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I just read that in the EU a new directive is now effective covering timeshares.
A 14 day rescission period has been issued.
In addition this was posted:
• For long-term holiday products, payments must be made according to a staggered schedule. Payments, including the membership fee should be divided into equal yearly instalments and the trader must send a written request for payment at least 14 days in advance of each due date. And from the second instalment, the consumer may terminate the contract without incurring any penalty by giving notice to the trader within 14 days of receiving the request for payment
Question: Does this mean that in the EU that a timeshare contract can now be cancelled without penalty after the first year?
A 14 day rescission period has been issued.
In addition this was posted:
• For long-term holiday products, payments must be made according to a staggered schedule. Payments, including the membership fee should be divided into equal yearly instalments and the trader must send a written request for payment at least 14 days in advance of each due date. And from the second instalment, the consumer may terminate the contract without incurring any penalty by giving notice to the trader within 14 days of receiving the request for payment
Question: Does this mean that in the EU that a timeshare contract can now be cancelled without penalty after the first year?