The European Union have set rules to protect timeshare consumers. The legal timeshare cooling off period comes under the set of rules that protect consumers of all long term holiday products. The rules in this article are the most up to date rules as stated on the European Union website on 23 February 2011.
The same set of rules cover consumers when buying timeshare resale as well as buying into holiday exchange programs.
The same cooling of period applies to additional long term holiday products such as cruise boats, caravans and canal boats when time is shared between multiple parties.
Rules when selling timeshare
Timeshare companies has rules and regulations that they must abide to before selling timeshare. If these rules are broken, the cooling off period can be extended.
Timeshare Cooling Off Period Rules
- Fully informed: You must be fully informed of all of the terms and conditions before you sign any contracts. The contract must be given to you in writing, in your own language. As this is European law, the language must be of an official European language.
- Cooling off period: The minimum cooling of period must be for a duration of 14 days from the date the contract was signed. You must use the withdrawal contract provided. During this 14 day time period you do not need to give any reason for cancelling. If you were not given a standard withdrawal contract the cooling of period will be extended to 1 year and 14 days from the date signed.
- Extended cooling off period: The cooling off period is extended to 3 months and 14 days from the date signed if you have not received a welcome pack. The welcome pack includes full information regarding the product that you have purchased.
If you are outside of your cooling off period you may still be able to terminate the timeshare agreement. This can be achieved if other European rules regarding long term holiday products were broken. These include payments being made during the cooling off period and incorrect contract being used. If these rules have been broken you could be eligible to claim back the money that you have spent.
Types of Timeshare Claims
Use our FREE compensation calculator to find if you are entitled to compensation!
These are the current rules set by the EU Directive and updated on the European Union´s website on 23 February 2011. The information on this post was updates on 03 July 2020. You can find more information on the European Union´s website on this link https://europa.eu/youreurope/citizens/travel/holidays/timeshare/index_en.htm