Should I pay a deposit for a timeshare?

While I was on vacation in Ibiza I talked to a timeshare agent who offered me a great deal on a timeshare in a great resort. I hadn't really heard of timesharing before but I come to Ibiza a lot so timesharing seems to make sense. The only thing is, the agent wanted a 10,000 euro deposit to secure the timeshare andsince I don't use online banking I couldn't transfer the money while I was there. I feel like I missed out but also find it odd that I would have to put down such a large deposit. Is this the normal procedure when buying timeshares in Europe?

Hi there;

Within countries which are members of the European Union (like Spain), timeshare merchants are prohibited from asking for a deposit either before a timeshare contract is signed, or within the first 14 days after the contract is signed.

You are allowed to cancel the contract at any time within the first 14 days after signing. Only after the 14 day withdrawal period has expired can merchants request a deposit or any other payment.

If a timeshare merchant does not spcifically inform you about your right to withdraw from a contract within 14 days of signing or asks for any kind of payment before the 14-day withdrawal period is over, they are acting illigally and you should avoid doign business with them.

Best regards from Moneyguru

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