Last October 22, 2008, the European Parliament adopted a Directive that will aid mainly for the protection of timeshare consumers. The said Directive also aims to solve certain problems in the timeshare industry and how timeshare is sold. Moreover, this legislation focused on key issues that both inform and protect consumers. This will also offer more confidence when anyone intends to buy such property in the future as there more and more owners today who want to get out of their timeshares.
It is said that the main reasons for timeshare ownership seems lost due to a fog of disinformation. The 1994 Timeshare Directive said to have loopholes and subsequently exploited by questionable companies working around the content of the Directive.
Most current timeshare owners complain about the lack of detailed pre-contractual information about their units and with this, the consumers were unable to make an informed decision. Under the 2008 directive, the new contracts will have to feature information covering the purchaser’s rights to cancel the contract at any time during their ownership and give detail of the legal and financial consequences of this action.
The enforcement of legislation for protecting timeshare consumers has been poor at best. However, this Directive is not scheduled to become law across Europe until the 23rd of February 2011. Although some Member States may have it for place before this, the UK expects it to be passed into law by June 2010.
The said legislation may be able to help clean the tarnished reputation of the European timeshare industry. Currently, we hear lots of complaints regarding this industry and as a result, there is an increasing number of owners who want to get rid of their timeshares. Some even hire a timeshare transfer company like the Transfer Smart just to get rid of their timeshares. The said Directive could bring back the confidence of the current owners and any potential timeshare consumer.