What is a “cooling off period”
This is an amount of time given to a consumer, so as to reflect and consider the timeshare contract they have entered into with a seller. In the case of timeshare the consumer has 14 days after they have been provided with all the relevant contractual documents, to legally rescind the contract they entered into. If the consumer does rescind the contract within the “cooling off period” then the contract is void.
Why is this “cooling off period” granted by authorities as a right.
This is because the governments/authorities believe (in respect to timeshare) that consumers are at a disadvantage (when entering timeshare contracts). This belief is due to a vast number of complaints and the large number of past litigations on timeshare issues.
Why do consumers need a “cooling off” period
The “cooling off period” is afforded to consumers so they can elect “a change of mind” as to entering into the contract they just signed. A “cooling off period” allows a consumer time to consult family, friends, solicitors and advisors about the implications, liabilities and benefits. when entering into contracts consideration is require as the contract may have far reaching consequences both now and in the future.
Can a consumer extend a “cooling off period”
It time to contemplate the unusual terms and conditions and wrestle with all the procrastinations, representation and expectations the consumer was told and apply then cogently and consistently to the contractual documents so as to reach a balance decision.
The period is fixed by statute and is designed to balance the seller and buyer. Sounds great and a good idea! Yes? Well it’s not in my opinion!
Why a cooling off period does not assist consumers
It’s another avenue to more argument, more upset and contentious litigation. Apart from the issues in respect to further arguments over what documents were given, when a cancelling is a cancelling, how much is refunded and what constitutes costs and expenses. The “cooling off period” is fixed therefore if you’re incarcerated, ill, hospitalized, grieving or dead, you cannot enjoy the rights afforded to you. Looking at the reverse if you sign the contract and then die you are bound by that contract as you did not rescind the contract in the “cooling off period”. If you suffer a heart attack, again no concession is given. I do recall once, I returned from holidaying and became sick with a “tummy bug” and vomited for weeks, thank goodness I did not have to comply with a “cooling off period”.
What about if you holiday is in a resort where they of don’t have access to lawyers, if you’re 2nd leg of your holiday is a cruise. The list is endless but very real. The “cooling off period” is unfair, unworkable and can only operate if, consumers representation have been accepted as to when the period can commence and any commencement date should be subject to a particular level of consciousness and ability to consider whilst being free from impairments.
The Rant wagon
I can fully understand if you don’t agree with me and that is your right, however when you consider the new EU proposals I am sure you will jump on the “ranting band wagon”.
The new regulations
As you have a “cooling off period”. It has been deemed you need one, why? So as to seek advice!
Our masters (and very brainy people at the EU) have introduced more regulations in respect to “services” provided. “i.e solicitor who advice consumers in such matter as timeshare”.
In a nutshell, if a consumer wants advice about a timeshare contract they has just entered into, with the timeshare seller and approaches a solicitor, that solicitor is now required to offer the consumer a 14 day “cooling off period” before paid advice is given. What? That’s right by the time you get the advice which the EU say you need you can’t get because of regulations.
The EU has stated you can wave your rights to a “cooling off period”, if you want. and if you need advice. Therefore what they are saying is this you need a “cooling off period” because you are disadvantaged, this will protect you, however you can expose yourselves to people who say “this is urgent” “you need to wave this right” as “a bargain is to be had today”, “yes its only on offer today, if you don’t wave, you will lose”. (Bring back memories). Bang! “No “cooling off period” and the advantage you had has gone (“and that’s all the lady wrote”).
On the other side of the fence and stepping into the shoes of a well respected solicitors he has a duty of care to his client and as legislation says consumers have the right to a “cooling off period” they have to assess whether or not the clients need the advice whether it will benefit them and he can’t do this without taking instructions and reviewing the contractual documents. Which is to say that he can’t give paid advice in the “cooling off period”, if he recommends a waver and the consumer opts for it and the solicitor realises after he has familiarised himself with the documents that in fact there was no rush then he was over cautious in recommending the wave and he exposes himself to an action.
“what a farce” It’s a nightmare! A pig in a poke!
It’s simple.
If the offer to buy timeshare is a good offer, then the “offeree” (the timeshare developer) tenders the contract, at the presentation and that contract only becomes binding when the consumer has received independent legal advice, from their own appointed solicitor.
“Simples”.
Will the timeshare companies welcome such a proposal, well the answer is a resounding “yea rite” (unless they know the product they sell is a good product) as sales will plummet and the bias and unfairness of the contract and obligations may be exposed. So why are the professional politicians in the booths of power unable to care for the people who vote for them?
For and on behalf of the timeshare consumer association
David
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