All timeshare or similar products come with a statutory 14-day cooling-off period. If the salesperson has not mentioned anything about a cooling-off period, you have a right to cancel the contract for up to one year and 14 days. You are also entitled to a longer cancellation period if the salesperson has failed to provide all the details specified in the Directive, such as information about compulsory extra costs.
You need to notify the salesperson of your cancellation in writing; email is sufficient. The cancellation period is calculated from the date on which the contract was signed. A notice of cancellation is considered to have been on time as long as it was sent before the end of the cancellation period.
Dissatisfaction with the timeshare or similar product
If the salesperson gave you false or inadequate information about the product or service or if the holiday product turns out to be not what was agreed otherwise, you may be entitled to withdraw from the contract even after the cancellation period.
If the false promises were made verbally, it is usually difficult to prove them. The written terms and conditions supplied by salespeople may differ from their verbal promises. In these kinds of cases your chances of success are usually poor. If you feel that you have been a victim of a crime, you can report the case to the police.
Prepare to make a loss
Getting rid of a timeshare or similar product can be difficult or almost impossible. You should not expect to make your money back on a timeshare or similar product that you bought at a sales presentation. In fact, you should prepare yourself for a substantial loss, as the resale market for timeshare or similar products is almost non-existent. Some timeshares and especially club memberships can be practically impossible to sell on.
Many dishonest companies also exploit the difficult position of timeshare holders and offer to buy their timeshares for a heavily discounted price. Others offer services for removing timeshare holders from the shareholder register. These kinds of offers should always be approached with extreme caution. Never pay for a service in advance!