Rescission letter - Need help!

[Christina416]

Good morning, I actually just registered to use this today as my husband and I went for a presentation yesterday and yes you guessed it... We got home at 10:30 last night and I have not slept. It's just not sitting right with me, I've looked through the paperwork and I guess I have three days to rescind by mail and I'm going to do that today. What is the most important thing to do other than a registered letter and priority Mail? Looking forward to your response I would love to get this done today thank you! I'm kind of in a panic!

 

[GT75]

I moved your post to a new thread for you.

 

[Christina416]

I moved your post to a new thread for you.

Thank you!

 

[GT75]

In your paperwork should be information on rescinding. It will state where you need to send the letter. You need to follow the instructions as written. You also need to have all parties who signed the purchase, also sign the rescission letter. On some rescission paperwork, you may have options to email, fax, and mail. I would email and fax (if available) and follow up with mail.

If you just purchased it yesterday, you can begin to relax because you have time to get this done. The important date is when the letter is mailed.

I assume that you purchased something from either HGVC (Hilton Grand Vacations Club) or HVC (Hilton Vacation Club)

 

[simpsontruckdriver]

As a side note, the "3 days" is not when it has to be in their hands, it's postmark date, but the sooner the better. Priority Mail is fine, it definitely needs delivery confirmation or signature.

TS

 

[Christina416]

As a side note, the "3 days" is not when it has to be in their hands, it's postmark date, but the sooner the better. Priority Mail is fine, it definitely needs delivery confirmation or signature.

TS

Thank you so much! It is property in Atlantic City NJ, the Flagship and Boardwalk resorts

 

[GT75]

Flagship and Boardwalk resorts

So that doesn't look like it is HGVC or HVC. It also doesn't look affiliated with one of the major TS brands. Is it an independent system?

I am just trying to figure out the best forum to get you the best information/advice/help because I certainly am not familiar with that resort.

 

[Passepartout]

Good morning, I actually just registered to use this today as my husband and I went for a presentation yesterday and yes you guessed it... We got home at 10:30 last night and I have not slept. It's just not sitting right with me, I've looked through the paperwork and I guess I have three days to rescind by mail and I'm going to do that today. What is the most important thing to do other than a registered letter and priority Mail? Looking forward to your response I would love to get this done today thank you! I'm kind of in a panic!

The letter doesn't need to be fancy or legalese. Just, in plain language write that you have changed your mind and wish to cancel this sale. You don't need to have a reason.

In the US, you don't need to use Registered mail or priority. Certified w/return receipt will give you the peace of mind of a signature of receipt.

All signers of the contract need to sign the rescission letter. Make a copy of the signature page of the contract verify your signatures.

Send it to the business office of the resort company, which us usually not the resort itself. I'm sure you saw it elsewhere, but they are under no obligation to notify you of the rescission or it's progress. They ARE obligated to process it. It can take up to 45 days to see a refund on your credit card. We know it's stressful, but you will get through this.

Stay away from the sales room. No good will come of going there and/or getting into a discussion with the sales staff. Unplug the room phone. Nobody you want to talk to will call you on that phone.

Good Luck, and Welcome to TUG!

Jim

 

[Christina416]

So that doesn't look like it is HGVC or HVC. It also doesn't look affiliated with one of the major TS brands. Is it an independent system?

I am just trying to figure out the best forum to get you the best information/advice/help because I certainly am not familiar with that resort.

They said they are like a mom and pop deal..small, they have been in business since 1988

 

[Christina416]

The letter doesn't need to be fancy or legalese. Just, in plain language write that you have changed your mind and wish to cancel this sale. You don't need to have a reason.

In the US, you don't need to use Registered mail or priority. Certified w/return receipt will give you the peace of mind of a signature of receipt.

All signers of the contract need to sign the rescission letter. Make a copy of the signature page of the contract verify your signatures.

Send it to the business office of the resort company, which us usually not the resort itself. I'm sure you saw it elsewhere, but they are under no obligation to notify you of the rescission or it's progress. They ARE obligated to process it. It can take up to 45 days to see a refund on your credit card. We know it's stressful, but you will get through this.

Stay away from the sales room. No good will come of going there and/or getting into a discussion with the sales staff. Unplug the room phone. Nobody you want to talk to will call you on that phone.

Good Luck, and Welcome to TUG!

Jim

Thank you so much Jim! Does this reflect on our credit once it is cancelled?

 

[dioxide45]

I think New Jersey has a 7-day rescission period. That said, always read through the contract.

 

[dioxide45]

Thank you so much Jim! Does this reflect on our credit once it is cancelled?

It depends. If you took out a loan for the timeshare, the hard credit pull won't come off but there won't be a loan balance ever reported to the credit reporting agencies. If you also applied for a credit card for a down payment, that credit card will still remain open after rescission, but the down payment will be refunded.

 

[TheTimeTraveler]

They said they are like a mom and pop deal..small, they have been in business since 1988

Mom and Pop deal?

So is this a resale of a timeshare thru a Broker and not thru a Developer?

General question I have to anyone: If it is not thru a Developer then do standard rescission rights actually apply at all?




.

 

[Christina416]

It depends. If you took out a loan for the timeshare, the hard credit pull won't come off but there won't be a loan balance ever reported to the credit reporting agencies. If you also applied for a credit card for a down payment, that credit card will still remain open after rescission, but the down payment will be refunded.

They told us yesterday it would be a soft credit check, we did not open any credit cards. They supposedly ran our credit, we were approved and it was like closing on a house almost. We put down a 10% deposit. I just really hope it doesn't affect our credit.

 

[Christina416]

Mom and Pop deal?

So is this a resale of a timeshare thru a Broker and not thru a Developer?

General question I have to anyone: If it is not thru a Developer then do standard rescission rights actually apply at all?




.

This is the website https://www.clubboardwalkresorts.com/

 

[dioxide45]

They told us yesterday it would be a soft credit check, we did not open any credit cards. They supposedly ran our credit, we were approved and it was like closing on a house almost. We put down a 10% deposit. I just really hope it doesn't affect our credit.

If you were approved for credit, I beleive that is a hard pull. Soft pull is something like credit cards do from time to time to consider you for an credit line increase or see if they should up your rate in the event of bad credit. If you formally applied for credit, then that is a hard pull. Even if a hard pull, the number of points off your score won't be enough to matter unless you need to buy a house next week. Without the new credit balance, it will probably repair itself in a few months.

 

[Passepartout]

Thank you so much Jim! Does this reflect on our credit once it is cancelled?

It shouldn't, unless you opened a new credit card or set something up for continuing payment. Rescission means to set aside the purchase as if it didn't happen. A new credit card is a different thing.

 

[CPNY]

They told us yesterday it would be a soft credit check, we did not open any credit cards. They supposedly ran our credit, we were approved and it was like closing on a house almost. We put down a 10% deposit. I just really hope it doesn't affect our credit.

How much was the purchase price of the unit?

Make sure you follow the instructions on the contract. It should tell you where you need to send the letter of cancellation. Once the contract is cancelled It wont affect your credit since you wont have any loans taken out. The only thing that may affect your credit is the inquiry.

 

[jwalk03]

They told us yesterday it would be a soft credit check, we did not open any credit cards. They supposedly ran our credit, we were approved and it was like closing on a house almost. We put down a 10% deposit. I just really hope it doesn't affect our credit.

Opening a new line of credit is a hard pull. That said one hard pull is not going to have a long term negative effect on your credit.

Focus on sending your recession letter- that is the important part.

 

[Christina416]

How much was the purchase price of the unit?

Make sure you follow the instructions on the contract. It should tell you where you need to send the letter of cancellation. Once the contract is cancelled It wont affect your credit since you wont have any loans taken out. The only thing that may affect your credit is the inquiry.

17k, you have all been very helpful. I thank you all so much. After after work and a quick run to the post office I hope to get some real rest tonight! Thank you so very much!

 

[Christina416]

Opening a new line of credit is a hard pull. That said one hard pull is not going to have a long term negative effect on your credit.

Focus on sending your recession letter- that is the important part.Thank you so very much!

 

[Christina416]

Thank you so very much this has been very helpful and eye-opening to say the least! Very much appreciated thank you again

 

[rc51]

General question I have to anyone: If it is not thru a Developer then do standard rescission rights actually apply at all?

As a new person to all of this, I am wondering the same thing. Do any of the experts on here know this answer?

 

[Christina416]

It's listed as flagship resort development corporation. Again I think you all for your help and insight!

 

[BingoBangoBongo]

As a new person to all of this, I am wondering the same thing. Do any of the experts on here know this answer?

Mom and Pop deal?

So is this a resale of a timeshare thru a Broker and not thru a Developer?

General question I have to anyone: If it is not thru a Developer then do standard rescission rights actually apply at all?




.

I bought four HGVC resales deeds (HI/NV/CO/DC) using two different agents located in FL and all of the contracts have a 10 day cancellation provision based on FL Law. YMMV.