The impact of the new Regulations on business
For a business, the regulations are intended to provide a range of benefits, including:
- A simplification of the UK legislative regime – the new single set of regulations will replace the Timeshare Act 1992 and a series of subsequent regulations which amended the Act. As a consequence, those affected will have a simpler regime to understand with a standardised way of providing key information.
- A level playing field for business – since the adoption of the old regime new products (often referred to as “holiday clubs”) which offer a similar promise to that of timeshare, but which are not covered by law, have been developed. These products will now be subject to substantially the same regime as timeshare. T
- Improved consumer confidence – consumers should be provided with key information in good time before they enter any agreements and will have new rights in respect of those areas which have emerged as being most damaging to consumers – namely, holiday club sales and timeshare resale services.
- Rogue traders will be dealt with by a combination of offences contained in the new Regulations and offences contained in the Consumer Protection from Unfair Trading Regulations 2008, which will apply where provisions of the new Regulations are not met.
Enforcement
The new Regulations are enforced by the Office of Fair Trading (OFT) and local authority trading standards officers. The Regulations include sanctions and, where appropriate, criminal offences for non-compliance. The Regulations also provide for contractual remedies for consumers. In addition, the Regulations set the penalty for offences to a fine not exceeding the statutory maximum.
Conclusion
A re Seller must not charge you money in advance. They must not charge you marketing fees and listing fees in advance and are barred from any form of payment until such time as they have concluded the sale.
If you have paid fees then you are entitle to a full recovery plus interest.
The Reseller claim they are entitled to charge you marketing fees as they are offering advertising services. In the main the consumer are contributing to the advertising of the reseller own enterprise. 1-400 timeshare sell and the re-seller know this. The resellers claim is simply unsustainable.
TATOC where involved in the deliberation and consultation. They know what was said, what was agreed and what was implemented. Yet they remain silent on the subject and the corresponding advice.
Payment for a resale contract is not due until the sale of the consumer’s timeshare or long-term holiday product is completed, or the contract is terminated for other, agreed reasons.
If you engage with an exit company make sure that you explain to them that you wish to recover your fees charged by the re seller in the event that they charged you and did not sell your timeshare.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk