Help what do I do?

[Xlee17]

Went on a family trip to Wisconsin dells and got tickets for a good discount for the kids and turn out it was purchase for timeshare. At the time of purchasing it me and my husband thought I was buying our own getaway mini 2 bedroom resort home so we can come up here every year to save me & my 5 kids money. We purchase it on 6/6/204 and now it’s 6/15/2024 and my sister was telling us it’s a scam. I read some of the document I sign and did not realize their annual fee was so high, on top of the interest I’ll be pay with its monthly payment also. How do I cancelled this? And is it too late to cancel and get my $2500 deposit back? I thought it was a good investment only to turn out I’ll be more broke paying for it vs. using that monthly payment/ fees and annual fee cost to pay for my children’s expenses or other bills that is cheaper. Any idea to help out how to cancel?

 

[TUGBrian]

Welcome to TUG!

unfortunately the state law in wisconsin provide you only 5 days to cancel a new purchase, though your sales contract might specify a longer timeframe. I would urge you to find the cancellation section of your sales contract and follow the instructions to the letter to send off your request to cancel asap.

while they are under no obligation to let you out if you dont meet the deadline, there is no harm in trying and you might get lucky as it has happened in the past!

 

[simpsontruckdriver]

You could simply stop paying, but it will be a hit on your credit. Or, you could use it. Keep reading here on TUG to get the most out of your timeshare. But DO NOT talk to anyone at any (scam) timeshare exit company, they'll take your $$$ and your credit is worse off.

TS

 

[Xlee17]

You could simply stop paying, but it will be a hit on your credit. Or, you could use it. Keep reading here on TUG to get the most out of your timeshare. But DO NOT talk to anyone at any (scam) timeshare exit company, they'll take your $$$ and your credit is worse off.

TS

My first payment is coming July 1, so I basically just loss $2500 and my $49 to them? And if I stop making payment does it reflect my credit score, I mean I’m only sitting at 620 anyways. But my husband does own our home and his name is on the contract too.

 

[Xlee17]

Welcome to TUG!

unfortunately the state law in wisconsin provide you only 5 days to cancel a new purchase, though your sales contract might specify a longer timeframe. I would urge you to find the cancellation section of your sales contract and follow the instructions to the letter to send off your request to cancel asap.

while they are under no obligation to let you out if you dont meet the deadline, there is no harm in trying and you might get lucky as it has happened in the past!

It does tell me in the contract that if I would like to cancel my program benefits I can send a written request at least 30 days before my renewal date so does that mean I have until July 6, 2024 to send a written letter since I sign my contract on June 6, 2024?

 

[billymach4]

It does tell me in the contract that if I would like to cancel my program benefits I can send a written request at least 30 days before my renewal date so does that mean I have until July 6, 2024 to send a written letter since I sign my contract on June 6, 2024?

Can you post or take a photo of the exact language in the contract. Of course block out your personal info. Some of the experts here will be able to advise.

 

[Passepartout]

My first payment is coming July 1, so I basically just loss $2500 and my $49 to them? And if I stop making payment does it reflect my credit score, I mean I’m only sitting at 620 anyways. But my husband does own our home and his name is on the contract too.

Defaulting on the payments you agreed to will affect your (and your husband's) credit for some 10 years. You may not have taken the time to read through what you signed at that presentation. Yes, we know. You were on a vacation and having fun with the kids and all that. But this is kind of serious.

Please consider seriously that at the time, you- and he- felt that you could afford these payments. You're not alone. We took a poll of TUGgers. Timeshare USERS here. The result was that almost exactly 50% did the same thing that you did. They bought their first timeshare at a presentation, with absolutely NO intention of doing so. Then they didn't rescind during the allowed 'cooling off' time, just like you.

Yes, you CAN do nothing and wait for the consequences. Many here will counsel you to do that. But know that THEIR credit won't be affected no matter what YOU do.

I'm going to counsel you to follow the suggestion that you DO write a letter to BG, pleading hardship. Outline that paying them will bite into your kids' college funds and delay your eventual retirement, and leave you ill prepared for an unexpected emergency, and that is not a risk you are willing to take, for the sake of future vacations. Then when they tell you 'Tough Luck, you signed the contract willingly, so pay up'. Sit down and write the check. Maybe start a side gig, or get a second job to pay off the loan you took out.

Good Luck with this decision.,

Jim

 

[tschwa2]

I am pretty sure the program benefits that they mention that you can cancel 30 days before your renewal date, which would be May 6, 2025 (30 days before renewal, not 30 days after purchase) is some ancillary program benefits not the purchase itself.

You rescision date is likely 5 days and listed on your contract near where you signed or initialed.