As usual nothing really surprises us when it comes to Silverpoint, so it was only time before they announced they would not be offering a resale service for their Club Paradiso members. Many of these people have bought into this club via the ever upgrading of the “investment weeks” peddled by Resort Properties and then Silverpoint. Inside Timeshare explained this in the 12 March article “Silverpoint a Costly Experience for Some”.
This practise has been going on for years, with many losing out on thousands of pounds, in these so-called investments, many funded through finance agreements arranged by Silverpoint sales staff with Barclays Partner Finance. There have been and still are ongoing class actions by clients of Silverpoint against Barclays in the UK, these have been brought by two law firms, Stewarts Law and Edwin Coe.
Considering Silverpoint announced in April last year it had withdrawn its membership from the industry trade body the RDO (Resorts Development Organisation), along with the announcement that it was no longer going to be selling “timeshare”, it comes as no surprise that they have stopped the resale program, if it even existed in the first place!
So the questions that many are now asking including the enquiries received from our readers are very simple ones:
What is now going to happen to all that money we paid for these so-called investments?
Now that we know there is no resale market, what other “investments” are they going to offer us to save what we have already paid?
Are they going to ask for even more money?
Well we do know that many have been coerced into paying and transferring to what is being termed the “Company Participation Scheme”, sounds good doesn’t it?
But what is this scheme?
Well, all we can say is that it is just another way for them to get your money, according to some of the evidence we have seen, and we are still going through it as it is all wrapped up in jargon, the basics of it appear to be that you now buy shares in a company, with the contract being signed at the notary.
The thing is if you are now a shareholder in a company, what are the implications if anything should happen, are you then going to be liable for any costs if the company goes into liquidation or fails to pay taxes?
So there we have it, Silverpoint have finally admitted that all those with their weeks listed on the resale programme for Club Paradiso, are not going to get them sold. These were originally sold to them with the promise of a return on their outlay when they are sold, a promise that we have seen is full of hot air.
The final part of Silverpoints email reminds these members that they “can still use your membership, even if listed for resale, to enjoy great holidays around the world”. Signed Silverpoint Vacations SL.
Hang on, they have stated in the same email they “will no longer be able to offer this service”, so how can it still be listed for resale?
As usual Silverpoint can’t seem to get their own story straight, do they actually know what they are doing, somehow we think not!
If you are a member of Club Paradiso with these investments and had them listed for sale and are worried by this latest development, contact Inside Timeshare and we will point you in the right direction.