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is it worth not honoring (stop paying) TS contract after rescind period is over? (2013)

Discussion in 'New to Timesharing? Look Here!' started by bioleal, Mar 15, 2013.

  1. bioleal

    bioleal TUG Member

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    hello all...

    I searched for this answer but did not find the answer anywhere (Timeshare 101, etc)..

    We purchased a TS from the developer, and we are past the rescind period. We have Not even started the first payment of the financing...

    Is it worth not honoring (Not paying) TS contract after the rescind period?
    I mean, getting bombarded by Collection and having trouble with our credit?

    I imagine we would loose our down payment and get our Credit hammered (not sure how bad), but what else?

    Anyone at TUG have done that? what were the consequences? Worth to fight after rescind period is over?

    Thanks!
     
  2. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    I'd say you have a pretty good grasp of the consequences. Being turned over to collection, getting calls at all hours, having your credit take a hit, possible inability to buy a house or car- or at least without paying exorbitant rates.

    Why didn't you rescind when you could? The law was on your side for 3-10 or more days. Many here have bought from the developers. Most chalked it up to a bad judgement. Saw that even though they found out like you did that better deals exist, the value they saw when they bought is still there. Pay it off, hang around TUG. Learn to get the best use of what you bought. Don't buy retail again.

    Best wishes.

    Welcome to TUG.
     
  3. RX8

    RX8 TUG Member

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    If you have signed a finance contract, and sounds like you have, it is likely with a third party lender. It isn't any different if you used your VISA to buy a bedroom set only to later decide you didn't want the bedroom set. if you stop paying the monthy payments to VISA because you don't like the bedroom set VISA won't be happy because they lent you the money in good faith. They will do their best to get you to pay what is owed to them.

    What can happen? Collection calls, foreclosure, judgements, and garnishments. Of course all that can affect your credit score and profile causing you to pay higher interest rates assuming another bank still deems you credit worthy to be approved.

    Will all this happen? No one can say for sure. Is it worth it to find out? That is only a question that you can answer.

    Where did you purchase? Why the change of heart so quickly after purchasing?

    Wish you luck whatever you decide to do.
     
  4. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    As mentioned above there is a very big difference between not paying annual fees due to a resort vs not paying a personal loan made for a timeshare (or any) purchase.

    Just because it is a timeshare does not change the fact that you agreed to pay back the lender, plus interest. They, based on that agreement/promise, paid the Developer tens of thousands of dollars (or whatever the purchase price was) for you. Now you owe that cash back to them or you will suffer serious financial impact on your credit score and the ability to get any loan for many years to come. A default will seriously damage your overall credit worthiness.

    You may want to try to get a discounted buy out of the contract rather than defaulting. Good luck.
     
  5. DeniseM

    DeniseM Moderator

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    Momanda likes this.
  6. Rent_Share

    Rent_Share Guest

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    From your other post

    Unless you have assets in Mexico I cannot imagine what possible consequence a judgment in Mexico will have on your credit rating or financial well being.

    If the organization had assets or an office in the US they might have a venue clause that could have you defending a lawsuit in the same state where they had holdings (A judgment in another state has to be reconfirmed In the state where the debtor has assets in order for the judgment creditor to take action.) A Mexican entity has no standing in local court.

    If you do default I would scratch Mexico off my list of vacation destinations, Under British Common Law, which the law of the US states is based on (except Louisiana) there is a clear distinction between civil and criminal matters, and unless there is fraud involved you cannot be put in jail for non-payment of a civil debt (anymore), I am not sure I would trust the Federales an/or Policia to hold up to that same standard, since despite their efforts to court tourism, roadside justice and adjudication still occurs.
     
    Last edited: Mar 15, 2013
  7. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    The potential problem is if an American based firm is paying off the seller based on those loan promises. If that is the case they couldn't care less what or where it went - they gave that group the cash in exchange for the promised loan payments. And as an American based firm (if they are) they can use American reporting agencies / collection agencies to get that money back.

    You want to be very careful who/what is involved here. If it's all Mexican based and likely two or more Mexican scam operators in collusion then you can safely walk away. But if they have American ties things might not be so easy to get out of.
     
  8. bioleal

    bioleal TUG Member

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    - We purchased a membership at Hacienda Tres Rios (presumably from Sunset group) in Playa del Carmen, which would give access to all 4 resorts in that cancun/Playa area. It includes every 2 years: "flex" 1 registered week (studio for $760 w/ option to up-grade for 1 or 2 bed) and an option of 1 "VIP week" (same above but optional) ; and the "right" to pay for 2 weeks/year exchange in their Interclub (network). Both registered and VIP weeks are AI optional.

    - Why did I change idea? I actually did not; we really liked what we saw (both Tres Rios and Fisherman's), and even tough we promised ourselves "Not to buy" at the presentation.... when the seller said we could get rid of our existing time share (Trade it), we end up wanting really bad that place... so we did it...

    What makes me want to flip a finger to them, are some lies in the presentation (not worded in the contract) like the privileges of their VIP network (http://vip-travel-club.com) which seem way too mysterious, and no one has information about it. Also, the 2 exchangeable weeks/year was supposed to be through II, RCI, Interclub and VIP... and in fact is only Interclub.

    As other pointed out in my other post, about "value trade agreement" ... the "trading" of our existing TimeShare for this one; is most likely a scam... so TUG members recommended me not to send any document or pay the up-front $500 fee

    The information we have at TUG is that they are overbooked.

    Plus Sunset has such a bad reputation (in the web and TUG), that I am not sure what in the contract would ever materialize.

    ... if we could trade our existing timeshare as promissed, easily use our weeks (availability as they promised), and use the benefits of their VIP network... we would still be happy, even after paying way too much... but so far it seems there are a lot of lies to be discovered ...

    I tried to contact other Sunset members here at TUG, about how good/bad are their experiences about reserving, trading using Interclub/VIP... but no one responded...
     
  9. Rent_Share

    Rent_Share Guest

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    The Limited Documents provided clearly indicated a venue clause of Quintana Roo, Mexico, I have never seen a contract with two venue clauses in it. The OP could wait for valid sevice of process in the state they live in before considering paying anything
     
  10. bioleal

    bioleal TUG Member

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    hello David and John;

    Yes, the finance was done with two Mexican companies FINCONPRO and Promotora Sunset Beach Clubs.

    I am still trying to reach TUGers that have membership with Sunset, to set streght our expectations... but someow no luck

    Hello.. any Sunset members out there ?
     
  11. Dani.D

    Dani.D Guest

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    Hi bioleal,

    It sounds like my parents are currently in the nearly exact same situation that you were in, with the same finance company, timeshare company and resort. Over the past week I've posted messages and received great feedback in another thread on this website, but I'm just wondering how your situation turned out? Did you cease all payments? If so, did you suffer any consequences from FINCONPRO, Sunset, or Hacienda Tres Rios? I know it's a long shot that you'll see this message, since you were dealing with your dilemma several years ago and you may not visit this site anymore, but if you see it, I'd love to hear how your story turned out!

    Thanks!
     
  12. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    We would too, but bioleal has not been on TUG since April of 2013. Try clicking on their blue username and click 'Start a Conversation'. After you post your private message, the recipient will be notified via the email address they registered with. If they have changed their email, they wouldn't get the message, but that's your best shot. They are still showing as a member, but I betcha it's expired.

    Jim
     
  13. Momanda

    Momanda Guest

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    I'm going through a similar nightmare with this company now as we speak
    These people are CROOKS and THEIFS
    We signed up and read through everything the next day with clear ( sober) heads only to realize what a big mistake we had made ..... we went back and canceled ... the sales manager said no problem did what he told us and said we'd be refunded.
    Now it's going on week 3 and I'm looking into hiring some outside help as I've called and emailed too no avail.
    Ive had very minor responses only to be 'resold' on the idea that we would want this package of BS.
    I'm really hoping that they do the right thing and am completely saddened at the fact that I will probably NEVER return to Mexico now because this has just tainted me.
    I will keep you updated
    Amanda
     
  14. theo

    theo TUG Review Crew: Veteran TUG Member

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    I'm a bit concerned about your somewhat vague summary that "we went back and canceled", as well as "the sales manager said no problem".
    Sadly, timeshare sales weasels are notorious liars and those in Mexico are certainly among the most deceitful to be found anywhere on the planet.

    Did you submit your contract cancellation in writing and signed, obtaining a receipt or some other written acknowledgement when you submitted it?
    It's likely that your contract specifically stated a requirement to cancel in writing within the time period specified by applicable law (5 days in Mexico).

    I hope your cancellation effort was more than a (completely meaningless) verbal exchange. If it was just a conversation and cancellation was not submitted in writing, signed by all who signed the contract, the position in that den of weasels today might well be that "no written cancellation was ever submitted". :shrug:
     
    Last edited: Dec 1, 2017
  15. Momanda

    Momanda Guest

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    Yes we did in fact do it in writing and had it signed by the sales manager and dated.
    And as an update ... I just got our cancelation and request for refund information.
    I am beyond happy to have this mistake behind me . Shame on me if I ever fall for something like this again.
     
    lorilorilori likes this.
  16. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Since you only started posting here a week ago, WHEN did you sign the contract you wanted to cancel? If you sent the rescission letter, or as you said- hand carried it to the sales office (something we don't recommend as it just gives them another chance to sell you more). I saw that it had been 3 weeks since you rescinded. Actually, that's pretty fast. We usually tell people to be patient for up to 45 days, and the fact that you were notified is doubly fortunate. That usually doesn't happen, and there is no legal requirement that they do it.

    We're happy that instructions you read here worked for you and you saved a bundle. No need to stay away from Mexico, but leave the sales rooms alone They're poison!

    Jim
     
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  17. Momanda

    Momanda Guest

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    We were there from nov 5-9 and signed on the 7 and canceled the morning they opened on the 9 th
    This whole mess was a nightmare and I had hired an advocate .... their rates were WAY cheaper than the other company I looked at that your forum recommended NOT USING , so I thank you for that!
    As well he quoted it would only be a 30 day contract not a yr.
    and I agree with you about ever setting foot in ANY sales office again but I will gladly stick to other side of the world for now.
    Headed to the phillipenes next.
    Amanda
     
    lorilorilori likes this.
  18. StarFerry62

    StarFerry62 TUG Member

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    So... Trying to think outside the box a little...

    If it was really important to communicate with BIOLEAL, I would try a couple of other search strategies:

    BIOLEAL sounds like a pretty unusual name and I think that many of us use the same Usernames on different web sites...

    I did a quick Google search and found someone by the name of "BIO LEAL" on Facebook. This person lives in Brazil but also seems to speak English . - It's a long shot, but might be worth sending this person a quick message on FB... (particularly as the original TUG discussion was focused on a Mexican TS)...?

    I also see someone with an email address of BIOLEAL@GMAIL.COM...

    It is scary the amount of information you can find on the internet now, and I hope I'm not being too creepy here, but if it were me, and it was important, I would try sending a quick message via these two channels, just to see if they are the same person..

    I would probably just send a very quick message along the lines of:

    "Sorry to bother you... Trying to contact someone by the name of BIOLEAL who used to be on the Timeshare User group called TUG. If this is not you, apologies and please ignore... :) "
     
  19. lorilorilori

    lorilorilori Guest

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    We have had the same experience as you. We weren't going to buy the timeshare until we heard all of the good things and the prices and extra weeks. After watching the sales guy drawing boxes of weeks and that they wanted to give us 2 extra weeks to sell back to them for 5 years, etc. we fell for it. By the time we got back to the motel I was itching to read the contract in a quiet place with no one watching and what I heard was not on the contract. It said one week per year with a VIP week of every other year. Flex, biennial, so confusing! We wrote the cancellation letter, sent it registered mail ( we were able to do that via a website). I'm just hoping that we jumped through the correct hoops to really cancel it. Any suggestions?
     
  20. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    As long as you sent it within the time frame for the rescission, and both signers of the contract signed the rescission letter, you will be fine. Congratulations on finding us in time to save yourselves many thousands of dollars. Go back to your vacation and we'll talk when you get home.

    Jim
     
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  21. Braindead

    Braindead TUG Member

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    Via a website ?
     
  22. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    I wondered about that 'website' thing, too. Certified USPS is what needs to be used. Not Registered, and not a 'website'. Care to clarify, Lori?
     
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  23. lorilorilori

    lorilorilori Guest

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    THe website is onlinecertifiedmail.com. It says the letter will be postmarked tomorrow and we have a tracking number. Do you think this is sufficient?
     
  24. DeniseM

    DeniseM Moderator

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    I am not sure that your online receipt will be considered valid - it's not a receipt from the post office.

    This letter does not have your actual handwritten signatures.

    The website says it can take 2 days to go out, so 2 days until it is postmarked.
     
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  25. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    We would feel better if you have an actual receipt from the US Post Office for sending a Certified letter w/return receipt. You will too when you can see who signs for it.
     

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