Barclays pledge a further £181 million for Azure timeshare victims

Following six determined years of work by Adriana Stoyanova (AKA the Erin Brockovich of timeshare) Barclays ready to pay a further £181 million to people “mis-sold” Barclays loans enabled by disgraced Maltese timeshare company Azure

£48 million already repaid

Stoyanova’s first victory was widely reported on in 2021, when the financial giant agreed to cancel 1500 loans issued between 2014 and 2016. Barclays agreed to not only cancel the loans, but also pay interest on the payments already made, and wipe any notes on the credit files of customers involved, which related to the timeshare loans.

Azure had used non licensed agents to process the loans. In fact it was the commission only timeshare salespeople themselves who handled the applications. Recipients reported being given approval for their loans almost straight away, and claimed that the timeshare salespeople had told them how to answer the loan application in ways that would make the the approval easier.

Victims described being told that timeshares were good investments and could be sold at a higher price later. In reality, as with all timeshares, not only do they have no resale value at all, but professional help is generally required to relinquish the membership.

Expecting to make money on what they were told was a type of real estate investment, Azure customers look high interest Barclays Partner Finance loans which allegedly in some cases wiped out their savings and left them working into retirement.

Another £181 million earmarked

Adriana Stoyanova, who is a specialist lawyer collaborating with leading firm of lawyers, M1 Legal, fought for the historic £48 million compensation for victims who were sold timeshare loans within a fixed two year period. However the legal ace strongly believed that the original settlement did not go far enough.

“There were many other people who bought timeshares with Azure under what they consider to be unfair pressure,” she confirms. “These loans often had a huge impact on people’s lives, and I knew I had to help them too.”

Adriana continued fighting, with the help of Ivor Williams and his Action Support Group, and in May 2022, both the Financial Times and The Telegraph both reported that Barclays had ‘taken a provision’ of a further £181 million to compensate improperly sold customers of timeshare loans in Malta. This brings the total to £229 million pounds.

Barclays comments

According to The Telegraph, Barclays were making amends to all customers who had expressed dissatisfaction, following a detailed review of complaints related to the Azure timeshare book. Barclays said that various factors had come to light indicating that Azure did not “consistently adhere to the standards we expect of out credit brokers when providing credit to Barclays Partner Finance customers.”

Further to the original 1400 victims already receiving compensation, a further 6000 people will be refunded ‘all fees and payments’ plus 8% interest on money already paid.

As with the original 1400 cases, any black marks on these customers’ credit files relating to Azure purchases will be removed.

TCA comments

Daniel Keating, Information Officer for the Timeshare Consumer Association (TCA) said, “this is a huge win by a determined lawyer on behalf of people who normally wouldn’t stand a chance against such a powerful bank. It really is a David and Goliath situation.

“Even though £181 million is a huge amount of money, it is still a drop in the ocean,” notes Keating. “This is just one bank, with just one resort, and within a narrow timeframe.

“This unhealthy alliance of major credit providers and sometimes notoriously disreputable timeshare companies has been going on for decades.

For advice on any timeshare related matter, contact the TCA team for free, confidential advice

Timeshare Consumer Association. Contact us on: T: 01908881058 (ask for Daniel), E: enquiries@timeshareadvice.org (Address to Daniel).

WhatsApp (message only) +447586871055

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

Timeshare Consumer Association Newsdesk here

Timeshare Consumer Association on YouTube here

Timeshare Consumer Association on Facebook here

Timeshare Consumer Association on Medium here

Timeshare Consumer Association on LinkedIn here

Timeshare Consumer Association on Quora here

Timeshare Consumer Association website here

We are a proud member of the UK Small Charities Coalition

First published on MyNewsDesk May 2022

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store