# Thinking of rescinding, need guidance



## CJSG (Jun 12, 2018)

Hello, my significant other and I bought a 3000 yearly points package for 16k lump sum + 1k yearly maintenance fees and I'm having doubts about whether it was a good deal or not.  This is the first time we've bought a timeshare so it could just be me being difficult and nervous about timeshares.  We are on the younger side (late 20's).

 When we arrived back home, I looked over the contract and noticed that we have 7 days to rescind - we are still within the 7 day period.  I searched what the internet had to say about Diamond Resorts International and apparently you can find people who are just trying to get rid of their accounts or companies like Sum Day who act as a middle man.

 I guess I am just looking for guidance on whether I got suckered or not.  Or if I should rescind and look for an account that someone is trying to sell?


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## Panina (Jun 12, 2018)

CJSG said:


> Hello, my significant other and I bought a 3000 yearly points package for 16k lump sum + 1k yearly maintenance fees and I'm having doubts about whether it was a good deal or not.  This is the first time we've bought a timeshare so it could just be me being difficult and nervous about timeshares.  We are on the younger side (late 20's).
> 
> When we arrived back home, I looked over the contract and noticed that we have 7 days to rescind - we are still within the 7 day period.  I searched what the internet had to say about Diamond Resorts International and apparently you can find people who are just trying to get rid of their accounts or companies like Sum Day who act as a middle man.
> 
> I guess I am just looking for guidance on whether I got suckered or not.  Or if I should rescind and look for an account that someone is trying to sell?



Welcome to TUG.  You have found us in time. RECIND IMMEDIATELY.  You can get what you purchased on the resale market for free.

Timesharing can be wonderful. Stick around and learn so you can figure out what will work for you,


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## DaveNV (Jun 13, 2018)

Welcome to Tug.  You're among friends here.  Have a seat, and keep reading.

Rescind immediately. Follow the instructions in your packet of information to the letter, and get your peace of mind back.  You can buy any timeshare on the resale market for pennies on the dollar.  After you've rescinded this, do some research about the resale market.  Once you are educated about timesharing, you can make an informed choice. If you decide the 16K was worth spending (it's not), you can always buy it again.  But if you miss the rescission period, you're stuck with a big fat purchase price for something you can buy for far, far less.

Good luck!

Dave


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## CJSG (Jun 13, 2018)

Alright, thank you for your guidance, I will head to the post office in the morning to send in a certified mail and call them after I've sent it in to tell them.


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## Panina (Jun 13, 2018)

CJSG said:


> Alright, thank you for your guidance, I will head to the post office in the morning to send in a certified mail and call them after I've sent it in to tell them.



Do not call them, they will try to talk you out of it.  Just follow the instructions to rescind and send in certified mail.


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## Grantwillings (Jun 13, 2018)

I find myslef in a similar situation this week but my packet had zero information or clauses in it about how to rescind. In an obscure location on a backside of a page it only mentioned rescission ontome in reference to the closing “wouldn’t take place until after the rescission period” no more info was given. I bought in Branson MO and according to what I googled MO has a legal 5 day period to rescend. I purchased this past Friday and today is the fifth day. I mailed a certified letter to the Vegas address and one to the Resort I purchased at. In the letter I kept it simple and listed my info along with dates and contract number and resquested immediate cancelation of contract along with only a written confirmation of cancelation. We used the line of credit thy provided for us instead of actual using our CC or check. Anybody know of these where he proper steps and does using DRI as the “bank” for the payment effect us?


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## CJSG (Jun 13, 2018)

Grantwillings said:


> I find myslef in a similar situation this week but my packet had zero information or clauses in it about how to rescind. In an obscure location on a backside of a page it only mentioned rescission ontome in reference to the closing “wouldn’t take place until after the rescission period” no more info was given. I bought in Branson MO and according to what I googled MO has a legal 5 day period to rescend. I purchased this past Friday and today is the fifth day. I mailed a certified letter to the Vegas address and one to the Resort I purchased at. In the letter I kept it simple and listed my info along with dates and contract number and resquested immediate cancelation of contract along with only a written confirmation of cancelation. We used the line of credit thy provided for us instead of actual using our CC or check. Anybody know of these where he proper steps and does using DRI as the “bank” for the payment effect us?




On my contract it is under State specific provisions (on the last page).    It was with the docusign documents.   I'm in Virginia so I am assuming Virginia has a 7 day rescind period minimum.


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## Grantwillings (Jun 13, 2018)

Aaa found it!!! I sent one to that address but accidentally put as a header “diamond resort financial department” however, redundantly requested “cancelation” and “rescission” so it will make it to proper desk. Late night reading so must have not made it to last page...
I also certified letter and new owner package back to sales department back to resort. Hopefully that will be enough to get job done. Anybody with experience on the matter should this letter suffice? I didn’t properly list “rescission coordinator” but did mail to proper mailing address.


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## CJSG (Jun 13, 2018)

Grantwillings said:


> Aaa found it!!! I sent one to that address but accidentally put as a header “diamond resort financial department” however, redundantly requested “cancelation” and “rescission” so it will make it to proper desk. Late night reading so must have not made it to last page...


Glad you found it!  I typed up my notice of rescission letter already and signed it with my significant other. Now I'm just wondering if I get the closing costs back.


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## Grantwillings (Jun 13, 2018)

CJSG said:


> Glad you found it!  I typed up my notice of rescission letter already and signed it with my significant other. Now I'm just wondering if I get the closing costs back.


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## Grantwillings (Jun 13, 2018)

We financed through them. Only good thing I hope comes of that is they won’t have time to process before rescission goes through. It just didn't feel right cutting them a check until I did more homework. We also signed both copies we sent. Fingers crossed.from what I’ve been reading they are required to reimburse you as long as you met the timeline.


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## Passepartout (Jun 13, 2018)

You get it ALL back. Rescission, by it's definition is to put the entire affair back to where it was before anything was signed. It is covered by state law WHERE THE CONTRACT WAS SIGNED, and 'day one' is the day AFTER the contract was signed. You didn't need to call, write, or include the resort in any part of the rescission, but no harm done anyway. They are under no obligation to inform you of progress or final notification of the rescission, and it can take some time before you see a refund. In this case- financing through them, I don't know how that's handled, only that you needn't pay anything should a payment become due before the rescission is complete. Paying on a 'due date' could indicate that you had changed your mind and want the sale to go through. Don't do it.

Glad you found us and got the rescission underway. Many don't get the chance.

Jim


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## DanZale2000 (Jun 13, 2018)

Grantwillings said:


> Only good thing I hope comes of that is they won’t have time to process before rescission goes through.



All paperwork is held until the end of the rescission period.


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## taterhed (Jun 13, 2018)

Rescission is a right granted by law....and can not be waived.  As long as you comply with the law, they must return your funds....provided you comply with the law/contract.

A new timeshare owner may rescind the timeshare contract within five days after the date the _*Missouri timeshare contract*_ was signed. To terminate the timeshare agreement, you may deliver written formal notice by hand or postal mail to the original seller of the timeshare. Should you submit your formal, written cancellation notice via postal mail, the official date of rescission would be the date of the postmark (Mo. Rev. Stat. Â§ 407.620). A timeshare buyer’s rights to _*cancel a Missouri timeshare contract*_ within those 5 days can’t be waived under any circumstance or mutual agreement between buyer and seller. (Mo. Rev. Stat. Â§ 407.620).


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## CJSG (Jun 13, 2018)

Thank you everyone for your time and help. I sent the notice in via certified mail earlier today.

I've been looking around and I can't seem to find any business that has a similar system to Diamond, in that the points you buy can be used at any of their resorts so I will probably end up trying to buy a Diamond Resorts account from a resaler.

Any recommendations on sellers?  The only one I've found so far is Sum Day Vacations. I am iffy about sending my social and such through the internet, but people on here have they are pretty good and reliable.

Any recommendations are welcome.


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## geist1223 (Jun 13, 2018)

Several Points:
1. There are other Point Systems such as Worldmark. You can buy Worldmark on the Secondary Market. These resell Points can be used at all 80 to 90 Worldmark Resorts in the USA, Fiji, Mexico, and Canada. Worldmark in the USA is primarily west of the Mississippi. You can exchange them through RCI or II. You also have Bonus Time, Monday Madness, Inventory Specials, etc.
2. When you buy Diamond Points on the Secondary Market they only be used to Book Directly in that Collection - US Collection, Hawaiian Collection, etc. So if you bought Diamond Points on the Secondary Market in the USA Collection you could not Book Directly in Hawaii or Europe. You could due an Exchange through II to a DRI Resort in Hawaii but you will be treated as a non-DRI Member which means daily Resort Fees.
3. There are Diamond Points for sale in a variety of places including right here on TUG in the Market Place.

Edited to add:
4. 3,000 Points will not get you much. You would probably end up saving your Points and only travel every other year.
5. $16,000 works out to $5.33 per Point. This is too much.

Edit #2:
6. If you are buying Diamond Points for direct Booking access (not having to do a Trade through II and paying trade fees) to all Diamond Resorts (all Collections) - ie Europe, Mexico, Hawaii, etc - then you have to buy from Diamond.
7. If you want to travel every year you need more than 3,000 Points.


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## TUGBrian (Jun 13, 2018)

Congrats to you both!  Saving 16k is nothing to sneeze at and will make for some wonderful vacations in the future!


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## LanceM (Jun 13, 2018)

geist1223 said:


> 5. $16,000 works out to $5.33 per Point. This is too much.


My recent offer at 3,000 points was $4.33 per point. No idea if that is a good or bad rate, but shows that offers will definitely vary.


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## nuwermj (Jun 14, 2018)

LanceM said:


> My recent offer at 3,000 points was $4.33 per point. No idea if that is a good or bad rate, but shows that offers will definitely vary.



It is not uncommon to see price per point in the $3.20 to 3.70 range, but that requires a purchase of many more points--7,500 or more. 3,000 is not very many points. They might get you a 1BR every other year, or a five day say Sunday-Thursday, or, if you are flexible, a short notice (59 days or less) stay. 3,000 will not get much more. And it is hard to get a lower price point with such a small quantity of points.


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## Grantwillings (Jun 21, 2018)

My phone calls/messages from Vegas and Condo have started. Vague "call us back ASAP" "something doesn't look right on the application call us back" Wonder how long before they give me my confirmation of rescission.


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## izzymail (Jun 21, 2018)

Grantwillings said:


> My phone calls/messages from Vegas and Condo have started. Vague "call us back ASAP" "something doesn't look right on the application call us back" Wonder how long before they give me my confirmation of rescission.


You are so, so, so lucky you were able to rescind... Once the time passes you would be lucky to be able to give it away for free! From what I understand Diamond points purchased resale are very much second class. However I purchased WorldMark points (resale of course) and love it.


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## Grantwillings (Jun 22, 2018)

izzymail said:


> You are so, so, so lucky you were able to rescind... Once the time passes you would be lucky to be able to give it away for free! From what I understand Diamond points purchased resale are very much second class. However I purchased WorldMark points (resale of course) and love it.





izzymail said:


> You are so, so, so lucky you were able to rescind... Once the time passes you would be lucky to be able to give it away for free! From what I understand Diamond points purchased resale are very much second class. However I purchased WorldMark points (resale of course) and love it.


It’s a shame how their sales department tries to take advantage of people high on vacation. As much as I wouldn’t mind having a time share their misleading and misdirection turned me off greatly.


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## pedro47 (Jun 22, 2018)

Welcome to TUG both of you have been given great advice & information. Now Do The Right Thing. Do Not Wait until tomorrow;  Just Do It Now.
Good Luck.


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## jackjill629 (Jun 28, 2018)

Please help.  Diamond bought out my timeshare company.  I signed a contract on Sunday (June 24) to purchase 4000 points so I could join THE Club.  I have rescinded by certified letter this morning.  However, at the resort where I own four weeks, they had me sign over the use of my week in THE Club.  Will my weeks be returned to normal status after the rescission is processed or do they now have use of my weeks unless I stay in THE Club and pay extra maintenance fees? I don't mind paying my normal maintenance fees and use them at my resort, but I don't want them to have access to my weeks.  Any advice is welcome.


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## jackjill629 (Jun 28, 2018)

CJSG said:


> Hello, my significant other and I bought a 3000 yearly points package for 16k lump sum + 1k yearly maintenance fees and I'm having doubts about whether it was a good deal or not.  This is the first time we've bought a timeshare so it could just be me being difficult and nervous about timeshares.  We are on the younger side (late 20's).
> 
> When we arrived back home, I looked over the contract and noticed that we have 7 days to rescind - we are still within the 7 day period.  I searched what the internet had to say about Diamond Resorts International and apparently you can find people who are just trying to get rid of their accounts or companies like Sum Day who act as a middle man.
> 
> I guess I am just looking for guidance on whether I got suckered or not.  Or if I should rescind and look for an account that someone is trying to sell?




 Diamond bought out my timeshare company. I signed a contract on Sunday (June 24) to purchase 4000 points so I could join THE Club. I have rescinded by certified letter this morning. However, at the resort where I own four weeks, they had me sign over the use of my week in THE Club. Will my weeks be returned to normal status after the rescission is processed or do they now have use of my weeks unless I stay in THE Club and pay extra maintenance fees? I don't mind paying my normal maintenance fees and use them at my resort, but I don't want them to have access to my weeks. Any advice is welcome.


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## Passepartout (Jun 28, 2018)

The rescission will cover the new purchase. But I'm confused about the signing over of your week- or weeks (which is it?) If this 'signing over' is part of the new purchase 'deal', it will revert to the situation as it was before the contract was signed (this is the definition of 'rescission'). But others have said that after DRI takes over a resort property, MFs have gone up and access to such things as internal exchanges within DRI are restricted.

Others with more DRI experience will no doubt chime in. Personally, I think rescission was the right move. If it turns out that you change your mind later, I have a hunch the offer will stand.

Jim


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## Concerned consumer (Jul 6, 2018)

Panina said:


> Welcome to TUG.  You have found us in time. RECIND IMMEDIATELY.  You can get what you purchased on the resale market for free.
> 
> Timesharing can be wonderful. Stick around and learn so you can figure out what will work for you,


How do you resend?  The paperwork isn’t clear on the process.  What are the best steps to take


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## Concerned consumer (Jul 6, 2018)

Passepartout said:


> The rescission will cover the new purchase. But I'm confused about the signing over of your week- or weeks (which is it?) If this 'signing over' is part of the new purchase 'deal', it will revert to the situation as it was before the contract was signed (this is the definition of 'rescission'). But others have said that after DRI takes over a resort property, MFs have gone up and access to such things as internal exchanges within DRI are restricted.
> 
> Others with more DRI experience will no doubt chime in. Personally, I think rescission was the right move. If it turns out that you change your mind later, I have a hunch the offer will stand.
> 
> Jim


Did you rescind?  If so, what steps did you take and was it successful?


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## Concerned consumer (Jul 6, 2018)

Passepartout said:


> You get it ALL back. Rescission, by it's definition is to put the entire affair back to where it was before anything was signed. It is covered by state law WHERE THE CONTRACT WAS SIGNED, and 'day one' is the day AFTER the contract was signed. You didn't need to call, write, or include the resort in any part of the rescission, but no harm done anyway. They are under no obligation to inform you of progress or final notification of the rescission, and it can take some time before you see a refund. In this case- financing through them, I don't know how that's handled, only that you needn't pay anything should a payment become due before the rescission is complete. Paying on a 'due date' could indicate that you had changed your mind and want the sale to go through. Don't do it.
> 
> Glad you found us and got the rescission underway. Many don't get the chance.
> 
> Jim


What’s the best way to go about rescinding?  We just signed 2 days ago. I have 10 days to recind.  We are still in FL should I go go them directly?  What’s the best way?


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## taterhed (Jul 6, 2018)

Concerned consumer said:


> What’s the best way to go about rescinding?  We just signed 2 days ago. I have 10 days to recind.  We are still in FL should I go go them directly?  What’s the best way?



Easy there.  Settle down. It's ok.

Somewhere in your documents, there is an address to send the rescission letter.  find it.  It may be hidden, in a pocket or in the back of the binder behind a flap or on cd.

What did you buy?  This may help us help you.....some are more difficult than others to locate addresses.

Do not attempt to 'verbally' cancel...they will put the hard sell on you.  Rescind via paper as instructed...feel free to fax a copy to the office, but the written letter is your ticket to cancelling.

Here is the statutory law for Florida (where you purchased).


You will need to draft a simple letter requesting to rescind your purchase.
The letter must list the contract number and date, must include the word(s) 'cancel my contract' or similar
All signatories to the original contract must be named and must sign
You must return any 'gifts' given after signing the contract, but they can be returned later
Sign and send the letter via certified USPS mail, return receipt requested
keep original copies of all documents
Sample letter below
Don't expect a response from the company; other than a sales person trying to convince you not to cancel or to try and 'sweeten the deal' and sell you more points. DONT FALL for THIS.
Do this now.....then take time to study and think about it.

Welcome to TUG. Consider becoming a member....best $15 you'll ever spend.


Current Date

Timeshare Owner Name
XXXX Address Lane
City, ST Zip Code
Contact Phone Number
Fax Number (opt)
E-mail Address (opt)

Timeshare Company ----------> Must be sent to address listed in your contract package for "where to send cancellation/rescission documents" or wording to that effect--look for it
XXXXX Address Place
City, ST Zip Code
Contact Phone Number
Fax Number

Attention Customer Service,

The purpose of this letter is regarding the required cancellation of my timeshare contract. My name is (enter your name here) and I purchased a timeshare with (enter timeshare company) on (enter purchase date). Per the contract regarding this timeshare, I am contacting you within the rescission period in order to cancel this timeshare contract.

Timeshare: Generic Name Resorts
Owner: Timeshare Owner Names
Contract Number: XXXXXXXX
Date of Purchase: XX-XX-XXXX

Upon further review, I've decided to cancel and rescind this contract. Please refund all deposits and cancel any future charges.
To reiterate: Cancel my contract immediately.


Sincerely,

Timeshare owner name


*Right to Cancel a Timeshare in Florida*
In Florida, if you buy a timeshare, you can cancel the timeshare contract up until midnight of the 10th calendar day following:


the date you signed the contract, or
the day on which you received the last of all required documents, whichever occurs later. (Fla. Stat. Ann. § 721.10 (1).)
This right of cancellation cannot be waived.

If you want to cancel the purchase contract, you must notify the seller in writing. If you do this, the timeshare company must refund to you the total amount of payments, reduced by the value of any benefits received, within:


20 days after it receives your notice of cancellation, or
within five days after it receives the funds from your cleared check, whichever is later. (Fla. Stat. Ann. § 721.10 (3).)


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## Panina (Jul 6, 2018)

Concerned consumer said:


> How do you resend?  The paperwork isn’t clear on the process.  What are the best steps to take



Taterhed instructions are great.  Follow them and do not go back to them directly.

Again, welcome to Tug. We invite you to you stick around and learn everything you need to know to make an informed decision if you decide to make a future timeshare purchase. Timesharing is wonderful if its done right, getting what works for you at the right price.

Also congratulations on finding us in time and saving your money as many find us too late.


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