HELP URGENT- my wife signed paper with Diamond Resorts Friday night- our 72 hrs are a

My wife bought a timeshare week at Sunterra/ Diamond before we ever met (About 12 years ago). It’s a deeded week at the point of Poi Pu in Kauai. It’s paid for and we recently finished paying the assessment off also! She’d like to get rid of it.. Even give it away. So she went this past Friday night ( about 48 hours ago) to a DRI update dinner and while there came away with signing up to convert the deed to a point system in something called the US Collections. And signed a contract to pay them a bit over $20,000 to do so.. All financed.. They told her she had 72 hours to change her mind! They also told her that she was buying an additional 5000 points in addition to her 10,000 points that she was converting to from her weeks deed. All she heard was that this trust couldn’t ever have special assessments ( like the $6,300 we had just been thru) and that she could drop this at any time and be done with this timeshare ( once she paid off this 20K! and that no one else would be saddled with the burden of being stuck paying for the maintenance fees for ever and ever!

She just wanted to find the best way to get rid of it and to stop paying maintenance fees for something we don’t use nor do we use much of what we banked with RCI.. It usually just expires.

We need some insight and advice fast. Please Help us.. So I paid my $15 to join TUG.

RESCIND! ... Today is the last day to get that "cancel this purchase" certified letter into the USPS. Hand write it, photo copy it, take to post office and certified mail it. Do NOT COUNT the day she sign the contract.

Do not wait. Call in sick (you are sick about this issue, right?). Do not THINK about it... and heaven forbid, DO NOT CALL THE SALESPERSON OR THE RESORT OR THE COMPANY! Their only goal is to get a commission check and.or your money.

Yes, most definitely rescind the sale. If your goal is simply to get rid of the deed, DRI is accepting voluntary surrenders for $250. A lot less then $20,000.

Maintenance fees on 15000 points in the US Collection are $2,751.70. I imagine that's more than you're paying now.

If someone wants to contact you, all they have to do is "click" on your name (WT46) so, my advice would be-RESCIND!! Read the thread on DRI and deedbacks,,,, My 2nd piece of advice would be to delete your personal information before it is scooped up by scammers and your inbox starts overflowing.....

William_Tell46 said:

All she heard was that this trust couldn’t ever have special assessments ( like the $6,300 we had just been thru) and that she could drop this at any time and be done with this timeshare ( once she paid off this 20K! and that no one else would be saddled with the burden of being stuck paying for the maintenance fees for ever and ever!

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When I bought points in 2013 they told me I could give them back anytime. A few months later when I was setting up my online account, the call center told me there was no surrender program, Diamond was not taking back points at that time. Don't believe the sale reps.

It is true that Diamond began accepting voluntary surrenders in the spring of 2015 (and from what I can tell they are still accepting them), but I think this is a temporary program. When the company fills its quota, I'm sure they will again say: we don't take back points at this time.

Also, if you read the US Collection governing documents given to you at signing, you will see that they can levy a special assessment. See Article 11, section 7 of the "Declaration." I don't know whether they ever have or ever will levy such an assessment, but it is within their powers to do so.

Cancel the new purchase. When that is all over, contact Diamond and tell them you want to return your contract. They've been taking back contracts lately. If that doesn't work, just give it away here. You don't need to pay $20K to get rid of this timeshare.

Rescind ASAP. Deeded weeks at P@P are easy to give away, and you might even be able to get something for it.

Your wife was HAD!

Once your wife sends DRI the appropriate rescission letter, following - - to the word (letter) - - the specific policy to rescind, stated by DRI (and you get receipts of acknowledgment by DRI), I'd sit down with your wife, and help her recount all statement/representations made by the DRI representative. Write them down, type them into a Word document, while they are fresh on her mind. Then, analyze them.

In your analysis, be looking for misrepresentations and criminal activities by the DRI representative (including representations of income potential (which the SEC would be interested in hearing about)). If you find any suggestion of the same, I'd suggest that you contact the local police department, State Office of Consumer Affairs, and if the salesperson is licensed as a real estate agent, the state regulatory office that licenses real estate agents (in the state where the meeting took place)......and file complaints with all applicable regulatory agencies.

Reading the accounts made by consumers, of their meetings with representatives of DRI, that forever appear on TUG, if they are accurate, Diamond needs to be very closely scrutinized for non-compliance with state real estate regulations, criminal activity, and as a publicly traded company, violations of the Securities and Exchange Commission's (SEC) rules.

AND, if your wife is considered an elder, I'd be on the phone quickly with the state office that handles elder abuse, because reports are surfacing to suggest that DRI may be preying on elders.

WE, CONSUMERS, need to demand accountability from the state and Federal agencies that allow Diamond Resorts International to operate in the fashion that is often suggested by their customers.

PS: If there is a credit card involved, call the credit card company immediately to dispute the charge. Did your wife fill out a Credit Application or authorize DRI to run a credit report? If so, I'd suggest that she put a freeze on her credit reports.

Thanks for the advice, I think I've got my name etc deleted. I appreciate your helpfulness. We faxed and certified mailed the rescission letter today! Hopefully that will wipe out the credit card application as well as the purchase and conversion from deeds to points and changing into the US collection "trust". TUG members have been great. Thanks for the passion of protecting others in an area that you have "been there, done that" OR " walked thru the wickets and thickets!"

NEXT, I would contact whatever credit card company is handling that application, and ask them to STOP that process (not easy, and that opportunity has likely already passed).

Simultaneously, your wife should contact all 3 credit reporting agencies and put a FREEZE on her credit reports.

Unfortunately, she has made company with a bunch of ................(you can fill in the blank, there are many unflattering options to insert here).

DRI is a horrible company

William_tell46, I wish you all the success on rescinding the contract. DRI is an awful company which preys on people in every possible way.....bunch of savages!!

Congrats on successfully finding us in time...you just saved 20 grand =)

on a side note, you are the 500th person to successfully find TUG in time to rescind your purchase in time (well, im sure there are far more, but you are the 500th to post about it on the forum here!)

Congratulations again!

http://www.tugbbs.com/forums/showthread.php?goto=newpost&t=196108

WJS said:

Simultaneously, your wife should contact all 3 credit reporting agencies and put a FREEZE on her credit reports.

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I have had a freeze on my accounts at the Credit Reporting Agencies for years. In addition to the obvious benefits I have found that it gives me an out when being pressured to enter into a financial transaction. I just say "the Pass Word to temporarily remove my freeze is in my safe at home".

George

Just a general question /comment

I don't believe that Poi Pu isn't in the us collection so how in the world did DRI give her US collection points when the TS she gave up was not in the US collection?

We are Members of the DRI Hawaiian Collection. We have had offers from DRI Main Sales Office to move all our Points to the US Collection if we will buy additional Points.

Bill4728 said:

Just a general question /comment

I don't believe that Poi Pu isn't in the us collection so how in the world did DRI give her US collection points when the TS she gave up was not in the US collection?

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Easy. She surrenders the deed, swapping the deed for a UDI in the US Collection. Once she gives up the deed, she is not tethered to Hawaii.

She could as easily swap her deed for points in any of the Collections.

[Deleted: TUG rules prohibit "doing business" in the discussion forums, and this thread is 6 mos. old - the OP has not been back to TUG since June.]

vacationhopeful said:

RESCIND! ... Today is the last day to get that "cancel this purchase" certified letter into the USPS. Hand write it, photo copy it, take to post office and certified mail it. Do NOT COUNT the day she sign the contract.

Do not wait. Call in sick (you are sick about this issue, right?). Do not THINK about it... and heaven forbid, DO NOT CALL THE SALESPERSON OR THE RESORT OR THE COMPANY! Their only goal is to get a commission check and.or your money.

Click to expand...

I want to recend a contract I signed today. How do I give back the tablet they gave me for signing up?

I am still on the property for one more day. Do you think I can cancel here at the office and be able to hand them back the tablet or is that asking for trouble?

Arizona Ooops said:

I want to recend a contract I signed today. How do I give back the tablet they gave me for signing up?

I am still on the property for one more day. Do you think I can cancel here at the office and be able to hand them back the tablet or is that asking for trouble?

Click to expand...

One more question. I see some say they also faxed the cancel letter. Do you have a fax #? Don't see one listed on my paperwork. Thx!

Arizona Ooops said:

I want to recend a contract I signed today. How do I give back the tablet they gave me for signing up?

I am still on the property for one more day. Do you think I can cancel here at the office and be able to hand them back the tablet or is that asking for trouble?

Click to expand...

That might be asking for trouble. Ensure you fellow the rescind instructions 100%, which likely includes sending a letter in via mail- not dropping by the office.

You don't want to talk to anybody on the property. They could possibly give wrong information about rescinding, or try and talk you out of it. As Steve said, you want to read the contract carefully and follow the rescind instructions exactly.

Ideally, you should rescind by mail. Certified, so that you get a receipt and will know that it was delivered (it's the postmark that counts). If the tablet was a gift for buying, return it (again, by mail with a receipt). If it was a gift for attending the presentation, it's yours. We suggest NOT rescinding in person, as it just gives the salesweasels another crack at you. They are well trained to counter any argument you present and can- and will shame you for wasting their time or taking food our of their kids' mouths- ANYTHING to save the sale.

Best Wishes

Jim