What is a timeshare?
Timeshares. What are they exactly? You purchase the right of use of a holiday flat for a period longer than one year. For example: you can use this flat for two holiday weeks every summer, and this over 30 years.
You are not the owner, or a tenant, but only a user. You therefore have to be careful in order to avoid this becoming a nightmare.
The European Directive 2008/122 protects you when entering into a timeshare contract or similar holiday formats. More specifically:
- Long-term holiday contracts entered into for at least one year that offer you - as a member of a holiday club - the right to book accommodation, airline tickets and cruises at favourable conditions.
- Exchange systems, whereby you exchange points against a stay in a holiday flat.
Did you sign one of these timeshare or similar contracts? In that case, be aware that the law grants you a right of withdrawal for fourteen days. Sellers are also not entitled to collect an amount of money from you before this period has expired.