Mis-Sold Point of Sale Finance Claims
Why do Timeshare companies such as Diamond resorts, Club la Costa, Azure resorts, Anfi Group, Silverpoint and Club Paradiso offer point of sale finance?
Point-of-sale finance has seen a spike in popularity, with major household retail names using it as a selling point to customers. Furniture stores, car dealers and timeshare sellers commonly provide a point of sale finance.
Shawbrook bank still openly advertise on their website that they provide Holiday Ownership Finance.
The Spending Index: Big Ticket Edition, found 96% of UK shoppers cite cost as an influential factor when making a high-value purchase (£250+). Point-of-sale finance enables retailers to offer a more flexible method of payment which in turn leads to increased conversions and an increase in average order value.
The rise of point of sale finance within the timeshare industry came about after the timeshare directive (2008/122/EC) was introduced.
The absolute ban on upfront fees, previously taken by credit or debit card, meant that timeshare resorts had to find another way to finance their products.
Barclays Partner Finance (Clydesdale financial services) quickly emerged as the go-to company for timeshare lending. The 1974 consumer credit act protects all finance agreements provided by UK banks. Spanish courts do not have any jurisdiction over UK finance agreements, regardless of where this agreement was signed.
The dubious nature of lending criteria has never been more prominent. Responsible lending has been pushed to its limits and in many cases over them. With many Club la costa clients left with severe financial difficulties. Finance providers such as Barclays and Shawbrook can no longer use the excuse that they weren’t there at the point of sale. In 2017 Shawbrook Group PLC put aside £2.5 million related to solar panel mis-selling. A spokesperson for the company said “certain selling practices didn’t meet our standards” but added that Shawbrook Group was not an “active party” in the deals that were allegedly missold.
Lenders such as Barclays partner finance, Shawbrook bank, Hitachi and others, can no longer hide behind ignorance. The ignorance of terrible mis-selling tactics.
- False resale and investment claims
- 8-hour high-pressure presentations
- Forced to make on the day decisions
- Being provided regulated finance agreements by unregulated personnel.
- Grossly mis-sold the benefits of the product.
- a) Salespeople lying about holiday entitlement
- b) Salespeople lying about holiday savings
- c) Salespeople lying about investment returns
The responsibility of the finance provider is to make sure that the selling methods and viability of the product are both fit for the purpose along with their duty of ‘fair and reasonable’ lending.
In both cases, intentional ignorance and greed have culminated in record numbers of unsatisfied timeshare and fractional timeshare points members. If you have a complaint, feel mis-sold and would like to start the fightback then get in touch. We will assess your case, and if we decide to take it on, it will be on a No Win No Fee basis.
It is important to remember that only fully (not temporary) FCA regulated companies, like ours, will be able to fulfil your claim.
Spanish solicitors, Spanish claim companies and Spanish courts have no jurisdiction over UK finance agreements, regardless of where it was signed.
Contact us today to see how we can help.