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Barclays.  'May be liable for billions more' in compensation claims over timeshare mis-selling
Barclays. 'May be liable for billions more' in compensation claims over timeshare mis-selling

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Barclays facing potential loss of £billions over fresh timeshare mis-selling claims

Barclays facing billions more in claims over timeshare loans

Barclays Partner Finance, already ordered to repay millions of pounds following scrutiny over their relationship with disgraced Maltese timeshare company Azure, are potentially facing further billions in claims it has been revealed today.

Andrew Cooper, CEO of European Consumer Claims (ECC) the company who instigated the challenge earlier this year which resulted in Barclays being ordered to pay back 'suspect loan' victims a total of £26 million pounds, says: "There is a lot more to come."

Compensation

ECC, which represents victims of timeshare related malfeasance, collaborated with lawyers from the Spanish firm M1 Legal, working in conjunction with UK solicitors and barristers on the case.

"It was a challenge," says Cooper.  "Barclays fought their corner, but the FCA tribunal came to the right decision in awarding money back to the victims.  If anything we believe it didn't go far enough, and in fact an appeal is in progress to increase the compensation awards."

Financial Times

Mr Cooper, ECC and M1 Legal made the lead story of the Financial Times last month as their victory over the banking giant was reported in the world respected publication.  

"Obviously it was a positive result to get some financial relief for these  Azure victims," Andrew Cooper says, "but it turns out we have barely scratched the surface. Barclays were also providing loans to other giant timeshare companies like Club La Costa and Silverpoint, and as with Azure, the same people processing the loan applications were the sales people pressuring the customers to sign up on the day; a clear conflict of interests that ought to raise red flags with any responsible lender."

"Over a £billion" in liabilities

Barclays is not the only financial institution in ECC's crosshairs.  "Hitachi Personal Finance and Shawbrook Bank also provided loans for high pressure timeshare sales operations," says Cooper.  "There are over 100,000 owners just between Club La Costa, Azure and Silverpoint, and based on our research, at least 80% of those had loans from these finance entities, with an average value of over £10,000 each.  Add to that the thousands more timeshare resorts in Europe and you can see that the figure is substantial.

"We are examining an estimated total of well over a £billion in liabilities that we believe is owed to people who may have been mis-sold to by the timeshare sales staff at these resorts."

"Anyone who bought a timeshare membership of any kind, felt under pressure and felt mis-sold can contact ECC to find out if we can help you," Mr Cooper adds.  "Just let us know when and where you bought, and have your documents to hand.  One of our team will be able to let you know fairly quickly if you might qualify to join the legal action."

Reputation

"This is a huge deal" says Daniel Keating of the Timeshare Consumer Association "Many people see these banks as having been complicit with disreputable timeshare operations and it's a reputation they will want to disassociate from as swiftly as possible.  Frankly we would have expected more oversight from responsible financial institutions like these.  Compensation for the victims should be the very first consideration.  The TCA will follow the legal proceedings with interest." 

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Timeshare Consumer Association. Contact us on: T: +44 2036704588 or +44 2035193808 (ask for Daniel), E: enquiries@timeshareadvice.org (Address to Daniel)

TCA provides a central resource of consumer information on timeshare matters for the media and other organisations – We work towards encouraging responsible, honest, timeshare operators. We also publicly expose negative consumer practices and organisations which operate in a manner detrimental to timeshare buyers and owners.

An important part of our mission is to lobby UK and European Governments and regulatory bodies for improved consumer protection in the timeshare environment and collect information on frauds and mis-selling, for action by enforcement authorities.

We are staffed by former and current timeshare owners, as well as former timeshare industry staff. We know our way around the timeshare business

We are a proud member of the UK Small Charities Coalition  

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Timeshare Consumer Association. Contact us on: T: +44 2036704588 or +44 2035193808 (ask for Daniel), E: enquiries@timeshareadvice.org (Address to Daniel).
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The Timeshare Consumer Association (TCA) was started in 1997 by Sandy Grey, a timeshare owner himself, who became sick of what he saw as repugnant sales practises in the timeshare industry.
Sandy ran the website diligently from his home in Blythe, gaining a reputation for integrity and fearlessness at a time when some timeshare companies skirted with criminal behaviour and employed unsavoury characters.
Sandy was gradually joined by other volunteers, disaffected owners and even former timeshare sales staff, sick of the “dishonesty” in the industry as a whole.
Over the years, Sandy and his band of volunteers built up a huge volume of consumer testimony and knowledge. TCA became the number one source of impartial, expert advice regarding the latest scams as well as organisations that actually can be trusted.
Sandy sadly passed away in 2013, but he had started a movement that could not be stopped. Consumers continuously contact us to both ask for and give advice, sharing their experiences to help others stay ahead of the industry scams and pitfalls.
The information is moderated, assessed and categorised under the watchful eye of director Keith Dewhurst. With Keith at the helm, TCA has become the number one timeshare consumer organisation in the world.
Whilst there are paid employees, the TCA operates on a shoestring budget, relying on volunteers and donations, though these are never accepted from sources that could compromise the organisation´s integrity.
With your help, we will continue to hold the timeshare industry to account.
While there is timeshare we need the Timeshare Consumer Association watching.

Timeshare Consumer Association provides a central resource of consumer information on timeshare matters for both the media and the public. – We work towards encouraging responsible, honest, timeshare operators. We also publicly expose negative consumer practices and organisations which operate in a manner detrimental to timeshare buyers and owners.

An important part of our mission is to lobby UK and European Governments and regulatory bodies for improved consumer protection in the timeshare environment and collect information on frauds and mis-selling, for action by enforcement authorities.

We are staffed by former and current timeshare owners, as well as former timeshare industry staff. We know our way around the timeshare business.

A proud member of the UK Small Charities Coalition

Timeshare Consumer Association
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