HELP!! Can I get out of an TLC Resorts Club Contract??

[vbwave]

Help! We purchased a membership through TLC Resorts Club at a presentation done by Fiore. We have 40,000 RCI points. We purchased about 5 months ago and all we have done is paid fees. Starting with the down payment, and yearly dues for 2017 and 2018. We missed that we had 5 days to get out of the contract. Is there anything we can do? We have not used anything and does not look like this is anything that we will use. Price was 9,000 plus 889 yearly dues. We have contacted them and they said we are stuck.

 

[theo]

We purchased a membership through TLC Resorts Club at a presentation done by Fiore. We have 40,000 RCI points. We purchased about 5 months ago and all we have done is paid fees. Starting with the down payment, and yearly dues for 2017 and 2018. We missed that we had 5 days to get out of the contract. Is there anything we can do? We have not used anything and does not look like this is anything that we will use. Price was 9,000 plus 889 yearly dues. We have contacted them and they said we are stuck.

They are essentially correct; you voluntarily signed a contract and the rescission (cancellation) period to cancel that contract ended a few months ago.
Your only potential "case" exists if they (unlkely) failed to provide you with notice of cancellation rights at the time of contract execution. If notice of those cancellation rights was in fact provided on any document you received or signed at contract execution, that potential "case" goes right out the window.

Your reference to "down payment" indicates that there is a loan involved. You can make the difficult choice to simply pay nothing further and default.
There will be negative credit report consequences if you default; only you can weigh the potential harm of that development in terms of your short term future financial plans (e.g., mortgage applications, etc.). The initial deposit and fees paid to date is "sunk money" in any case. I am sorry for your predicament.

 

[vbwave]

And they are essentially correct; you signed a contract and the rescission period to cancel that contract ended a few months ago.

Your reference to "down payment" indicates that there is a loan involved. You can make the difficult choice to simply pay nothing further and default.
There will be negative credit report consequences if you do so; only you can assess the potential harm of that development as far as your short term future financial plans (mortgage applications, etc.). The initial deposit and fees paid to date is "sunk money" in any case. Sorry for your predicament.

Thanks! Totally new to this... is it possible to sell our membership? Or can any of these "Exit Teams" help?

 

[theo]

Thanks! Totally new to this... is it possible to sell our membership? Or can any of these "Exit Teams" help?

No and no, respectively. The unpaid loan balance is a show stopper and the "escape / exit artists" are (expensive) scams, regardless of the loan balance.

 

[vbwave]

Thanks! And if I go ahead and pay off the loan could I then try to sell?

 

[Passepartout]

Paid off, you can attempt to sell it, but unfortunately, it probably has little to no resale value. To find out, go to eBay, and sign on, then enter the name of the resort into the search window. If they have these in their database, down the left side, you'll see 'completed auctions' those will show what your resort sold for. I'd advise being seated before you do this as whatever you paid (or pay in the future) is likely spent money.

Sorry. But the only way to actually get value from a timeshare today is through it's use. They can provide priceless memories with family and friends. 40,000 RCI Points is a usable bundle. Stick around TUG and learn to use what you already own and how to exchange into places you want to go. You're among friends here. In a recent poll, just about half of us bought our first timeshare from the developer, then went on to find TUG and learned to use them for great vacations.

Whatever you choose, we wish you well.

Jim