| On the 22nd of October 2008 the European | | | | amenities, and rules of operation of the timeshare, |
| Parliament has adopted a new Directive to aid for the | | | | including an explanation of the consequences of |
| protection of consumers for respect of certain areas | | | | non-payment of annual Any fees. For the past, |
| of the timeshare industry and how timeshare is sold. | | | | timeshares were repossessed for the event of |
| These will highlight key areas that both inform and | | | | non-payment, whereas nowadays the defaulting client |
| protect consumers and raise confidence when | | | | is more likely to be taken to court to enforce these |
| choosing to invest for timeshare for the future. | | | | payments. |
| The main reasons for Timeshare ownership seem to | | | | The commitment of annually increasing management |
| are lost for a fog of disinformation. These loopholes | | | | Any fees could be prevented and timeshare owners |
| and omissions for the 1994 Timeshare Directive quickly | | | | could just relinquish their 'right of use' without fear of |
| became evident and were subsequently exploited by | | | | harassment and threats over unpaid management |
| shameless companies working around the content of | | | | Any fees. |
| the Directive. | | | | The new directive will also expose the up-front Any |
| The problems for front of the timeshare industry and | | | | fees being charged by dishonest resale companies. |
| its consumers were the lack of detailed | | | | Any fees for selling a vendor's timeshare from now on |
| pre-contractual information, so consumers were unable | | | | will be payable on the completion of the sale. This |
| to make an informed decision. From next year, the | | | | should put an end to the fraudulent activity of the |
| new contracts will have to feature information | | | | resale predators and allow people to genuinely relieve |
| covering the purchaser's rights to cancel the contract | | | | herself of of their timeshare. |
| at any time during their ownership and give detail of | | | | Is this new regulation going to be a way to get back to |
| the legal and financial consequences of this action. | | | | the real significance of Timeshare? Then people could |
| This will help avoid problems like the one that | | | | really start enjoying the 'luxury lifestyle at affordable |
| happened to Mrs Brown. Her husband passed away | | | | prices' concept once more as they do for the USA. |
| and she tried to relieve herself of of their timeshare | | | | The enforcement of legislation for protecting timeshare |
| only to learn that the contract they had signed wouldn't | | | | consumers has been very unsatisfactory; however |
| allow her to do so. She was obliged to keep paying | | | | the Directive is not scheduled to become law across |
| the annual maintenance Any fees which were | | | | Europe until the 23rd of February 2011, although some |
| increasing constantly. Unfortunate and unfair as it is, | | | | Member States may have it for place before this (The |
| timeshare owners are often trapped for their | | | | UK expects it to be passed into law by June 2010). |
| ownership till the end of their days. | | | | Hopefully this legislation will be successful and will help |
| The new rules ensure that companies have to provide | | | | to clean the tarnished reputation of the European |
| a detailed disclosure statement describing all features, | | | | timeshare industry. |