For the recent years, the timeshare industry is reaping a negative reputation due to the disadvantages of owning such property and the scams involved in selling it. As a result, many people opt to go for other alternatives of vacationing while some current owners want to get out of their timeshare contracts. In UK, it has been widely reported in press and media that timeshare miss-selling practices are under intense scrutiny from government bodies including the Office of Fair Trading. Consequently, the UK has taken timeshare directive powers and has pursued these law breakers to the full extent of the law.
In Europe, there are over a million European timeshare owners and the timeshare and holiday club complaints are at an all time high. The miss-selling practices is not as something like an itemised case of just 1 or 2 unscrupulous timeshare developers trying to earn a quick buck, but a scale that could put the European timeshare market on its back.
Miss-selling practices have occurred in many shapes and forms in most industries but seem to have evolved in timeshare sales in Europe since 1994. Back then, it is unknown to most prospective timeshare purchasers that a timeshare directive was drawn up and implemented on by the European union. This included three main key areas: giving purchasers the right to information before signing a contract and requirements for the content of the contract; the consumer has a cooling-off period of at least 10 days, during which he can withdraw from the contract without giving any reason; and a ban on advance payments throughout the cooling-off period.
Today, there is a growing number of owners who want to get rid of their timeshares and some even hire a timeshare transfer company such as the Transfer Smart. On the other hand, the scams in this industry are also growing. While there are laws that try to prevent such practices, the consumers will be confident when they’ll buy a timeshare property.