Finally, Azure loan victims start receiving their money early in the remediation process
– Andrew Cooper CEO of ECC
LONDON, OXFORDSHIRE, UNITED KINGDOM, September 20, 2021 /EINPresswire.com/ – Loans canceled
After a four-year battle with Adriana Stoyanova, “Erin Brockovich of timeshare”, Barclays Partner Finance (BPF) surrendered in June 2021 and agreed to cancel a large amount of loans arranged by staff at the now insolvent Maltese company Azure timeshare. Loans that have sometimes had life-changing consequences.
In total, BPF agreed to cancel around Â£ 48million in loans after Stoyanova challenged their validity on the grounds that unqualified staff were handling the application processes.
BPF finally agreed to cancel the loans, repay the payments already made (with 8% interest) and also to remove all notes on the victims’ credit files relating to the loans.
Remediation has started
After 3 months of waiting; BPF attorneys Hogan Lovells informed the Upper Tribunal that repayments were ready to begin. The first 200 consumers have been contacted about payments from September 15, 2021 as a pilot program. If all goes well, the remaining 1,282 consumers will be contacted between October 14 and November 26, 2021, with the entire process to be completed by April 25, 2022.
Adriana Stoyanova, associate attorney at timeshare law firm M1 Legal, asked Upper Tribunal judge Timothy Herrington if the process could be monitored.
“Given our past experience with BPF and the elderly and vulnerable consumers involved in this case, we did not trust BPF to carry out the remediation in a fair and timely manner”, explains the astute lawyer.
“Justice Herrington asked BPF to update it every two weeks on the development of the process until the full refund is complete,” she adds.
Hope for other timeshare loan clients?
Andrew Cooper, CEO of European Consumer Claims (ECC), the company that backed Adriana in her “David vs. Goliath” battle with the financial giant, believes the victory paves the way for other aggrieved consumers to demand compensation for poorly sold loans.
âIt was an incredible and historic victory,â said Cooper. âEven though this was for a limited number of people assigned within a fixed time frame at a particular resort, there are hundreds of thousands of other consumers who have been terribly affected by similar collaborations between timeshare sales operations at high pressure and apparently reputable credit providers. It is my belief that with diligence and hard work the scope can be broadened to help many more victims obtain redress for the harm caused to them . “
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