It has come to my attention that consumers are still being misled by resale companies in Europe. I have spoken to a number of clients that have parted with their credit card details prior to the 14 days applicable by law. This is a criminal offence and punishable by law, whether you are buying or selling timeshare.
Cancellation Period of 14 Days
I am astonished that companies persist in breaking the law even now that it is pretty straight forward. The consumer has 14 days cancellation period on any purchase or sale, and it is illegal for the trader to take any consideration in anyway shape or form until that period is over. It is also illegal to hold credit card details on file and this contravenes the data protection act.
European Timeshare Directive from 2011
Disclosure:- Consumers must be given a written contract containing, as a minimum, the following:-
- Identity, place of residence and legal status of the trader party to the contract.
- Date and place of contract.
- Short description of the services (i.e. marketing).
- Duration of the contract.
- Price to be paid by the consumer and any further obligatory costs.
- Whether or not the trader has signed a code of conduct and where it can be found.
- That the consumer has 14 calendar days in which to cancel the contract without giving any reason but may incur costs which must be clearly set out in the contract.
- An absolute ban on the payment of anything by the consumer until the service has been completed.
It also states the following in the European Timeshare Directive. If any of the information that I have provided has not been followed and exercised the consumers cancellation period may be longer than the stated 14 days.
- Consumers must be given a full copy of the agreement immediately upon signing
- Purchasers must also be given a separate pro-forma cancellation notice stating:-
- Their right to cancel within a 14 calendar day period (the exact date for this period to be entered on the cancellation notice)
- An absolute ban on the payment of any money by the consumer during the cancellation period.
We urge consumers to be vigilant when it comes to being supplied with the correct information on the secondary market place for timeshare ownership, and if in doubt always take advice from an independent solicitor.
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