The most recent rulings within the EU are there to protect clients against unscrupulous traders when signing contracts for timeshares and holiday schemes. The rules are also there to protect you when you are signing resale contracts and exchange contracts. You have rights to extend to different types of timeshare property, such as; cruise boats, caravans and canal boats. Before purchasing a timeshare you should be fully informed of the;
– Terms of the agreement before signing. You should also receive your contract and details in your own language.
– Cooling off periods, which are 14 calendar days during which you can decide if you would like to go ahead with the purchase or not. If you are not given the 14 day cooling off period, your cooling off period could be extended to 1 year and 14 calendar days.
– If you do not receive full information about what you are buying you can extend your cooling off period up to 3 months and 14 calendar days.
– Payment. You are legally not required to pay any advanced payments or deposits during your cooling off period.
– If you are purchasing a holiday club membership, payments are to be made in equal instalments at yearly intervals.
– Without any penalty from the second instalment onwards, you are able to cancel your holiday club contract. If you receive your next payment request, you are allowed 14 calendar days to send your cancelation notification.
– No cost os occurred to you if you cancel your linked exchange contract. It will be automatically terminated.
You should be aware of potentially unfair contractual terms. These could include;
– unlawful and misleading sales techniques, such as scratch cards.
– timeshare resale offers that sound either too good to be true and even being persuaded to buy another property in able to put your original timeshare up for resale.
– suspicious offers from people claiming to be timeshare lawyers.
– thinking carefully about the costs of a timeshare and what could happen to it after you are gone.