Barclays Partner Finance has been under fire for loans given to timeshare buyers in Malta, processed by now defunct company Azure. We are now also hearing reports that many Club La Costa customers were also provided with timeshare finance through Barclays Bank.
Consumers claim that they were pressured into purchasing timeshare, and that the commission only sales people were also the officers who handled the loan application process.
Allegedly, the people processing the loans were neither licensed nor qualified to do so.
As reported by the Financial Times on June 18th 2021, BPF decided to give up the fight. They agreed to refund all loan payments made to date, to pay 8% simple interest on the refunds, cancel the loan agreements themselves, and remove any negative notations on the consumers’ credit files in relation to the loans. A total of £48 million plus interest.
This currently only applies to timeshare consumers that purchased in Malta with Azure, however, as more timeshare owners are now claiming that they were also offered timeshare finance through Barclays Bank Partner Finance, many more court cases are predicted to follow.
Why are Barclays responsible?
Not only were the people processing the loans unlicensed or unqualified at the time, banks and financial creditors have a duty of care that they must provide to their clients. Many timeshares were sold using high pressure sales tactics. Barclays could have contacted their clients to confirm that they were happy to take out the loans. It is believed that the majority of timeshare owners could have used this opportunity to change their minds once away from the resorts and sales reps.
If you have purchased timeshare finance through Barclays Bank, use the claims calculator on the button below to find out if you qualify for compensation. A specialist will be in contact with all of the relevant information.