Loan agreement with a dissolved company!

Need_some_help_2

Hi

I'm wondering anyone can offer some advice please.

August 2008 we took out a loan agreement with Barclays Partner Finance for a timeshare! However we have recently discovered this company was dissolved a few days prior to us signing the agreement, yet our paperwork with the timeshare company and Barclays all state the dissolved company name.

We are having endless battles (as are the other owners) with the timeshare company as they are not adhering to the terms and conditions of our contract.

We have pursued Barclays partner finance under the consumer credit act but they are being quite difficult and not forthcoming with responding to our emails and telephone calls.

I suppose we really need to understand whether the loan agreement with Barclays is void due to the company not existing or whether they are still within the law to continue pursuing us for this debt?

I appreciate the timeshare company is going to prove a little more difficult to exit out of the agreement!

Thanks

michael1983l

removed as misread original post

Clive_Woody

I expect that the loan and the timeshare are two different contracts, you borrowed money from Barclays to pay for the timeshare. You have a contract to repay the loan with Barclays and presumably a contract with a now non-existent company. Barclays paid the loan money to the Timeshare company and presumably expect you to repay this loan as agreed.

Need_some_help_2

Our loan agreement with Barclays quotes the dissolved company name though, I suppose it's like having a loan agreement or paid by credit card for a company that has since gone into liquidation.

Barclays are also claiming the company does still exist but under a different name?! They've not claimed that they are 2 separate agreements.

From what I've read under section 75 of the consumer credit act Barclays are jointly responsible!

Just wondering if anyone else has had a similar experience? And whether it's worth pushing to Barclays?

Clive_Woody

Need_some_help wrote: »

Our loan agreement with Barclays quotes the dissolved company name though, I suppose it's like having a loan agreement or paid by credit card for a company that has since gone into liquidation.

Barclays are also claiming the company does still exist but under a different name?! They've not claimed that they are 2 separate agreements.

From what I've read under section 75 of the consumer credit act Barclays are jointly responsible!

Just wondering if anyone else has had a similar experience? And whether it's worth pushing to Barclays?

It might be worth contacting Barclays and saying you want to make a claim under Section 75 of the Consumer Credit Act 1974. It sounds like you would have a good case for breach of contract.

Section 75 applies to most, but not all, credit card agreements, but is more normally talked about in reference to credit cards. Did you pay for any of the timeshare with a credit card, even just the deposit?

There is a forum on MSE where people who are more expert on this may be able to help

https://forums.moneysavingexpert.com/discussion/1204195

75. — (1) If the debtor under a debtor-creditor-supplier agreement falling within section 12(b) or (c) has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.

http://www.moneysavingexpert.com/shopping/section75-protect-your-purchases

PeacefulWaters

What was the purchase price?

How much was the loan for?

ste_wilko

From how I am reading it there are two issues, 1 being that the loan provider has changed name and 1 being problems with the time share provider.

For the first problem, has any money been paid to you by the loan provider?

What problems are you facing with the time share company?

eddddy

According to the Barclays Partner Finance website:

Barclays Partner Finance is a trading style of Clydesdale Financial Services Limited. A wholly-owned subsidiary of Barclays Bank PLC.

Source: http://www.barclayspartnerfinance.com/important-information.html

If there was some kind of problem with the lender's name in the contract, I guess they may get a slapped wrist from the regulator - but it's very unlikely that would excuse you from paying back the money.


However, if the Timeshare company have breached their contract, Barclays Partner Finance should be jointly liable under section 75.

Not surprisingly, Barclays Partner Finance will not be keen to pay you damages under section 75, so you should expect a fight (unreturned phone calls and a whole lot more). And you will have to provide good evidence to show that a breach occurred.

Need_some_help_2

Thanks for the replies.

We have pursued Barclays under section 75 and they claim the timeshare company does still exist, so we have gone back to ask for evidence of this. The money has been paid by Barclays to the timeshare company and we are now paying off the loan.

Us and other members also believe the timeshare company are in breach of our contracts on many points (too many to list), Barclays response to us in one paragraph claims they can't do anything and that's for us to take up with the resort! We think the investigator doesn't have a clue!!

Also this timeshare company keeps reforming under new guises, yet when we have asked for a copy of the financial accounts we never receive them, yet this is part of our contract. We think this is probably the missing part of the puzzle, wonder if Barclays can get this?

Barclays are absolutely dreadful at responding to us, we have even received a £100 apology because of these non-responses yet they are continuing to ignore us.

Need to keep being a pest I think!

Get Barclays sorted and then we can tackle the timeshare company! If Barclays can supply us evidence to substantiate their decision then we will have to accept it, but as they are ignoring us their silence is telling us that they can't evidence their decision!

Hanky_Panky

My tuppence worth!

It's an interesting one. I would hazard a guess that Barclays will state that their funding was used to purchase the timeshare and presumably you have taken advantage of your share(and maybe even continue to do so) so in that respect Barclays obligation to you is over. What's interesting to me is whether there is an on-going responsibility to you (by Barclays) for the continued service from the timeshare company. By service I mean whatever you state as being the terms and conditions that the timeshare company now aren't meeting. If you finance a car and for whatever reason it stops working would the financer be responsible ? Suppose it depends on what the fault is.

Please keep us updated.

Thrugelmir

Hanky_Panky wrote: »

My tuppence worth!

It's an interesting one. I would hazard a guess that Barclays will state that their funding was used to purchase the timeshare and presumably you have taken advantage of your share(and maybe even continue to do so) so in that respect Barclays obligation to you is over.

I would second this. Barclays have merely provided the finance to enable the OP to purchase. They've no contractual liabilities with regards to the ongoing relationship with the timeshare company.

Barclays can sell the debt to who ever they like. Likewise the timeshare company can sell the property to ever they like. There's no law to say they cannot.

I suspect that Barclays silence is due to the fact they've nothing to say. As not their problem at all.