- Beat the con-men! Stay one step ahead and keep an eye on our consumer warnings...
The timeshare resale market is vast and with the ever increasing maintenance fees, many consumers are often keen to employ resale companies to assist them in selling their timeshare. Its always important to read your terms and conditions thoroughly and perform research on companies prior to entering in to contract with a trader.
Often traders will offer a high price for your timeshare, this will seem too good to pass up. It is important to remember that in the current climate it is unlikely that your timeshare will sell for a good price.
Many timeshare resale companies approach consumers unsolicited and claim they have a buyer for their timeshare, and all they need is a 'holding fee' (or similar) for the sale to go ahead. If this has happened to you ask yourself a few important questions:
- How did they get your contact details and know you have a timeshare?
- Without speaking to you or knowing you would like to sell your timeshare how did they get the 'buyer'?
- Why do they need a fee upfront, if there is a buyer already in place can't they take the money from the sale?
Do your research
To get a clearer idea of the trader, do your research. Find out where they are based and if they can be easily contacted. Try checking our other peoples experiences, by looking on forums you may get a clearer idea of the company and help decide whether you want to go ahead or not.
2011 has seen a change in legislation with the introduction of the EU Timeshare, long-term holiday product, resale and exchange contracts directive (2008/122/EC).
This provides consumers across the European Union with minimum rights when entering into a resale agreement. The legislation has been implemented into the majority of the Member States' national law.
In the countries who have implemented the new Directive (2008/122/EC) such as the UK, you are entitled to the following information to be provided prior to entering into an agreement:
- Any invitation to a sales presentation must disclose the nature and commercial intentions of the presentation
- Timeshare must not be sold as an investment
- Pre-contractual information and the agreement must be supplied in a language of your choice
- You have the right to a 14 day cooling-off period
- The trader is not allowed to take a payment during the 14 day cooling off period
- Any linked finance (or loan) will be automatically terminated should the consumer cancel the agreement.
Check out our consumer warning's page BEWARE OF COLD CALLS FROM TIMESHARE RESALE COMPANIES
For more information on related services
In each of the EU member states there may be different criteria or practices, you can choose the applicable country from the drop down menu below.
Under the Services Directive there are basic requirements for service providers. These enable consumers to have access to certain pre-contractual information and also concerns discrimination by traders against nationality or place of residence. For more information see 'What can consumers expect'.
If you have been contacted unsolicited by a resale company we urge you to contact us for further advice before entering into contract.