Most Timeshare Contracts Can Be Cancelled if you Act Fast
Some timeshare deals are not all they seem. If you have been taken in, it is essential to get professional advice as quickly as possible.
You might almost think that the phrase “buyer’s remorse” was invented for the timeshare market. Surely there are no other big ticket purchase items that come close when it comes to the percentage of buyers who end up feeling they have made a terrible mistake.
There are several possible reasons for this. Sometimes we overreach ourselves financially, and on other occasions we buy impulsively without properly understanding our financial commitments and liabilities. But one of the most common reasons for buyers turning to timeshare lawyers for help is that they feel the salesperson has fraudulently misrepresented the deal – or in other words that they have been conned.
It is OK to change your mind
Even if the timeshare is completely above board and the seller is honest and straightforward, you might still decide you want to change your mind. If you purchased your timeshare in the UK, then it will be subject to the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010. Among other things, this stipulates that buyers must be allowed a 14 day cooling off period in which they can cancel the contract at zero cost. This regulation is based on an EU directive, so agreements signed in other European Union countries are subject to a similar provision, although in some countries the cooling off period is only 10 days.
To activate this provision, time is of the essence. Advise the timeshare company that you wish to cancel the agreement, and do so in writing. Send them a letter and state in unequivocal terms that you wish to cancel the contract. Provide full details of your name, as it is written in the contract, the name of the timeshare company, the contract number or reference and any other pertinent details. Note that you do not have to give a reason for cancelling the contract, so do not feel browbeaten into explaining yourself or enter into lengthy discussions.
What if it is too late?
If you feel you have been mis-sold your timeshare and that the sales agent or timeshare company was dishonest or withheld information when you signed, that is never OK, even if more than 14 days have elapsed.
Timeshare mis-selling is not uncommon, so the good news is that there are legal firms who have plenty of experience helping out those who have been a victim of this kind of activity. The point is that there is no single answer or solution, and everyone’s situation is unique.
The best advice under these circumstances is not to delay, and to get in touch with a reputable and established law firm with experience in this field. Unfortunately, there are an increasing number of businesses advertising so-called legal services in this sector who are no more honest than the fraudulent timeshare sellers themselves. Make sure you choose a firm that is accredited by the Law Society and that will offer an initial free consultation to make a realistic assessment of your specific case.