Clydesdale Financial Services and Barclays have come under scrutiny for granting finance on the pretence that the application was for “Home Improvements” when in fact they were overlooking that the company requesting the credit on behalf of a customer, was to be used to for funding timeshare. Many of these banks are now facing repercussions in connection to the finance they have approved, with many of the applications having been falsified in order to gain the approval needed. We can report that 106 claimants that are suing Clydesdale Financial Services in relation to these claims.
The Sales Tactic.
A tactic being used by the likes of Resort Properties and Diamond, are credit cards with introductory APRs, which are used to purchase the timeshare. Barclays Partner Finance currently has high court action being brought against them from Resort Properties member who had finance approved by Barclays without the necessary background checks being carried out and should not have had the credit loan approved.
This practice of selling to people who cannot afford the product is unfortunately becoming commonplace in the Timeshare industry, with UK banks becoming more involved as they trade as underwriters for these larger companies. By entering into a contract with Barclays Partner Finance you are actually entering an agreement with Clydesdale Financial Services Limited.
106 claimants are suing Clydesdale Financial services as they were conned into believing that they were making an investment with Resort Properties. Clydesdale Finance Services for Barclays bank, is being accused of approving loans and credit card applications on misleading terms in order to fund the timeshare purchase. The finance company is now being sued for £1.5m.
The representative of the 106 cases, Edwin Coe, believes that there will be a strong win for the claimants. This comes after the Supreme court ruling in Spain, in respect of Club Paradiso selling their timeshare properties as an investment, which has now been deemed as illegal throughout the country.
Resort Properties could really be hit hard here, along with Barclays bank. The case will now be heard in a County Court.
If you think you could be entitled to compensation for timeshare, get in touch with us. We’ll be able to help you proceed in the right direction, and offer you all the facts and advice you’ll need to get the result you are looking for. Find out more about claiming with a chat with one of our friendly advisors. Just fill in the form below: