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Timeshare
  • Published:
    28 September
  • Area of Law:

Can you trust a firm that says it can get rid of your timeshare?

A breach of ‘the timeshare regulations’ takes place if a trader has taken any money before the end of the 14 day withdrawal period.  Additionally, ‘resale agents’ are prohibited from accepting payment before the sale of a consumer’s timeshare rights. Criminal offences are committed if these rules are breached.

Taking payment upfront for resale services,  before the timeshare rights are sold or the contract is otherwise terminated,  breaches the Timeshare, Holiday Products, Resale and Exchange Contracts Regulations 2010 and leaves such traders and resale agents open to prosecution. 

If a consumer was not asked to pay fees when ‘signing on the dotted line’ these regulations may still apply – other ways in which traders can seek to ‘benefit’ are prohibited and advice should be sought.

"This is exactly why we like to work with people who understand the industry and can identify potential issues and create solutions."

Jon Saltinstall, Senior HealthCare Banking Consultant, Lloyds Bank