|
Timeshare
Timeshare is where you buy the right, for at least three years, to spend time in a villa or apartment at specific times in the year. You don't actually own the property itself but just the 'time slot'. In addition to this you must include transport and insurance costs, as well as yearly maintenance charges for the property.
The European Timeshare Directive 94/47/EC protects consumers who enter into a Timeshare contract.
The Directive only covers timeshare schemes that are more than three years duration. If any product is offered
for less than three years you will not be protected by the legislation.
Many companies sell timeshares by inviting people to presentations, usually with the tempting offer of 'awards'
or 'prizes'. You may be called at home one day to be told that you have won a prize or been selected from
a survey and will need to attend a presentation. Be aware that, once at the presentation, you are likely to
be subjected to high-pressure sales techniques aimed at getting you to sign up. Remember this and think carefully before going to collect your 'free award' or 'prize'. These often include hidden extra charges, such as booking
or administrative fees for taking up 'free' holiday/flight vouchers.
If you do get caught out and sign up for a timeshare at a presentation in the UK, the Timeshare Act 1992,
as amended by the Timeshare Regulations 1997, gives you a minimum of fourteen days to cancel or 'cool off'. These cancellation rights should be included in the agreement. If you buy a timeshare in the European
Economic Area, you have a ten-day cooling off period from the day the contract is signed. You are not required
to pay any money during this time, the documents and contract should be in your own language and the contract should include:
- The vendors details
- The price
- The location
- Description of the property
- If the property is under construction, a completion date
- How the property is to be managed
- Maintenance and repair of the property
- The provision of services such as water or electricity
- Common facilities
- The consumer’s right to cancel, and the procedure for cancelling or withdrawing from the contract.
If you decide to cancel the contract, any linked credit agreement is also cancellable.
The European Timeshare Directive 94/47/EC sets minimum requirements that each Member States should adhere to, but it is always best to check what rights you have if you sign a contract in that Member State before you agree to anything.
If you are interested in timeshare, do your research first and get all the relevant details in writing.
Source: www.ukecc.net
|
