Good to know
What information must I receive from the seller before entering into the agreement?
The seller must inform you using 1 of the standard forms of the European Regulation. You have a right to the following information, among other things:
- The seller’s identity and address;
- An exact description of the right you purchase with the timeshare or from the holiday club;
- An exact description of the period during which this right applies;
- The duration of the agreement;
- The costs, including any additional mandatory costs such as annual fees and special charges;
- An overview of the services and facilities you may use.
You must receive this information free of charge in writing and in your own language. These requirements also apply to the agreement itself. If you did not receive the standard information form, your cooling-off period is extended to 3 months and 14 calendar days.
Note that these rules only apply to agreements closed on or after 23 February 2011. If you entered into an agreement before this date, contact us for more information.
What should I look out for when entering into a timeshare agreement?
Keep the following in mind before entering into an agreement:
- You do not have to sign the agreement right away. The seller must give you sufficient time to consider the offer;
- The seller is not allowed to require any payment during the cooling-off period;
- The seller is required to provide you with all information about the agreement and a withdrawal form;
- Consider whether the agreement is truly the cheapest option for you.
The agreement must contain a payment plan with equal annual terms. Any payments of the price listed in the agreement outside of this payment plan are prohibited.
Do I have a cooling-off time for a timeshare agreement?
You have a legal 14-day cooling-off period after entering into a timeshare agreement. That means that you can terminate the agreement without having to provide a reason. When entering into the agreement, the seller must provide you with a standard form that you can use to withdraw the agreement. You can also do this by writing a letter. You must submit the form or the letter to the seller within the cooling-off period. We recommended doing so via registered mail.
If you did not receive the standard withdrawal form, your cooling-off period is extended to 1 year and 14 calendar days. If you did not receive the standard information form, your cooling-off period is extended to 3 months and 14 calendar days.
Note that these rules only apply to agreements closed on or after 23 February 2011. If you entered into an agreement before this time, contact us for more information.
Am I required to make a deposit?
No, you are not required to make a deposit when entering into a timeshare agreement. In fact, the seller is prohibited from asking you to do so. You do not have to pay anything until the cooling-off period of 14 days or longer has expired.
If you did pay an amount during the cooling-off period and then decide to withdraw from the agreement, the seller must refund this amount. We know from experience that this is often not done. If you paid via credit card, you can sometimes get your money back through your credit card company. Contact your bank as soon as possible.
Can I resell my timeshare agreement?
We have never heard of a successful resale of this type of product. We regularly receive reports of organisations who are offering to help you get out of your agreement in return for a fee. There are also “lawyers” who claim they can get your investment back via a lawsuit against the seller.
We advise you not to accept these kinds of offers. There does not appear to be a market for the resale of timeshare agreements. Malicious sellers take huge sums of money from you by telling lies. These investments usually lead to nothing. Remember that a lawyer or adviser would never protect your interests of their own initiative. You must always take the first step.