# HELP!! Need to cancel Worldmark purchase!!



## simplecj

Me and my fiancee went to a presentation on the 16th and were persuaded to buy into the program at the 6000 point level for about $12k.    

We financed the down payment and it looks like the first one isn't scheduled till April 1st.  Well, I just found out that my income for last year was drastically lower than I had expected and my fiancee was just told that her summer job will not be available.  We cannot afford the $200/month payments and need to get out however possible.  

The resind period is said to be 5 CALENDAR days, not including holidays.  That means last friday was our last day out to cancel "without any cancellation fee or other penalty."   However I can't find anywhere that states just what the fee or penalty would be for canceling after that five days.  Had it been 5 BUSSINESS days, then today (it's past midnight now), Monday the 18th would be my last day out.  How can they count days that they don't even answer their phones??

Anyways, in the same owner agreement that includes the Purchaser's Right to Cancel details about the 5 day period, I found the following section might perhaps allow for those who have not paid their down payment in full to get out of the agreement:
*"Miscellaneous Provisions. 
This Agreement will only become effective (Closing) when all of the following have occurred: 
(a) any applicable recission period has expired; 
(b) the Owner has paid to WRDC a down payment equal to ten percent (10%) of the Purchase Price in immediately available funds: and 
(c) WRDC has issued the Vacation Credits to Owner, 
(d) But, no later than one year after the contract date. 
If closing does not occur through no fault of Owner, withing 15 days thereof, WRDC shall order all such funds refunded to Owner." *

So, since I financed my down payment and haven't even made a single payment yet, does this mean the contract can still be canceled?  Anyone know what the "fees or other penalties" implies?   

I'm not expecting much cooperation from them when I call to discuss the matter and I'm hoping to get some useful insight from here since you all seem to know so much about this stuff.  This is my first experience with timeshare, maybe my last unless I become independently wealthy and have lots of time to vacation...


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## jdb0822

not sure what you could do, but I would be working the phone today until I could find someone at Worlkdmark that can cancel it for you.  They will do everything possible to leave you stuck with it.


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## lprstn

They may let you get away with just forfieting the down payment, however its not promising.  Do a search on this board as others have had similar situations.


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## frisko

*cancelation policies*

Where did you buy this timeshare. When I bought my timeshare in orlando,florida a while back there was a 10 days cancelation period without having to pay any fees. That was in florida. Check with a resale outlet in the area that you bought the timeshare


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## herindoors911

Go to the wmowners.com website, sign in with a user name and password.  they are knowledgeable.  Can probably help/give advice.


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## PA-

simplecj said:


> Me and my fiancee went to a presentation on the 16th and were persuaded to buy into the program at the 6000 point level for about $12k.
> 
> We financed the down payment and it looks like the first one isn't scheduled till April 1st.  Well, I just found out that my income for last year was drastically lower than I had expected and my fiancee was just told that her summer job will not be available.  We cannot afford the $200/month payments and need to get out however possible.
> 
> The resind period is said to be 5 CALENDAR days, not including holidays.  That means last friday was our last day out to cancel "without any cancellation fee or other penalty."   However I can't find anywhere that states just what the fee or penalty would be for canceling after that five days.  Had it been 5 BUSSINESS days, then today (it's past midnight now), Monday the 18th would be my last day out.  How can they count days that they don't even answer their phones??
> 
> Anyways, in the same owner agreement that includes the Purchaser's Right to Cancel details about the 5 day period, I found the following section might perhaps allow for those who have not paid their down payment in full to get out of the agreement:
> *"Miscellaneous Provisions.
> This Agreement will only become effective (Closing) when all of the following have occurred:
> (a) any applicable recission period has expired;
> (b) the Owner has paid to WRDC a down payment equal to ten percent (10%) of the Purchase Price in immediately available funds: and
> (c) WRDC has issued the Vacation Credits to Owner,
> (d) But, no later than one year after the contract date.
> If closing does not occur through no fault of Owner, withing 15 days thereof, WRDC shall order all such funds refunded to Owner." *
> 
> So, since I financed my down payment and haven't even made a single payment yet, does this mean the contract can still be canceled?  Anyone know what the "fees or other penalties" implies?
> 
> I'm not expecting much cooperation from them when I call to discuss the matter and I'm hoping to get some useful insight from here since you all seem to know so much about this stuff.  This is my first experience with timeshare, maybe my last unless I become independently wealthy and have lots of time to vacation...




Don't do anything by phone, do it in writing following precisely the instructions you received at purchase and using registered mail.  Do it TODAY, and get it to the postal office.  If your state, or the state you purchased it in has laws different than worldmark, you may have time to rescind.  Don't delay, do it today.


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## PA-

Since you financed the down payment, and haven't yet paid the 10% down, you may well be able to rescind.  Do NOT take advice from amateur attorneys on an internet chat board whom you don't even know, just follow the instructions to rescind.  If they let you out, fine.  If they don't, get the advise of a real estate attorney in your area who specializes in real estate. 

Follow rescinsion instructions to the letter of the contract.  Do NOT add any additional information like excuses or explanations of your financial situation or any other irrelevent info, they don't care about that.


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## simplecj

I contacted the office administrator (the one we signed the papers with) this morning and she told me to just fax a copy of our cancellation notice to her fax number.  She told me to just sign and date it for the last day of the resind period, last friday, and that they would take care of it.  She was surprisingly helpful and didn't try to give me a hard time about canceling at all.  We'll see if it all works out.  

The bad thing is that she is the only number I have to call, she isn't answering her office phone and she didn't answer her cell phone when I just now called to verify that they had got the fax.  I left a message asking her to call me back to confirm, but I don't even know if she is on site... :annoyed:


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## PA-

simplecj said:


> I contacted the office administrator (the one we signed the papers with) this morning and she told me to just fax a copy of our cancellation notice to her fax number.  She told me to just sign and date it for the last day of the resind period, last friday, and that they would take care of it.  She was surprisingly helpful and didn't try to give me a hard time about canceling at all.  We'll see if it all works out.
> 
> The bad thing is that she is the only number I have to call, she isn't answering her office phone and she didn't answer her cell phone when I just now called to verify that they had got the fax.  I left a message asking her to call me back to confirm, but I don't even know if she is on site... :annoyed:



You are being needlessly careless.  If you don't follow the instructions on your contract to rescind, you may regret it.  I can just see this playing out; well, I talked to someone and they told me....  Yeah, well did you get it in writing??  No??  Hmmm...

You asked for advise in reversing a very foolish financial decision, and now you're ignoring it.

Good luck to you.


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## simplecj

Well, according to the resind part of the contract, last friday was the last day I had to resind.  It said to either certify mail a signed notice to an address in Florida or to hand deliver the notice to the WorldMark location where I signed up.  I couldn't make the 45 minute drive to hand deliver it because I was in school till just shortly.  I'm far too busy with homework and exams to do that.  Only reason I'm doing this at the last minute is that my financial adviser just got back from a week long vaccation and after explaining the situation she helped tip me towards canceling the contract, something I know should have been done earlier...   

However I did just send a notice of termination to the address listed in the contract via certified mail.  Problem is that the contract says it must be postmarked before the end of the 5 calendar days.  I'm past that but only by a weekend.  I'm hoping that the Misc Provision that states the agreement is not effective until the down payment has been made in full will allow me to get out, but I'll probably end up paying some undefined "cancellation fee or other penalty".  As it states that the 5 day period is for canceling without any such fees, not that you can't still cancel after that.... get what I'm saying?  My main question is what exactly are they going to charge me for these "fees"? 

The office administrator that I talked to said that it was fine, just back date the notice to the last resind day and get it faxed in today and that they would cancel it and have any payments made refunded within 4 weeks.  If that is not true then she just lied to me and if it came down to it I could use that as leverage if I have to seek legal assistance to get them to cancel it, right?


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## PA-

If you sent it via certified mail, and followed the instructions regarding what the letter is to say, you've done all you can do.  Now you wait and see what happens, and if it isn't acceptable you may have to hire an attorney.  As for faxes or verbal promises (or lies), those are irrelevent, unfortunately.  From a negotiating standpoint, you must start with the position that you will lose nothing.  If they disagree, you may have to take it from there, but don't start out with the attitude that you may lose something.


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## simplecj

Well, according to the resind part of the contract, last friday was the last day I had to resind.  It said to either certify mail a signed notice or hand deliver to some address in Orlando Florida. Since hand-delivering it was obviously not an option, I have to certified mail it before midnight last friday. 

Only reason I'm doing this so late is that my financial adviser just got back from a week long vaccation and after explaining the situation she helped tip me towards canceling the contract, something I know should have been done earlier...   

However I did just send a notice of termination to the address listed in the contract via certified mail.  Problem is that the contract says it must be postmarked before the end of the 5 calendar days.  I'm past that but only by a weekend.  

*I'm hoping that the Misc Provision that states the agreement is not effective until the down payment has been made in full will allow me to get out, but I'll probably end up paying some undefined "cancellation fee or other penalty".  As it states that the 5 day period is for canceling without any such fees, not that you can't still cancel after that.... get what I'm saying?  My main question is what exactly are they going to charge me for these "fees" and am I correct about the Misc Provisions, as stated in the beginning of this post, are an open door to cancel the contract before the down payment is made in full? * 

I just have a feeling that canceling won't be as simple as what the person I talked to said it would be.

The office administrator that I talked to said that it was fine, just back date the notice to the last resind day and get it faxed in today (which I did) and that they would cancel it and have any payments made refunded within 4 weeks.  If that is not true then she just lied to me and if it came down to it I could use that as leverage if I have to seek legal assistance to get them to cancel it, right?


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## simplecj

PA- said:


> If you sent it via certified mail, and followed the instructions regarding what the letter is to say, you've done all you can do.
> ...
> If they disagree, you may have to take it from there, but don't start out with the attitude that you may lose something.



There where no instructions as to what to say, I just titled it "Notice of Contract Termination" and explained that my financial situation had changed for the worse and with advice from my personal financial adviser, I now would not be able to fulfill the obligations of payment.  Then me and my fiancee both signed and dated it for the 22nd, last friday....

I will try to assume I won't lose anything, I've heard others say that it's best to take the "I won't take no for an answer" attitude with them, maybe even threaten to bad-mouth the company if they give me trouble....

EDIT:  I also included my member # and contract # so that it was clear what contract I wished to terminate and who I am...


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## simplecj

*CONTRACT CANCELED HALLELUJAH!!!* ​
Just talked to the office administrator and she said the purchase has been canceled and she is mailing me a confirmation.  You guys on here had me really nervous that I was going to get trapped into this.  I guess maybe the lady just had pitty on us and let us go on a minor "loophole" being that our last day landed on a weekend and they don't get back into the offices until Tuesday.  Regardless it sounds like it's all settled!!!

 :rofl:  :rofl:​
If I ever decide to look into timeshare in the future I'll definitely take your advise and go with the resale market....


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## PerryM

simplecj said:


> *CONTRACT CANCELED HALLELUJAH!!!* ​
> Just talked to the office administrator and she said the purchase has been canceled and she is mailing me a confirmation.  You guys on here had me really nervous that I was going to get trapped into this.  I guess maybe the lady just had pitty on us and let us go on a minor "loophole" being that our last day landed on a weekend and they don't get back into the offices until Tuesday.  Regardless it sounds like it's all settled!!!
> 
> :rofl:  :rofl:​
> If I ever decide to look into timeshare in the future I'll definitely take your advise and go with the resale market....



If your purchase has truly been rescinded you can thank the timeshare gods - they were being very kind to you.

Don't be surprised, however, if you start to receive all kinds of notices indicating you have not canceled the contract.

Hopefully everything is fine and there will be no worries - you have a couple of thousand fellow timeshare owners here rooting for you.

Take your time and read about timeshares for 6 months here - there are great resale deals going on every minute.

Let us know in a few weeks how this went.

P.S.
I can't overstate how fortunate you are.  There are usually no loopholes to escape from the grasp of the timeshare god.


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