posted 7th September 2021
More than 1,000 British buyers mis-sold loans at a timeshare development linked to Gary Neville, the former England footballer, are to receive millions of pounds of repayments from Barclays bank. We believe that a ruling by Britain’s financial regulator could “open the floodgates” to claims from those mis-sold loans at other developments, such as Club Paradiso in Tenerife ; Club La Costa ; Diamond resorts and Silverpoint in Tenerife.
In a letter to borrowers last week, the UK lender acknowledged it had been told by the Financial Conduct Authority (FCA) to hand back interest already charged on loans issued between April 2014 and April 2016 by timeshare operator, Azure Services.Barclays must also cancel future interest due on the more than 1,400 loans.
Barclays Partner Finance was the banking partner for Azure Resorts, and underwrote financing agreements sold to holidaymakers.It is being reported that although Azure Resorts was licensed by the FCA to sell loans, the employees brokering the financing agreements were working for another company, Azure Services, which was not authorised by the FCA until April 25 2016.The repaid and waved interest amounts to an estimated £26m, about half of the value of the £48m of loans in question.
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