Rescinding a contract

Hi guys, I was persuaded and signed a wyndham point contract on July 23 on my visit to Pocono, after I did some research and found out about this site, omg, I got ripped off hard!! Reading through the posts about rescission, I sent the rescission letter as instructed by certified mail with a return receipt on July 26. The mail was successfully delivered to destination on July 29. My question is how do I know if they are processing the refund? And usually how long will the refund process take? I m concerned because my next credit card bill is up in 20 days...

I rescinded a HGVC contact this past spring, it was about six days from when I mailed it until it was removed from my brand new HHonors AMEX card (rescinded the timeshare, but kept the no fee AMEX since I use Hilton brand hotels frequently). I too rescinded after finding TUG and quickly realizing there are MUCH cheaper ways to buy and/or rent timeshares.

MIL bought a Wyndham one from developer at BC this summer, I helped her recind the next day, the partial payment on her credit card took 7 days to come off.

If you want a timeshare, follow the TUG general advice, join TUG, spend a few months, 4-6, just reading and learning, then consider a resale armed with the knowledge to get what you want at a much, much better price up front.

Wow, that's a quick reply, thanks Martdoc, that's really helpful. There is a lot of info on this forum, got lots to catch up.

Walla, this story warms my heart. So often people show up here after it's too late. So glad you found TUG in time. Congrats on saving a boat load of money.

The resort (or in this case, Wyndham corporate) has no responsibility to advise you at all of progress in the rescission. It can take as much as 45 days, depending on where in the billing cycle your credit card is in. You may want to notify your CC that you are contesting the charge (this must be done in writing). Call them for notification and instructions.

We're glad you found TUG in time. When you get your refund (you will), do some studying, ask some questions. You might want to rent a few times to find where you want to buy (if at all).

All the best, and Welcome to TUG!

Jim

The short time lines reported in the first couple of posts would be the exception not the rule.

Wyndham and Hilton work on completely different clocks

Just a quick update, I received my full refund on my credit card on 8/8/2014. The whole process took about 2 weeks. Thanks again guys. I am so glad that the law protect us and allow a "regret pill" for us to take. ^^

Hi all, this is my first time on this site, and was recommended by someone else I work with who buys timeshares all the time. I bought my first one via Wyndham in Kona on July 18th. Like others here, I did research after and found out I was jacked.

My question is, am I too late to rescind the contract? They announced a 7 day period, and this is outside of that.

Thanks in advance for any guidance.

Best,

Jeff

janderson3348 said:

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My question is, am I too late to rescind the contract? They announced a 7 day period, and this is outside of that.
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In a word, yes. Stick around to figure out the ins/outs of the Wyndham system and how to best make use of your purchase.

How many permanent (i.e., not bonus) points did you buy?

It was a total of 154,000 points. It seems like that is nothing, and certainly won't amount to the two weeks I was promised. Sheesh.

janderson3348 said:

Hi all, this is my first time on this site, and was recommended by someone else I work with who buys timeshares all the time. I bought my first one via Wyndham in Kona on July 18th. Like others here, I did research after and found out I was jacked.

My question is, am I too late to rescind the contract? They announced a 7 day period, and this is outside of that.

Thanks in advance for any guidance.

Best,

Jeff

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Yes, I hope you only bought a small contract to get your feet wet. We fell for pitches twice before finding this forum Consider yourself lucky and now get busy learning all about what you already own and how to use it. I had to read the Member Directory about 3 times before it began to sink in. Did they at least provide you with a paper copy of it? If not you can begin with the electronic version here http://www.nxtbook.com/nxtbooks/wyndham/2013657298WMD/

Personally, I prefer the paper copy. It's easier to carry into the bathroom. If you didn't get one, they should mail you one copy free by request. After you learn the system, you might find you want to own more points and will be in a much better situation to understand if you want more retail points or some much less costly resale points. There are good reasons to own either way and the resorts are wonderful to vacation in.

janderson3348 said:

It was a total of 154,000 points. It seems like that is nothing, and certainly won't amount to the two weeks I was promised. Sheesh.

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That really depends on where you want to go, what time of year, and what size unit you need.
If you need a 2 bedroom in prime summer season at Panama City Beach, Myrtle Beach, or pretty much any beach. Then no, you don't have enough points for 2 weeks.
There are, however, 13 Wyndham Resorts (if you leave out the 3 in Mexico and the 1 in Canada) where you can stay for 2 weeks for 154,000 points. Granted some of them are studios and some don't have full kitchens. If you limit it to units with full kitchens, there is one studio and two 1 bedrooms where you can stay in prime season for two weeks with 154,000 points. If you could travel in the off season, there are probably over 30 resorts where you could stay for 2 week with 154,000 points.

I bought 182,000 points from the developer a few years ago before I found TUG. I obviously paid way more than I needed to. But, I figure that is water under the bridge. I am really enjoying my Timeshare vacations. This summer I spent 4 nights in at Grand Lake Oklahoma and 4 nights in Riverside suites in San Antonio with my points. I really enjoyed both.
Spend some time reading the directory and looking at the website. And, of course, reading the posts on TUG.

I hope you enjoy your time share as much as I have.

How have you resisted adding more resale points to lower your acquisition cost in half ?

Rent_Share said:

How have you resisted adding more resale points to lower your acquisition cost in half ?

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He hasnt resisted, look at the list of resorts on the left side of the page. and that Panama City Beach cuts his mf ratio a bunch too...

Rent_Share said:

How have you resisted adding more resale points to lower your acquisition cost in half ?

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As Ron pointed out. I didn't resist. I bought the 210 EOY at PCB and am loving the extra points. I realized pretty quick that the magic minimum number is 231K, for an account.