Going to rescind, just need info about refunds...

[jlwagner]

First of all, thank everyone of you for all the of the information. I have been reading these forums for the past 3 hours and am so grateful for all of the insight.

Anyway. We purchased a timeshare through Wyndham Oceanside Pier Resort yesterday. After some further research (shame on us for not doing that first), we quickly discovered this was a HUGE financial mistake. The rescission letter is signed, sealed, and will be mailed promptly tomorrow morning via certified mail. We will be within the 7 calendar days outlined in our contract.

With that said, as part of the sales process, the sale price of $15,879 was financed through Wyndham and the $3,994 "down payment" was financed through another institution (unsure of the name, Wyndham made the "arrangement"). Will this amount be refunded, or will I need to contact any additional entities to free myself of that line of credit? We did not pay any fees or down payments with our own credit card or bank information, it was all rolled into the line of credit they opened.

If this is a commonly asked/answered question, I apologize. I have not seen anything definitive in the threads that I have read. Thank you for all of the help!

 

[DaveNV]

My understanding is anything they opened for you would be reversed, and cancelled. So it should be removed from your credit report, and things should be as if it hadn't happened. But as they say YMMV: "Your Mileage May vary."

I'd suggest waiting until you receive confirmation of the cancellation. Then, in a month or so, check your credit report. If it shows anything negative, open a dispute with the credit agencies, and get a notice placed on your report. It is your right to have a comment placed on your credit report, probably for cases just like this.

Good luck, and Congratulations for saving nearly $20,000!

Dave

 

[bendadin]

My understanding is anything they opened for you would be reversed, and cancelled. So it should be removed from your credit report, and things should be as if it hadn't happened. But as they say YMMV: "Your Mileage May vary."

I'd suggest waiting until you receive confirmation of the cancellation. Then, in a month or so, check your credit report. If it shows anything negative, open a dispute with the credit agencies, and get a notice placed on your report. It is your right to have a comment placed on your credit report, probably for cases just like this.

Good luck, and Congratulations for saving nearly $20,000!

Dave

I don't know about that. They opened a Paypal credit account for $20,000 (even though I already had a Paypal account.) I still get mail for that empty Paypal credit account with a $20k limit. We rescinded the next day. The down payment never hit my credit card, and nothing ever even posted as pending on that Paypal account.

 

[Passepartout]

While it's conceivable that the financial institution where an account was opened might require you to separately terminate the 'sign-up', your funds will ALL be returned in the method you submitted them.

In other words, your rescission with Wyndham will terminate your association with Wyndham like it never happened, but if you signed an application for credit with a bank, credit card provider, loan shark or whatever, those institutions may want to keep you as a client. Your accounts with them may end up as a 'zero balance' account, and eventually they will close it on their own, but if you don't want it, you'll have to terminate it yourself.

Jim

 

[jlwagner]

Thanks, Jim. You're the man!