Friday, May 11, 2007


This body was set up by the timeshare companies to self-regulate their industry and to prevent the South African Government intervening in its business. The SA Government had long toyed with the idea of following the European counterparts by enforcing a minimum 14 working day cooling off period. Coupled with a two week cool-off in Europe, the timeshare companies have to make use of an independant service who contacts the potential investors and asks them if they wish to continue with their timeshare investment at the end of the 'cool off' period. One can only understand what volume of their business is diminished by this process. The reason that this was instituted was because of the wholescale racketeering that was been conducted in the Canary Islands by timeshare crooks like Jack Pesche and co. The Cook Report which is a prominent investigative journalist programme (similiar to Carte Blanche on M-Net) went in undercover and blue the lid off what was going on. After a huge outcry across the UK and Europe the two week cool-off was introduced. The SA timeshare co. have long raped the 'unitiated' emerging black market having long since lost steam with the white market in South Africa. The black market was seen as 'soft' and 'vulnerable' and there was a lot of money within this market as it had the buying power. It took a couple of years, but after a while The Bad Business Practices Committee (instituted by parliment) was swamped with complaints. The ANC, ever protective of its elective started to take a serious look at the state of South African timeshare and its unsavoury practices. To prevent the same thing happening in South Africa as had happened in Europe, the industry decided to self-regulate to prevent outside and Government intervention hence TISA (Timeshare Institute Of South Africa) was born (a section 21 company).
All the major timeshare companies sit on the commitee of TISA and contribute towards its funding (between R50 and R150 is contributed from each sale of timeshare). Firstly they introduced the 5 day revision period (cool off clause) which was later extended to a 5 working day cool-off. This seems to have pacified Government intervention but there has been talk that Finance Minister Trevor Manuel is still concerned over their self-regulation and feels that the marketing practices should be examined further. Time will tell.........

Contact details:
Timeshare Institute Of South Africa

Unit 10 Roodebloem Office Park
20 Bella Rosa Drive

P O Box 2823

TEL: +27 21 914 9693
FAX: +27 21 914 5202

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