The Timeshare sales Company ‘Silverpoint’ is based in Tenerife and continues to be buffeted by Complaints and Adverse Awards in the Courts in Spain. Equally, the supporting Banks who sold consumers loans to buy the Silverpoint products are receiving damaged based claims on account of alleged bad practices, performed by Silverpoint, their Servants, Agents and Employees and the Bank they represented.
Having been contacted by a number of their ex-clients, I have a reasonably held belief that, all is not well, and some consumers have been exploited when Silverpoint sold Timeshares they held and the loans they were commissioned to sell.
On many occasions when the timeshare was being sold, the first and principle contract many consumers entered into was, ‘the loan’ or the ‘provision of finance’ which was supplied by a Bank but sold by the Timeshare salesperson who, (like the Bank) are in subjection to many lending ‘rules’. laws and ‘regulations’ in the UK. Should they have contravened by Silverpoint (acting as the Banks agent), quite clearly, a claim can be made.
It follows that the person who sold you ‘the finance’ was acting for the Bank and well as the Timeshare Resort and the Salesperson was required to, but in some case were not, authorised by the Financial Conduct Authority [FCA] to sell the banks loans. This may have been an oversite on the part of the Bank or Silverpoint, however, it does not negate the rights you have reserved.
As the bank’s products (the loans) were sold in the confines of the same arduous sales presentation you attended, all the representations that were delivered in that presentation will be applied to the selling of both ‘the Timeshare product’ and the Loan. If the representations were false, of course, a detriment has occurred, causing you a ‘financial peril’ for which, damages may be a just and equitable remedy.
Therefore, what you were told equally applies to both products (Loan/credit and Timeshare) as all the representations that you were subjected to, cannot be unpicked remodel or applied with any accuracy to any of the product you bought. The selling of both products, therefore, are linked to each other’s and you have a right (reserved in the consumer credit acts) to hold to account, the Banks and/or the Merchants.
A question was posed that should a consumer be running a claim in Spain and against the Merchant ‘Silverpoint’ or other companies, can you also run a claim against the Banks? The simple answer is; You can as, the claims in Spain may not take into account the ‘interest’ that you paid to the Bank and when servicing the loan.
It is presently being reported (however not an established fact), that Spanish Lawyers are struggling to serve Silverpoint enteritis with legal proceedings, therefore, it might be safer to issue proceeding against the Banks in the UK as well or in the alternative. in any event, most of the claims in the UK can be (subject to a successful application) delivered on a ‘no win no fee’ and within the confines of a ‘similar fact evidence’ group, all participants sharing the same evidence.
In one such ‘similar fact’ evidence matter, TESS has been very successful, which is expected to deliver over £4 million to consumers. To date, over £1.2 million have been recovered in respect to the lead cases and negotiation are continuing with regards others in the group in the hope that they can all be settled, by Christmas 2018.
Posted on: 3rd December 2018