Resort Properties and Silverpoint

Were you told buying timeshares was an investment?

Lincoln Green Solicitors is currently negotiating compensation with lenders who have funded the purchase of timeshares, and packages of timeshares which had been mis-sold as “investments”. Many consumers have subsequently lost significant sums of money over recent years with Silverpoint and Resort Properties, when they tried to resell the timeshares they had been sold.

Barclays Partner Finance were often Silverpoint’s preferred lender, though we know some consumers were sold loans with Vacation Finance Ltd, or were advised to take out an Equity Release plan (Lifetime Loan) via Gallery Finance.

If you have taken out a loan for a timeshare with any of these lender’s then call us now on 0300 303 3819

The misleading sales pitch from Silverpoint and Resort Properties

It was a common sales tactic by both Resort Properties and Silverpoint to sell consumers timeshares as an investment which they claimed they would be able to sell on at a healthy profit in a short space of time. Consumers were shown details of previous customers who Silverpoint claimed had sold timeshares at a profit, however, when the members of the public tried to resell their timeshares, inevitably they ended up selling the timeshares at a loss or were persuaded to trade them in for even more timeshares. Many people question if the “previous customers” that they were shown at the sales presentation existed, or if it was just part of the scam.

There is little evidence of anyone making any healthy profit, however, we have heard many stories of consumers making a very unhealthy loss.

It was common practice for both Resort Properties and Silverpoint to claim that;

“the reason owners’ timeshares had not been resold was because they had bought the wrong type of timeshares”.

The victim was convinced to take out a further loan to upgrade their portfolio and trade them in for timeshares where it was claimed the demand was higher.

Over the subsequent years, the sales pattern repeated itself with consumers spending ever-increasing sums of money on timeshares that were virtually worthless. Many of the sales teams have subsequently left Silverpoint and have been involved with other companies, some of which are the subject of investigations by the Police and Trading Standards.

Club Paradiso

For many Silverpoint consumers their involvement with this company ended when they were sold memberships of Club Paradiso, which they were told that they would be able to resell at a huge profit to enable them to recover their previous outlay on timeshares.

Club Paradiso offered members the opportunity to also take holidays at a collection of resorts owned by “third parties”, thus, the accommodation provided wasn’t under the direct ownership of Silverpoint. Club Paradiso ceased trading when it was unable to pay the third parties for the accommodation it had provided to it’s members, which resulted in the resorts cancelling members bookings, and a surge of complaints.

If you owned a membership of Club Paradiso, which you had bought on finance, then please contact us on 0300 303 3819

Keys Concierge

In the last few years of Silverpoints existence, as demand for timeshares had diminished, Silverpoint persuaded owners to trade in their timeshares for membership of the Keys Lifestyle Concierge programme. This concierge facility was supposed to offer discounts on hotels, travel and recreational activities, however, as hotel, travel and leisure experience websites grew year on year on the internet, it soon became apparent that the discounts offered by Keys Concierge were unrealistic, and the prices were uncompetitive.

The website for Keys Lifestyle Concierge is not operating, and records at Companies House suggest the company may have been trading whilst appearing to be insolvent. Our concerns are that members have now lost all of the money that they invested in Resort Properties, Silverpoint and their associated companies.

We have concerns that many members could have lost some or all of the money that they invested in Resort Properties, Silverpoint and their associated companies. If this applies to you please contact us urgently.

Why use Lincoln Green Solicitors?

Not only do we offer a “no win no fee” claims service, our experienced legal team have many years experience in resolving complaints relating to timeshare and timeshare related products, and we will never ask for an upfront fee. Why not call us today on 0300 303 3819.