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Need Help Rescinding Holiday Inn Club Vacations Time Share

Discussion in 'All Other Timeshare Systems' started by Mgallegos357, Dec 28, 2017.

  1. Mgallegos357

    Mgallegos357 Guest

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    Hello everyone,

    My wife and I went to Holiday Inn Club Vacations fox river resort in Sheridan Illinois. We were told that we would get a 4 day 3 night stay with a down payment of $249. We were then told after sitting through a 2 hour presentation that we would get the money back in cash.
    Well, we sat through the meeting which was supposed to be 2 hours. It turned into 6 hours and we eventually caved in and purchased a time share yesterday through Holiday Inn Club Vacations. It was 120,000 Points for $18,000. I have looked through the contract extensively and can't find any specific instructions to cancel. This is all I have.

    "CANCELLATION. One hundred percent (100%) of all funds and other property received from Purchaser prior to closing shall be held in escrow pursuant to the requirement of Section 765 ILCS 101/5-15, unless an approved alternate assurances arrangement is used. The name and address of the escrow agent is Stewart Title whose address is 10 South Riverside Plaza, Suite 1450, Chicago, IL 60606 (the "Escrow Agent"). Purchaser is entitled to a receipt for any sums paid to pursuant to this Agreement upon request. In the event Purchaser cancels this Agreement during the 5-day cancellation period, Developer will refund to Purchaser the total amount of all payments made by Purchaser under the Purchase Agreement, reduced by an amount not to exceed $450.00 for the proportion of any rental values, discounts, or other benefits the Purchaser has actually received under the Agreement, if any, prior to the effective date of cancellation...."

    "WITHIN FIVE (5) CALENDAR DAYS AFTER RECEIPT OF THIS PUBLIC OFFERING STATEMENT OR AFTER THE CONTRACT IS EXECUTED, WHICHEVER IS LATER, A PURCHASER MAY CANCEL ANY CONTRACT FOR THE PURCHASE OF A TIMESHARE INTERVAL. IF YOU SO ELECT TO CANCEL YOUR CONTRACT WITHIN THE ABOVE-STATED STATUTORY TIME PERIOD, YOU MAY DO SO BY HAND DELIVERING A WRITTEN NOTICE OF CANCELLATION TO THE OTHER PARTY OR BY MAILING A NOTICE OF CANCELLATION BY CERTIFIED MAIL TO THE OTHER PARTY AT AN ADDRESS SET FORTH IN THE PURCHASE CONTRACT. CANCELLATION OF THE CONTRACT SHALL BE WITHOUT PENALTY TO EITHER PARTY."

    This is all I could find. Does this mean I should send the Rescission letter to the Chicago adress in the above text?

    Thank you in advance for your help!
     
  2. tschwa2

    tschwa2 Tug Review Crew: Rookie TUG Member

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    The escrow agent isn't the other party. HICV is the other party. Is there no other address listed for them in the contract.
     
  3. Mgallegos357

    Mgallegos357 Guest

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    Okay, that's awesome to know, thank you!
    After going through the paperwork again we found actual instructions. I just want to make sure we don't make a mistake.
    "You may cancel this agreement without any penalty or obligation within 5 calendar days after the date you sign this Agreement or the date on which you receive the last of all documents required to be given to you pursuant to section 101/10-10 ILCS, whichever is later. If you decide to cancel this Agreement, you must notify the seller in writing of you intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to ORANGE LAKE COUNTRY CLUB, INC., 8505 W. Irlo Bronson Memorial Highway, Kissimmee, Florida 34747. Any attempt to obtain a waiver of your cancellation right is void and of no effect. While you may execute all closing documents in advance, the closing, as evidenced by delivery of the deed or other document, before expiration of your 5-day cancellation period, is prohibited."

    So we just send the basic Rescission letter to this address including all the information that is required, and we will have no troubles?
     
    silentg likes this.
  4. Mgallegos357

    Mgallegos357 Guest

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    Will a hand written letter work or should I type it up and make sure My wife and I sign it?
     
  5. Karen G

    Karen G Moderator

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    I'm glad you found the correct address to send your letter. I don't think it will matter if the letter is hand-written or typed. The key is to have everyone who signed the purchase agreement also sign the rescission letter and send it by certified mail so that you have evidence from the post office that shows you mailed the letter within the five-day rescission period.
     
  6. Mgallegos357

    Mgallegos357 Guest

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    This is the letter I have composed. Is there anything I'm leaving out that I should add?


    12/29/2017



    Dear ORANGE LAKE COUNTRY CLUB, INC.:



    We are exercising our legal right to cancel contract number ****** for Orange Lake Resorts which was purchased through the Holiday Inn Club Vacation at Fox River Resort in Sheridan, IL on Wednesday December 27, 2017. The entire folder of materials provided to us by the Vacation Store of our transaction has been included with this letter of rescission.


    We expect a full refund of the $4,690.00 that you charged on the Debit card ending in 2517. Do not make any additional charges to our checking account or debit card. Please confirm my legal rescission in writing.


    To confirm, we are cancelling our contract, effective immediately.



    Sincerely,



    (Our Names and Signatures) 12/29/2017
     
  7. sue1947

    sue1947 TUG Member

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    What you have is fine. The only exception is your request for confirmation on their part in writing; you won't get that. There isn't any negative to including it, but usually the only notice you will get is the return of your money. They are obligated by law as long as the postmark of the letter is within the 5 days. They don't have to be fast about it or courteous about it, but they will do it. So don't delay in getting the letter out. All the letter needs to say is you are rescinding; everything else is just clutter. Make sure everybody who signed the contract also signs the letter and then get it into the mail before the 5 days are up.

    Sue
     
  8. Karen G

    Karen G Moderator

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    It looks fine to me. They may or may not confirm the rescission in writing, but it doesn't hurt to ask.
     
  9. Mgallegos357

    Mgallegos357 Guest

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    Should I include a copy of the first pages of the contract? I want to keep it all for my record though. Do I need to send them the full chunk of paperwork?
    Last question, I promise lol.

    Thank you so much for all of your help, I really appreciate it. You have all helped me from making a poor decision.
     
  10. Karen G

    Karen G Moderator

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    Your letter should be fine. Keep a copy of it, of course. I don't see any reason to return all the paperwork.
     
  11. Mgallegos357

    Mgallegos357 Guest

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    We both signed the letter and sent it with the books and DVD they gave us. So they don't try to charge us $50 for the books and DVD. Just got back from sending it. I'll let you all know when we get our money back! Thank you again!
     
    Firepath likes this.
  12. Mgallegos357

    Mgallegos357 Guest

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    We also made sure to get a receipt to show when they receive it.
     
  13. Karen G

    Karen G Moderator

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    Glad you've mailed your letter and I hope you can relax and not worry about it. You've done everything you need to do to rescind and, by law, they must refund your money.
     
    TUGBrian likes this.
  14. TUGBrian

    TUGBrian Administrator

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    congrats on finding TUG in time to save $18k!
     
  15. TerryCanuck

    TerryCanuck Guest

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    Now you have rescinded the purchase, I would like you to study timesharing before attending another presentation. Under certain conditions, buying from a developer can make sense--under other conditions, it is a disaster.
     
    TUGBrian likes this.
  16. simpsontruckdriver

    simpsontruckdriver Guest

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    PLUS, there are HICV members here, so if you want to rent another resort for x days, it will be FAR CHEAPER than buying!

    TS
     
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  17. alexanderwang

    alexanderwang Guest

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    Make sure you send that to the right address. they do not care if you send it in time but to the wrong address.
     
  18. Mgallegos357

    Mgallegos357 Guest

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    It is official everyone! I just checked my bank statement this morning and the deposit of 4,690.00 was refunded!!!
    Thank you so much for all of your help! We really dodged a bullet on that one!
     
    Anne&Jim, rapmarks, klpca and 3 others like this.
  19. alexanderwang

    alexanderwang Guest

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    Be extremely, I mean extremely thankful. You would’ve been stuck literally for life or until the mortgage was paid
     
  20. TUGBrian

    TUGBrian Administrator

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    So glad you got your full refund back in a timely fashion!

    we hope you stick around as a TUG member for a long time!
     
  21. alexws

    alexws Guest

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    Hi Mgallegos357,

    I am in a similar situation and wanted to cancel my contract.

    Your information is very helpful! Hope I can cancel mine as smooth as yours, fingers crossed.

    Thank you.
     
    Last edited: Jan 15, 2018
    Anne&Jim likes this.
  22. Jamie michelle

    Jamie michelle Guest

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    We signed a contract yesterday (June 22nd) and decided we want to cancel. We have read the contract and know we need to send a letter to the address in Florida. We are still on property where we signed the contract. Would it do any good to go directly to them?
     
  23. Jamie michelle

    Jamie michelle Guest

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    Were you successful?
     
  24. jaimewu

    jaimewu Guest

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    Jamie,

    I just sent my rescission letter yesterday! Saves us $13,800. We liked the resort but when we got home we found that resale is a better choice so we are working on a fixed week there right now. Good luck!!
     
    TUGBrian likes this.
  25. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    We recommend against rescinding in person- or even returning to the sales office. They are trained in countering any argument you give for not buying. Plus they just don't have the procedures down for doing it. Do it by mail- USPS Certified with returned receipt, so you have proof of delivery. This creates a paper trail that you have in case there is EVER any question of your rescission.

    Congratulations on your decision, and Welcome to TUG. Get it in the mail, unplug the phone and resume your vacation.

    Jim
     

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