Browse Tag

Financial Conduct Authority

Start the Week: Opt Out Resolutions Consumer Warning

Welcome to the start of another week with Inside Timeshare, we begin today with yet another consumer warning about what can only be described as a “bogus” company. Yet more readers have been in contact with Inside Timeshare to check on the validity of this company and the claims it makes. You will today see that this company is not what they appear to be and we urge caution if contacted by them.

The name of the company is Opt Out Resolutions, they have a website:

https://optoutresolutions.com/

This was registered on 27 November 2018 and the registrant is hidden by privacy protect, this means we are unable to find out who is behind it. The website registration is due to expire on 27 November this year.

According to their website, they are located at the following address:

Canada Square Canary Wharf London E14 5AB

Tel: 0044 (0) 207 183 3515

Email: [email protected]

On the website there are no company details such as Company House Registration or if this is just a trading name for another company. Searches of Company House records show no company registered by the name Opt Out Resolutions.

The most disturbing information which has been given to us by our readers is that this company during their “cold call” claim they are working with and on behalf of a legitimate law firm known as M1 Legal. They are duly registered as a Spanish company with the registration number or NIF B93477016 with all their lawyers duly registered with their respective Bar Associations or Colegio de Abogados.

M1 Legal is also registered in the Uk with the Financial Conduct Authority for “Claims Management Regulation” with the registration number FRN836561.

Inside Timeshare has been in contact with M1 Legal for any confirmation that Opt Out Resolutions are working on their behalf. As you may have already guessed, M1 Legal have no record of this company or any knowledge that they have contracted them to work on their behalf.

According to the website they have a section titled “Recent Victories”, these are in fact taken from the M1 Legal website without their permission and Opt Out are using them as their own.

So this is a blatant lie by the callers and operators of Opt Out Resolutions.

The next disturbing fact is that one of our readers has also sent in the details of the bank account that he should make his payment of almost 4,000€:

Bank name: Open Bank

Account name: Ajalor Jalor

Iban : ES 35 0073 0100 5506 0399 2105

Swift: OPENESMM

Bank address: Paseo de la Castellana 134

28046 Madrid Spain.

Office Address: Calle Conde de Aranda, 1, 2º Izda

Madrid, 28013

These details were sent to our reader from a James Rowe using the email address [email protected]

As you will notice this account is in the name of a private individual (a very strange name indeed) and not a company account, this should always start the alarm bells to ring!

As we always warn our readers that this is a prime example of why it is important to do your homework and research any company that contacts you out of the blue via a cold call. By making these checks you have nothing to lose, but you do have everything to gain such as not paying and losing your hard-earned cash on the false promises of companies such as Opt Out Resolutions.

If you have been contacted by this company please let Inside Timeshare know, If you are contacted by any company regarding your timeshare and especially regarding claims and cancellation of contracts, please use our contact page and we will help you to find out if they are genuine and will do what they say.

Financial Service & Co: Another Dodgy Looking Company

Another reader has sent information on a call they have received from a Mr Fletcher of Financial Services & Co, with the address:

1 Bentley Road, London,N1 4BY

Along with the Company Registration Number LP003793, with no company directors being shown but plenty of documents showing change of partners and addresses. (See link below)

https://beta.companieshouse.gov.uk/company/LP003793

The call was regarding his dealings with Regency Shores Marketing (EZE Group), according to the call (which has been recorded), there has been a successful outcome against them in recent court proceedings.

This was all confirmed in an email from Andrea Ward with the email address [email protected] yet another gmail address not linked to any website.

Apparently there has been a substantial amount awarded which will be sent by personal cheque or bank transfer, but there is a processing fee to be paid which is around 10% of the awarded amount. This is paid to a third party, and will be held in an Escrow Account, once these fees have been paid to the “Trustee” Financial Services & Co will finalise the claim and all the money will be settled within 5 working days.

The email also goes on to say “We are now giving you not only our company guarantee but that too of our contractual and fiscal arrangements with the Bank of Spain, the Portuguese Chamber of Commerce and the High Court of Madrid. This means that all Business is backed and covered by these three entities and ourselves.”

All too good to be true I hear you say!

Now, there is a website called AW Financial Services:

http://www.awfinancialservices.com

This is actually the trading name of Mortgages Just4U, registered at Company house with the Company Registration Number 06329975 and the registered address:

18 The Cheveralls, Dunstable, Bedfordshire, LU6 3NH

Telephone: 01582 898216

Mobile: 07903 268208

Email: [email protected] which is linked to the website and differs from the one given by Andrea Ward.

On their website they also state they are an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Company number 03406454 with the address:

2nd Floor Gateway 2 Holgate Park Drive, York, England, YO26 4GB

and have been registered since 21 July 1997. They are also in the FCA register as authorised with the FCA Reference number: 187834.

So what do we have so far, a company registered at company house with no details apart from in the filing history showing several changes of address and partners, using a name for their email address similar to another registered company and using a gmail account, with no website of their own.

Contacting clients who have dealt with Regency Shores Marketing (EZE Group), with details of membership numbers, what they purchased, for how much and when, all very very suspicious indeed.

Inside Timeshare is not aware of any recent court proceedings against Regency Shores Marketing in Spain or the UK, we are however aware of the case against the directors of EZE Group Dominic O’Reilly and his daughter Stephanie O’Reilly, but that has not yet been resolved.

So from what we know this does have all the hallmarks of another very elaborate scam, fairly well put together and pretty convincing. Although from the recording the caller Mr Fletcher is not that convincing, skirting over all the questions and repeating himself constantly with all “the scam companies are operating out of Spain and Portugal”. Well that is not quite how we see it, they are also operating out of the UK under dubious companies registered at Company House for a small fee, or just taking over another companies name.

This is the recording of the call our reader sent in, it has been edited to remove our readers personal details.

This really does go to show how careful you have to be, if our reader had not been a regular to Inside Timeshare, he may have just been taken in.

Remember

THE GOLDEN RULE

CHECK, CHECK AND CHECK AGAIN, DO YOUR HOMEWORK

If you need help in doing this then contact Inside Timeshare, we will be more than happy to help.

Press Release from CLA, Plus a Quick Look at the Biggest Timeshare Fraud in History

As August is very much the summer holiday month, there is not a lot of news from the courts in Spain, but it is a month when some of the new names and old ones will be making a comeback on the scam front. We will be keeping a watch on these and will start reporting them as and when they do become active.

Following on from Start the Week on Monday, we reported the news from the Royal Courts of Justice regarding the case of the Financial Conduct Authority and the validation order issued to Barclay Partner Finance:

http://insidetimeshare.com/start-the-week-13/

We have been given the following press release from Canarian Legal Alliance.

On 19 June 2018, a representative from Canarian Legal Alliance attended the hearing at the Royal Courts of Justice, Upper Tribunal, Tax and Chancery Division, to represent the interests of one of our clients.

These clients had been sold timeshare in Malta by Azure Resorts and were financed by loan agreements with Barclay Partner Finance. It transpires that these loan agreements were brokered by an unauthorised agent Azure Services Ltd. As such these agreements breached the Financial Services and Markets Act 2000.

This affected 1,444 credit agreements with a total value of £47 million, in the period between 1 April 2014 and 24 April 2016.

This made the agreements unenforceable, which entitled the borrowers to recover their money and have the agreements cancelled. Therefore BPF applied to the Financial Conduct Authority in May 2017 to have a validation order issued to rectify this. The FCA on the evidence and information at the time issued the order to validate the loan agreements in February 2018.

This validation would then entitle BPF to retain money paid to them under the agreements, also allowing BPF to enforce payments by any consumer who defaulted.

On 1 August 2018 Judge Timothy Herrington issued his judgement, in his ruling he stated the FCA should re-examine the original order and take into account “client detriment”, a factor which the FCA had not considered in the original order.

In the case of our client, this “client detriment” is very clear, they were mislead into purchasing the timeshare as an investment with the promise of income rental and then resale, which never materialised. They were pressured into signing the loan agreement after hours of high pressure timeshare sales tactics, even though our client explained they could ill afford the timeshare.

They were not explained the terms and conditions of the agreement or the full extent of the cost, the product they were purchasing was not suitable for their needs and would not fulfill the promises given. They were also mislead as to the length of the loan agreement, being 2 years and not 15 years which it turned out to be.

There were no proper credit checks made with regards to affordability or the ability to afford the repayments, they were not asked to provide any proof of income (bearing in mind they were both in their 70’s and on pensions), or any proof of outgoings.

Once the validation order is overturned by the FCA, this will leave our client able to recover all money paid to BPF and have the loan agreement declared null and void.

This ruling may also have an effect on loan agreement for timeshares purchased via loans even by an authorised broker. As a law firm we have many clients who have gone through the same process, lengthy presentations, high pressure sales and no proper checks regarding the ability to afford the repayments. We believe this may give clients an avenue to have these agreements cancelled and be reimbursed the money paid.

Canarian Legal Alliance

Our thanks to CLA for that information, now a quick look at an old story which was prompted by an item on ITV News, this was an interview by the wife of John “Goldfinger” Palmer who was shot and killed at his Essex home in June 2015.

In the interview she expressed her disbelief at the inability of Essex Police to find her husband’s killer, which the police believe was a professional hit. She also claimed she felt “sorry” for those who lost thousands in the timeshare scam. This is after she started the interview with “It was a wonderful Lifestyle” and “We had everything we possibly could want”. On whose money is the question?

The timeshare scam involved 17,000 victims and was worth over £100 million, it revolved around the multiple selling of timeshare units, resorts that had not been built or ever going to be built and ones without any planning permission.

It has been regarded as the biggest timeshare fraud in history.

Palmer was eventually jailed for 8 years in 2001 in the UK after being convicted for timeshare fraud. He was also ordered to repay around £33 million to his victims, but as the Crown Prosecution Service bungled the paperwork this order was overturned to the consternation of the police. He was released in 2005 and returned to Tenerife.

He was eventually arrested on the runway and bundled into a military transport and taken to Madrid to await trial by the Spanish authorities, he spent 2 years in jail and was then released on bail returning to the UK. The rest as they say is history.

Click on the link below to see the interview and the second link which is a report by Roger Cook made around 2 years ago on the full story of John “Goldfinger” Palmer, from his involvement in the Brinks Mat bullion robbery through to his timeshare frauds.

https://www.facebook.com/ITVWestcountry/videos/2076879189011352/

Join us tomorrow for our Letter from America, this week Irene Parker reports on the Whistleblowers Summit which she attended in Washington DC in July, you will certainly find it a revelation.