Timeshare Trap

Timeshares are one of the worst investments you can make. This journal is to inform people who are thinking about purchasing a timeshare not to do so and help those trying to get rid of their timeshare.

Thursday, June 01, 2006

European Commission launched Timeshare Directive

Our Comments: It's good to see the European Union is taking the initiative and looking for ways to close the loopholes that some timeshare companies are using to get around the current legislation. If you happen to be in Europe and have had timeshare problems, be sure to contact them and let your voice be heard.


The European Commission is today launching a wide public consultation on the Timeshare Directive (94/47/EC). Timeshare contracts entitle consumers to spend a period of time (at least one week) in a holiday property for at least three years. The Timeshare Directive sets minimum standards for consumer protection throughout the EU, such as ensuring that consumers receive adequate information on the property. The legislation also seeks to prevent “pressure selling” by allowing for a cooling-off period where withdrawal is possible and money deposits are not allowed. However, some operators have introduced new timeshare-like products which take advantage of regulatory loopholes, leading to a number of complaints by consumers.

“Consumers should have every confidence that they will not be taken for a ride if they opt for a timeshare formula or similar products” said Health and Consumer Protection Commissioner, Markos Kyprianou. “I want to make sure that unscrupulous traders do not take advantage of potential clients – many of whom sign up to these products after falling in love with a holiday resort... Full Press Release


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