caffeinejunky
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- May 24, 2016
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My wife and I are vacationing in SC on a "sampler" timeshare plan do we had to listen to their schpeil a couple days ago. In a lapse of judgement we bought a small timeshare plan and yesterday morning had some major buyers remorse. I looked up the laws for the area and SC Ann. § 27-32-40 states that we have 5 days to cancel a contract with a written notice. I verified that the contract had a page about cancellations, so we followed the instructions and wrote a letter to the address listed. In the letter we noted our contract number, our names, and dates. We sent it off yesterday in certified mail (didn't do a return receipt, but since it was sent certified I can track it online). To pay for it, we opened two of their credit cards since it had 6 months no interest and we were going to refinance through our own methods. We were approved to pay in full, so the full amount ~$11k was split between the two cards. Do we need to do anything special to handle the refund and close of these cards after the contract is canceled? Anything else we need to do to protect our credit and make sure we get out of this cleanly? We are still on vacation so I hope I have done everything I can to get out of this, but if I need to contact a lawyer or anything it would be a pain while I'm here but I know it'd be worth it in the long run.... just want to enjoy what little vacation we have left! Thank you for any input!
PS we purchased the timeshare and executed the contract in SC but the deed was for a property in FL if that makes any difference.
FYI The body of the letter read:
The purpose of this letter is regarding the required cancellation of our timeshare contract. Our names are [redacted] and we purchased a timeshare with Bluegreen Vacation Club on May 23, 2016. Per the contract regarding this timeshare, I am contacting you within the rescission period in order to cancel this timeshare contract.
Timeshare: Bluegreen Vacation Club
Owner: [redacted]
Contract Number: [redacted]
Date of Purchase: 05/23/2016
I’ve made the decision to cancel my contract for the following reasons:
1. Upon my initial investment into the timeshare I felt this was an opportunity I could afford. Now that I have taken the time to properly analyze my financial situation, I feel this is no longer a smart investment.
2. While there are many unique opportunities found at this location, there are many other expenses associated with owning a timeshare that I did not account for.
To clarify, we need to cancel our timeshare contract immediately and require a refund of all payments and close out of. Please provide us with a written response showing you have received this letter within the rescission period. Additionally, please provide us with the information we will require to refund all payments made and close out the credit card accounts we opened to pay for the timeshare.
PS we purchased the timeshare and executed the contract in SC but the deed was for a property in FL if that makes any difference.
FYI The body of the letter read:
The purpose of this letter is regarding the required cancellation of our timeshare contract. Our names are [redacted] and we purchased a timeshare with Bluegreen Vacation Club on May 23, 2016. Per the contract regarding this timeshare, I am contacting you within the rescission period in order to cancel this timeshare contract.
Timeshare: Bluegreen Vacation Club
Owner: [redacted]
Contract Number: [redacted]
Date of Purchase: 05/23/2016
I’ve made the decision to cancel my contract for the following reasons:
1. Upon my initial investment into the timeshare I felt this was an opportunity I could afford. Now that I have taken the time to properly analyze my financial situation, I feel this is no longer a smart investment.
2. While there are many unique opportunities found at this location, there are many other expenses associated with owning a timeshare that I did not account for.
To clarify, we need to cancel our timeshare contract immediately and require a refund of all payments and close out of. Please provide us with a written response showing you have received this letter within the rescission period. Additionally, please provide us with the information we will require to refund all payments made and close out the credit card accounts we opened to pay for the timeshare.