Barclays foots the bill over timeshare tactics: Bank to repay interest on 1,482 loans and cancel further payments
Barclays is to stump up millions of pounds for people who claim they were mis-sold loans for timeshares.
It said it ‘did not provide the right level of service’ after customers said they were fleeced by salesmen employing high-pressure tactics.
Barclays has agreed to repay all interest on the 1,482 loans and will cancel further interest payments. It did not say how much the repayments cost, but the loans are worth £48million.
Hard sell: British holidaymakers in Malta (pictured) say they were ‘railroaded’ into taking on Barclays loans by staff at Azure Services
British holidaymakers in Malta say they were ‘railroaded’ into taking on Barclays loans by staff at Azure Services, which had a sister firm, Azure Resorts, that partnered with Barclays Partner Finance.
Victoria Ibrahimova, 46, and John Dilcock, 67, of Surrey, were assured by an Azure Services salesman who mentioned the Barclays link that the home would rise in value.
Dilcock said: ‘The loan was approved in minutes.’
Barclays said: ‘Between April 2014 and April 2016 we did not provide the right level of service for some customers who bought timeshare loans via Azure Services. We ended our relationship with Azure in 2018.’