Better protection from Timeshare high pressure selling is coming...
New regulations that offer consumers better protection against high pressure timeshare sales are due to come in to force in 2011, Warwickshire County Council’s Trading Standards Service is announcing – but don’t be caught out now!
Traditional timeshare operators already have to provide consumers with a 14 day cooling off period during which they can change their mind and cancel the contract.
This is helpful as timeshare contracts are sometimes signed at events where high pressure sales techniques are employed and consumers are not always given time to think about the decisions they are making.
However, other products similar to timeshare are not presently subject to the 14 day cooling off period. These include holiday club membership, timeshare points programmes (where the number of points is equal to the level of ownership) and timeshare weeks on a boat or yacht.
The new regulations should help plug these gaps, but in the meantime, Trading Standards Officers are concerned that consumers are still vulnerable to signing a contract for these timeshare related products, (possibly following a high pressure sales event), which they then can’t get out off.
Warwickshire Trading Standards Service want to make consumers aware of how timeshare operators approach potential buyers, which types of timeshare product offer protection and which don’t and what consumers should consider before they buy.
Timeshare operators often sign up consumers at specially organised events. Consumers are encouraged to attend with offers of free or low cost holidays.
Be wary if an operator wants you to bring passports/utility bills or other forms of ID to a presentation for you to collect a free prize! They will need the ID so they can sign you up to a credit agreement.
Traditional timeshare operators already have to provide consumers with a 14 day cooling off period during which they can change their mind and cancel their contract.
There is no 14 day cooling off period for purchasers of holiday club membership, timeshare points programmes (where the number of points is equal to the level of ownership) and timeshare weeks on a boat or yacht.
Timeshare representatives are increasingly operating abroad, so beware of approaches when you are on you holiday and remember, some countries offer a shorter cooling off period, or none at all.
If you are interested in a timeshare product, consider the following:
Can you afford the flights to your timeshare destination, travel insurance costs or any additional management fees?
Some timeshare weeks are decided by lottery. Will your timeshare be in a week you can take your holiday, for example during school holidays?
You might be offered an opportunity to swap your timeshare week, but if you have a week in November, who will want to swap with you?
Timeshare on a boat or yacht may sound appealing, but you may have to share your week’s cruising holiday with strangers, or own a week during which your boat cannot be moved.
And finally, don’t agree to sign any document unless you have had an opportunity to take it away and consider it further (get expert independent legal advice).
For more information, visit our website:
http://www.warwickshire.gov.uk/tradingstandards