Silverpoint Court Ruling

Silverpoint Court Ruling

After many years of fighting Silverpoint in the Spanish courts, a group of disaffected owners have won a significant case in the Supreme Court in Madrid. This could open the floodgates to a tsunami of claims from owners that believe they have been mis-sold timeshare or ‘Club Membership’ with the elusive group!

The background to this is that over many years Resort Properties (as they were originally known) has increasingly sold multiple timeshare ownerships to thousands of couples that all claim that they were mis-sold. Their claims are based on their assertions that the multiple timeshare packages were sold to them as investments. Sometimes these investments were portrayed as a means to exit timeshare and recoup all of the clients ‘invested expenditure’.

A familiar story coming from Resort Properties/Silverpoint timeshare owners was that they eventually were left with many weeks of timeshare that they could not sell and therefore they were left with a huge maintenance bill each year. A suggestion from Silverpoint to their multiple week owners was apparently that they move into their top end Club Paradiso membership. This they suggested was a way to secure their investment, reduce maintenance bills and eventually sell for a profit!

So, years later Silverpoint felt the need to shed their Resort Properties skin and all the bad publicity that accompanied it. However many or their members are claiming that they have been left with failed investments, rising maintenance bills and no apparent way out.

Well, this week things might just have changed in favour of the timeshare owners. A group of Silverpoint Club Paradiso members have succeeded in the courts in Madrid after many years battling Silverpoint in the Canarian courts. The court has ordered that they back pay one successful client 25,000 Euros that could lead to many successful claims for other timeshare owners.

Judge Pedro Jose Vela, one of 9 Supreme Court judges hearing the case, ruled that what had been sold to the client did not comply with law 42/1998 and on many counts was in breach of timeshare contract law.

Are you a Club Paradiso member? Have you been sold multiple weeks of timeshare with Silverpoint? Do you feel that you have been mis-sold or misled by Silverpoint? Would you like to explore getting out of ownership? If the answer to any of these questions is ‘yes’ them please call one of our advisors or fill in an enquiry box on our website.