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Rescinded! Glad I found this site

Discussion in 'New to Timesharing? Look Here!' started by doubledribble, Sep 16, 2018 at 10:15 AM.

  1. doubledribble

    doubledribble Guest

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    Signed up for Wyndham but both wife and I were in doubt even after signing. Signed up for 400K points with some bonus points. Got 'wowed' with the ideas of vacation time. This was for $58K!

    We sent the letter within the 7 day period certified with return receipt. Received that confirmation back.

    My question and worry now is... what are the next steps? During the sign up process we signed up for the Wyndham Rewards CC to finance the balance along with the paypal-like credit account. We split the cost of the total between the two systems. But now the wife is worried.
    We received the credit card as well as the vacation club credit account. What do we do? Do we have to actually pay the vacation club bill? Or let it sit? How long do we get confirmation from Wyndham that our account has been cancelled and such?

    TIA!
     
    mpumilia, Panina and TUGBrian like this.
  2. LannyPC

    LannyPC TUG Member

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    What have you charged on the credit card so far? If it was the down payment, then you will get it totally refunded seeing that you followed the rescission instructions correctly. Once you have that refunded, I would cancel the credit card altogether.
     
  3. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Congratulations on saving FIFTY EIGHT THOUSAND DOLLARS (plus interest)! My first house and a couple of new cars combined cost less than that. You have dodged a serious bullet.

    After the dust has settled and you have had time to digest everything, explore buying resale. You can get what they sold you for pennies on the dollar. Have a seat, and start reading. TUG has great information available, and you can learn plenty about how to get nearly everything they promised you for next to nothing. :)

    Dave
     
  4. rickandcindy23

    rickandcindy23 TUG Review Crew: Expert TUG Member

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    Wyndham Plat,RCI pts,Shell,WorldMark,OKW,SSR pts; Marriott's Willow Ridge;Val Chatelle; Hono Koa; SBP; Blue Ridge Village.
    $58K! Wow! That is a lot for 400K points, and the benefits would never outweigh the savings over retail. Definitely, you did the absolute right thing. Look for a resale, and there are other systems you can do besides Wyndham, but if you love Wyndham, then buy it resale and save yourself at least $56K.
     
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  5. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    You may never get confirmation from Wyndham that the account has been cancelled. DO NOT pay anything. As above, once the downstroke was refunded to the CC, transfer the balance out and cancel that. (unless you want a Wyndham CC) If anything is said about not paying, just produce the rescission letter's proof of mailing.

    Congratulations on saving $58,000. Welcome to TUG.

    Now if you aren't entirely scared off of TS by the whole adventure, there are literally HUNDREDS of great timeshare weeks available, many
    just for the asking- or up to a few hundred bucks. Stick around TUG and learn how.

    Jim
     
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  6. TUGBrian

    TUGBrian Administrator

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    congrats on saving $58,000 bucks!
     
    mpumilia and Panina like this.
  7. pedro47

    pedro47 TUG Review Crew: Expert TUG Member

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    Wow! You just pocketed $58,000. Welcome to TUG.

    ” Where Knowledge Is Power “ by Bacon.
     
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  8. Egret1986

    Egret1986 TUG Review Crew: Expert TUG Member

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    Congratulations on finding TUG! :clap:

    Now, learn more about the different types of timeshare ownership and the different systems, and make an "informed" purchase on the resale market. You'll get just as 'wowed', especially when you're saving thousands!
     
    mpumilia likes this.
  9. doubledribble

    doubledribble Guest

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    Thanks for all the input!

    Wife is still freaking out now that you said that we'll not receive confirmation of the cancellation of our TS. I'm still just perusing the site and ingesting all this info.

    I can certainly cancel the credit card, but not sure what to do about the virtual account for the vacation club. Will that cancel as well? There's a bill due in a couple of weeks.

    Any way to confirm account was cancelled? You know.. for her peace of mind. :)
     
    mpumilia likes this.
  10. Braindead

    Braindead TUG Member

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    If you have online access to your account you will know within 3 or 4 days after Wyndham received your rescission that your account was cancelled because you will lose the online access. Ounce you lose your online access rest assured your clear
     
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  11. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    It's all in the way the laws governing rescission are written. They MUST honor a timely rescission letter, but there is no requirement that they inform you of the progress or completion of the rescission. Just reassure the wife that it WILL be done. Wyndham will not risk the penalties for not doing so. It's BIG money. The vacation club and all and anything else that is tied to the papers and contract you signed on that day will disappear. RESCISSION, by it's definition means to put affairs back to how they existed before the contract was signed. Like it never happened. We usually tell people that it can take up to 45 days before the down payment is seen in their credit card statement, depending on when the credit is posted and your credit card's billing cycle. Check it online. You'll see the credit there before you see it on your statement.

    Jim
     
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  12. doubledribble

    doubledribble Guest

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    Unfortunately never created an online account so we won't have online access. :(
     

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