Frequently asked questions about timeshares
Some of the holiday time-share systems and other holiday products work well. However, holiday time-sharing and, in particular, holiday clubs have also been marketed aggressively and in a misleading manner. Consumers have suffered major financial losses from purchases they have made without consideration or based on fraudulent actions.
Holiday time shares and clubs usually cost thousands of euros when purchased as new ones. After concluding the agreement, you will have to pay maintenance fees for years. In addition to these costs, you will also have to pay the fees of the exchange organisation and flights to the destination, if it is located abroad. Therefore, before concluding the contract, make sure that the product offered is compatible with your holiday habits and what you commit to.
If the agreement you signed concerns a holiday timeshare and the agreement is valid for more than one year, you can cancel it within 14 calendar days of the conclusion of the agreement. The cancellation should always be made in writing and you should keep a copy of it to yourself.
Instead of a holiday timeshare, it may also be another long-term holiday product. These holiday products include memberships and related vouchers entitling the holder to cruises and hotel accommodation, or computer programs used for making bookings and reservations. As a rule, these are also covered by the right of withdrawal when the duration of the contract is more than one year. For more information, see here.
Getting rid of a holiday product may be difficult or almost impossible. There is no well-functioning secondary market for holiday products. Many items, especially club memberships, are difficult to resell at all. Many problem companies also exploit the weak position of owners and make resale offers to owners, looking to cash in. For more information, see here.