When in Spain last month we were "conned " into signing up to a holiday club - can we get out of the contract

We were approached by someone handing out scratchcards and bundled off to an office and talked into signing for a holiday club membership. We immediatly regretted it - we contacted the credit card company to "dispute" the deposit we paid. We have also sent letters to the company saying we want to opt out. We have been advised that under a european directive we should have been given a cooling off period - therefore the contract is void/illegal. Has anyone else been through this process and come out the other side without losing any money?