Firstly thank you to the TCA for giving me a good laugh over the past couple of days, with their articles on Silverpoint. Well well well, things never cease to amaze me in the industry of timeshare. The company with the biggest track record of destroying an otherwise good product is now in the business of giving “ADVICE”.
Siverpoint Consumer Advice website, the latest tool in their attempt to deceive the poor old public. The track record of this company is a long and painful one. As many people have found out to their financial cost.
Let’s start with their wonderful “Investment Scheme”, selling blocks of weeks with the promise of a return within 2 years of around 15%, with the sale of these weeks. This has cost you around £20,000 to £30,000. Then comes the top up, sorry these weeks that you have are not selling well, because people want something better. Tell you what, why don’t you buy 6 weeks in this resort which is much better, it has a higher sale value and is sought after. What we can do is take the 6 weeks you own already and trade them in for the new one.
So they give you a price of say £50,000 with a trade in of £15,000, but you can’t afford this. You also do not want to lose your “investment”, so what do they do? Arrange a finance agreement for you on the day. Barclays Partner Finance is well known for working with Silverpoint and has been the subject of several court cases.
Now you have a new “investment deal”. Again the promise is they will sell them for you in 2 years, in the meantime they will rent them for you to help pay the maintenance. Guess what happens next? They can’t sell and want you to trade in for another better resort or even the Sunseeker yachts they used to peddle.
All this is in the public domain, this company has been and still is the subject of legal action. Below are three videos taken from youtube. The first two show a sales rep called Leanne and then the Sales Director Dave Taylor, basically fobbing off a client who has been duped of around £90,000. The third video shows a courtroom where Dave Taylor, who looks remarkably nervous, trying to say that Silverpoint are not Resort Properties , well this didn’t go down well with the judge. The owner of both companies is Bob Trotta. Del Boy would not be proud of the scams that this lot have pulled, at least he had some scruples.
As you can see from these videos, this company cannot be trusted, so how can they give any advice?
They also say on their website only trust RDO and TATOC members, these organisations as Inside Timeshare has previously shown are there only for the benefit of the industry. Not to forget that Silverpoint being a major contributor to these organisations funding.
I have also looked at the website for Canarian Legal Alliance as they have had great success in court against this company, In the news section under the tag of Silverpoint are the archives of cases won. They show cases going back to 2013, so everything is in the public domain and this company along with the RDO and TATOC are trying to make out that none of this is true. Only their advice is worth anything, well I for one do not believe a word of it, the truth is out there, it is up to you to find it and your choice on who to believe.
Inside Timeshare is not affiliated to any timeshare company, the information provided is taken from research and written to provide you with independent views on what should be a great product.