Can You Trust Shawbrook Bank?
posted 29th April 2024
For our clients and countless others, the answer is a resounding NO. Shawbrook Bank, in a staggering display of unethical lending, provided millions of pounds in consumer loans for dodgy timeshares. This widespread issue affected thousands of British tourists who were duped into buying timeshares illegally sold as investments, a clear violation of UK and European law.
As with many challenger banks looking to make a name for themselves, they often become involved with dubious industries that sell large amounts of products and services to make their financial records look better on paper, hoping that a larger bank will buy them out. Shawbrook Banks' involvement with the financing of timeshares, a practice known for its high risk and potential for fraud, couldn't have been a better example of this.
Despite this common knowledge, Shawbrook pressed ahead with providing victims tens of thousands of pounds of loans for dodgy timeshare products sold by companies such as Club La Costa, Diamond Resorts, ANFI and La Pinta Beach Club, placing the financial security of victims at significant risk.
Despite banks such as Barclays Partner Finance pulling out of timeshare lending due to having to pay back millions of pounds to victims, Shawbrook continued lending with impunity, choosing the timeshare cash cow over the thousands of claimants who had filed complaints. The irresponsible lending underscores the urgent need for regulatory action to protect the public from such unethical practices in the future.
Shawbrook Bank now owes in excess of 100 million pounds to the victims of the timeshare scandal, which also severely dents its previous expectations of a stock market listing. Its behaviour towards many elderly and vulnerable victims brings into question its lending ethics and, ultimately, its reputation.
Shawbrook Bank is still trying to evade justice by putting forward spurious arguments as to why they are not liable to pay out to consumers in direct contravention of the High Court decision in May 2023. If you took out a loan with Shawbrook Bank to buy a timeshare, get in touch. We can claim your money back without the payment of any upfront fees.
