooper. "Even though this was for a limited number of people affected in a fixed timeframe in one particular resort, there are hundreds of thousands of other consumers who have been appallingly affected by similar collaborations between high pressure timeshare sales operations and seemingly reputable credit providers. It is my belief that with diligence and hard work the scope can be widened to help many more victims achieve redress for the harm done to them."