Reselling a timeshare
You want to get rid of your timeshare or similar contract? Chances are that you will be contacted by a company that proposes to sell your timeshare for you, at a good price. Caution. The resale market is virtually non-existent, and scams are rampant. For this reason, the European legislation protects you with a right of withdrawal for 14 days. Resellers are not allowed to ask you for any money before the timeshare has been sold.
ECC Belgium explains it for you:
- How can you recognise a fraudulent offer?
- How can you make use of your right of withdrawal?
- Can the resale company ask you for an advance?
These resale companies attempt to convince timeshare owners that they will be able to sell their product at a good price. But you will have to come up with significant advance payments, which might be the last you see of these companies.
In order not to fall into a trap, you should pay attention to:
- The use of aggressive approach techniques, either at your holiday destination or on the phone, to convince you to come and sign the contract while you are there.
- The promise to sell your timeshare at a very attractive price and, in this way, create the impression that you will recover some of your investment.
- You are always asked for an advance payment, although this is contrary to the legislation, to cover their commission, administrative and other expenses in order to make the sale.
Have you been contacted by such a resale company? Do not respond to their offer!
Together with your contract, you should receive a standard form that will enable you to make use of your right of withdrawal. You fill this in, sign it and send it to the correct address.
You haven’t received a form? Then you have a cooling-off period of one year!
European legislation prohibits resale companies from demanding any money before the resale of the timeshare is realised. No commissions, administrative costs, registration costs or others may thereby be demanded.
Did you pay an advance before the resale was final? You can claim a full refund of this amount when you revoke the contract. Demand the refund when you make use of your right of withdrawal, and be sure to clearly state your international bank details (IBAN and BIC code).
Good to know: did you pay by credit card? You can also request the refund via a chargeback.