To limit abuses in timeshare holiday investments or similar purchases, new EU rules are being proposed. They would give buyers the right to written information before signing a contract. They would set a withdrawal possibility at least 10 days long – this seeks to prevent ‘pressure selling’;
And sellers are not allowed to take deposits during the buyer’s cooling-off period.
Purchasing a timeshare gives you the right to spend a specified or specifiable period of time in a holiday property.
Consumer Protection Commissioner Meglena Kuneva: “Many products that are not exactly timeshare but look like timeshare products, for example holiday exchange clubs or holiday clubs, are not covered by the current directive which means that if you join a holiday club, you are not protected by this directive and you could fall into a trap.”
The directive revision aims to cover “timeshare-like products” such as in canal boats, cruise-ships and caravans, or contracts for less than three years, as well as the so-called “holiday discount clubs”, and resale of timeshare schemes and exchanges.