With the recent scandal emerging about the murky history of Silverpoint, (which was once known as Resort Properties) their selling techniques have been exposed, leaving many owners tied to multiple weeks without any option to resell them as was promised to them by their trusted salesperson.
Having initially been promised that this was a great investment, many owners were misled to believing that if they purchased multiple weeks at a cost of £20,000 plus, then Silverpoint would resell those weeks on the clients´ behalf for a 15-20% profit to the client. The opportunity was presented as a fool-proof way of earning money from the ´investment` in a timeframe that could be as short as one to three years. Clients were assured that their unit was highly desirable, and they would have no problem selling it on to another buyer.
Fast forward one year and an expensive round of maintenance fees later, and the owners were invited to another presentation, where they were informed by another rep that they were sold the wrong unit the previous year, as their unit was not as desirable as they were led to believe. Owners were persuaded to ´upgrade´ their unit to one that was more ‘sellable’ for an extra £10,000 plus, with the assurance that it would go on a resale list the following year to be sold within a reasonable timeframe. The extra bonus was that they would not need to pay any maintenance fees.
The following year, after being invited to another presentation to discuss the state of their investment, owners are informed that their unit is not selling due a slump in the market (or some other reason) and that to achieve a sale, they would need to purchase yet more units by trading in their current ownerships for a another upgrade to the Paradiso Membership, at yet another cost.
Owners were encouraged to fund their timeshare ownerships with a loan from Barclays Partner Finance, and questions have arisen as to the methods in the way these loans were arranged, and whether customers were clearly explained the terms of the loan and were given sufficient time to consider them.
Owners were faced with more disappointment in the following years, when no resale was made, and they were left paying maintenance fees on multiple units which had no possibility of selling.
CMany of the following contracts (including upgrades) are currently qualifying for a claim:
• Floating weeks contracts
• Points contracts
• Fractional Ownerships
If this sounds like a familiar story to you, get in touch with O-YOO using the sort form below to see if your contract, including any loan agreements, fits the criteria to make a claim.