We tend to think of timeshares in terms of how they impact consumers in the United States, particularly in our home base of Florida. But the timeshare is a worldwide phenomenon, as evidenced by a fascinating recent blog post from Worldwide Timeshare Hypermarket, which bills itself as “Europe’s leading timeshare resale company.”
The piece – “Brexit – How Would It Affect the Timeshare Consumer?” – is an interesting look at what Britain leaving the European Union (an issue that is coming to a vote this summer) could mean for British timeshare owners and travelers in general.
The effects of the split could have a lot of unexpected implications on timeshares UK citizens pay for in other EU countries. In a subsection on the “EU Timeshare Directive,” the post’s author writes:
“Inconsistencies between the UK and the European Union regarding timeshare regulations could provide disincentives for UK consumers to purchase timeshare resorts outside of the UK. Currently, consumers are protected by the EU timeshare directive… which benefits UK citizens considering purchasing timeshare in the European Union as well as organisations owning, managing or selling timeshare. However, if the UK were to leave the EU timeshare owners may be exempt from the EU timeshare directive, unless the Prime Minister can secure assurances from the European Union for UK timeshare owners.”
In short? If the UK should leave the EU, it might put consumer protection at risk unless certain exemptions could be created. Comparatively, here in the United States we have 50 different sets of laws that are not necessarily uniform like the EU regulations.
The post details a number of other interesting impacts from a “Brexit,” including what currency fluctuations may mean for timeshare owners’ “annual management fees.”
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.