Barclays paid out a further £181m to around 6,000 victims of the Azure scam
Timeshare scams are more common than you may think. They come in many different forms and have caught out thousands upon thousands of people across the world over the years. Between January and July 2018, for example, 1,155 reports of timeshare recovery fraud were made to Action Fraud alone, never mind other periods in the year which add to that number. These victims altogether lost a staggering £7,893,028 – around £14,000 per victim on average.
Another example as of recent has been the Azure Services timeshare scam which initially saw 1,500 victims compensated a shared sum of £48m. The now-defunct Maltese company had conned the victims by using non-licensed agents to process loans. Instead of waiting for the loans to go through as normal, the victims reported they were given approval straight away. Barclays Partner Finance had a partnership with Azure Resorts, but were not made aware of Azure Services – a company which was not authorised by the FCA between April 1st, 2014 and April 25th, 2016. As a result, Barclays paid back £48m in compensation.
Barclays To Compensate Further £181m
Just last month, Barclays paid out a further £181m to around 6,000 victims of the Azure scam. This came about following a long campaign led by all the victims who had been pressured into taking out the high-interest loans for timeshare properties at the Azure Resort based in Malta.
Athena Law has represented over 100 of the victims. The £181m is however the tip of the iceberg. There are other claims being pursued in respect to loans outside the Validation Period.
In respect to cases that fall within the Validation Period, the victims’ loans will now be cancelled. Not just that though, but they will also be refunded all fees and be given interest. Bad credit will also be wiped out, ensuring it doesn’t affect them at all in the future. Overall, justice was served but only after Barclays were presented with a substantial number of complaints supported by evidence of detriment..
What Barclays Have Said On The Matter
The Telegraph have reported that Barclays was “sorry” for its role in the Malta timeshare scam. There was also a “detailed review of complaints” which related to Azure, and evidence had been found to suggest that they “did not consistently adhere to the standards we expect of our credit brokers when providing credit to Barclays Partner Finance customers”. Now that it’s been addressed, Barclays has promised to make amends with the victims of the scam.
It is important to note that the reported compensation relates only to cases that fall within the Validation Period. In respect to other cases Barclays have continued to either deny liability or not answer complaints. Further Barclays are raising Limitation defences – basically victims have six years to make a complaint or they could be out of time unless the loans are still running or they can demonstrate fraud and/or concealment by Azure.
Please Be Aware Of Timeshare Scams
Post-pandemic, the rules of timeshare scams have now changed. This includes:
- Timeshare Cold Callers
- Fake Companies
- Viking Ship Timeshare Scam
Timeshare cold callers are incredibly common nowadays due to how easy it is to operate. Callers make unsolicited calls and assure you that they’re willing to purchase your timeshare for a large sum of money. However, this is only to generate your interest. So please don’t fall for it.
Fake companies, on the other hand, will disguise themselves as representatives of a legitimate firm, often asking you to pay a fee upfront. Reputable companies will never ask you to do this.
Viking timeshare scams operate with various intimidatory tactics. They are shell companies that are created to transfer ownership to them. They may have adverts on the radio or even online that claim they are able to help you with an offer to relieve the financial burden you may have.
How Athena Law Can Help Victims
At Athena Law, we are specialists that help victims of timeshare scams receive the monies they are entitled to. If you have been affected by a timeshare scam, then we can happily provide help. Whether it was a timeshare scam in recent memory or not, we can provide a free, no-obligation chat if you get in contact with us! We’ll be able to give advice and understand the basics of your case before moving forward any further.
In respect to Azure and Barclays claims, the firm is representing hundreds of complainants and in respect to loans outside the Validation Period clients are now beginning to be compensated following positive financial ombudsman decisions obtained by this firm. In addition to pursuing financial compensation we have acted for clients in terminating their Azure timeshares thereby bringing to an end liabilities for the annual maintenance fees.
Mr. Stephen Boyd has been a solicitor for over 20 years and has cemented his reputation as one of the leading solicitors in this field over the last decade, ably supported by his incredible team. If you get in touch with us, we can provide you with an independent review and pursue any viable claim in a proper, legal manner. Ring us on 0161 8398847 or send us an enquiry on our website.