Is your timeshare contract legal?
When buying a timeshare or holiday ownership product in Europe, official contracts must be used. All legal contracts are those that have been approved in the EU Directive. The EU Directive have stated official contracts must be used when selling direct from the holiday company, resale, exchanges and withdrawals. All timeshare contracts must include a welcome pack, withdrawal contract and a cooling off period.
When did the contracts change?
The official contracts must have been used from 23 February 2011
How long is the cooling off period?
As standard with any contract, you are given a 14 day cooling off period. However, this can be extended under certain circumstances. If you were not provided with a welcome pack when you made your purchase the cooling off period extends to 90 days. If the withdrawal contract doesn’t clearly outline the process of cancelling as well as the withdrawal fee, your cooling off period is extended up to 12 months.
Can I cancel my timeshare contract?
If you had purchased a holiday ownership product after 23 February 2011 you are able to relinquish your timeshare in 2 ways. If your contract was drawn up on an official contract you can exit from your ownership by paying the withdrawal fee stated in the withdrawal contract. If you did not sign an official contract, this contract can be null and void. You are likely able to submit a claim to cover the full costs of the purchase price in this case.
There are many other illegalities within timeshare contracts due to the results of successful court cases that took place after 23 February 2011. These include contracts being in perpetuity as well as having no fixed week or unit numbers of a property clearly stated. Submitting a successful claim against your timeshare purchase will also terminate your contract.
Are all timeshare contracts the same?
All contracts for holiday ownership products within the European member states must all include the basic legal points but may differ slightly in appearance. There is a different contract used for buying direct from the holiday club, reselling, exchanging or withdrawing. For contracts outside of the European Union would be different depending on the country / state´s laws regarding holiday ownership product. You can request a free telephone consultation from an advisor to find out where you stand on this.
Where can I find a copy of a legal timeshare contract?
Free downloadable contracts as well as other important timeshare documents are available for all newsletter subscribers.
Find out if you can claim money back due the use of illegal timeshare contracts
Use our compensation calculator to find out if you are eligible to submit a claim. We will send you information via email to inform you of the best route to take for your situation.
Speak to a claims specialist
If you would like to speak to a claims specialist for more information in regards to submitting a claim, you can book a free telephone consultation with one of our recommended claims management companies.