COURT DISMISSES TIMESHARE GIANTS APPEAL!

For years and years timeshare companies and resorts alike have subject consumers to a plethora of injustices, however the boot is now. firmly on the other foot!

A London court has dismissed Barclays’ and Clydesale’s judicial reviews looking to overturn findings by the Financial Ombudsman Service (the “FOS”) that timeshares were missold, in a decision that could impact hundreds of consumer complaints.

JUDGE RULES

High Court Judge Rowena Collins Rice ruled that banks including Barclays, Clydesdale and Shawbrook could not appeal their losses in two claims brought by two separate consumers, which were a representation of “hundreds” of complaints against so-called fractional ownership timeshare selling.

Three banks who fund these products, Barclays, Shawbrook and Clydesdale, appealed the Ombudsman’s decision, saying it had misinterpreted consumer law.

The companies selling timeshare products in these cases were Diamond Resorts (Europe) Ltd. and CLC Resort Developments Ltd.

But the High Court disagreed with the bank, saying in both cases the Ombudsman was within its rights in applying the law to the facts of the two specific cases and finding they had been misrepresented as investments.

“Just because it was possible to sell [timeshare investments] without breaching Regulation 14(3) of the timeshare regulations doesn’t mean that’s what happened in practice, or in the present case,” the judge said. “And I still think that, on the balance of probabilities, the supplier actively relied on the [timeshare investment’s] potential to provide an investment return as a significant selling point in its presentation.”

“It was open to [the Ombudsman] to proceed to make an assessment as to whether the relationship between the banks and the consumers was made unfair because of the acts or omissions of the timeshare companies in the antecedent negotiations,” the judge stated.

The full judgement. can be read here

Should you have purchased a fractional ownership timeshare product and used finance to facilitate the purchase of the product, then do not hesitate, contact Cornerstone Financial Solutions TODAY!

You can contact Cornerstone Financial Solutions here