Help with DRI rescission

[saito]

Hi all. I am a newbie here seeking for some help. Went to a presentation yesterday at one of DRI resorts, ended falling for it and bought a few points. However, I did make sure that there is a cancellation option (I just have that internal policy that "1. If it sounds too good to be true... and 2. I never buy anything of value that I can't return, even if the return window is small). Went online today to research, found that I was indeed an idiot when I decided to go with the impulse.
Going to do a rescission today and I was wondering if anyone's done one with DRI before. I just want to make sure I do it right. The contract only says that I need to send a cancellation letter to a certain address. No forms, etc.
I think I can figure out the letter myself (although if someone has any advice with that - I'd totally appreciate it) but I was wondering about the mailing part. What's a preferred way of doing it? Certified? Just stick the letter in the envelope, seal and keep the receipt? I've never done one of those before and I'd rather not screw it up.

Thanks in advance for all and any comments. I hope I dodged the bullet this time and the two bottles of cheap bubbly wine they gave us will partially compensate the cost of mailing the letter. "To the rescission! Cheers!"

 

[Passepartout]

Welcome to TUG. It looks like you found us in time. All you have to do is write out something simple, I/We wish to cancel contract #XXX-XXX dated 11/3/2012 in accordance with the 5 day rescission period, signed (both people who signed the contract)

We suggest you send it USPS Certified with Return Receipt. That way you'll know when they got it and who signed for it.

That should work fine and then you can get to looking at reasle timeshares if you are still interested. It's a good idea to hang here on TUG for a few months before you take the plunge. Timeshares are easy to buy, and hard to unload. Make sure it's what you want.

Jim Ricks

 

[saito]

Return receipt makes you feel better.

That's something they send you acknowledging the cancellation, correct?

DRI can deduct for your bubbly and any materials you don't return!

I can live with that or I can return those as well. Given how much they charge for points (vs the real value) that $5 bottle could be $1K in their book.

 

[csxjohn]

Here's a good thread on the same problem.

Post #2 lays it out nicely.

Certified mail, return receipt using the US post office is the way to mail.

http://www.tugbbs.com/forums/showthread.php?t=98859&highlight=send+recision+letter

 

[saito]

Welcome to TUG. It looks like you found us in time. All you have to do is write out something simple, I/We wish to cancel contract #XXX-XXX dated 11/3/2012 in accordance with the 5 day rescission period, signed (both people who signed the contract)

We suggest you send it USPS Certified with Return Receipt. That way you'll know when they got it and who signed for it.

That should work fine and then you can get to looking at reasle timeshares if you are still interested. It's a good idea to hang here on TUG for a few months before you take the plunge. Timeshares are easy to buy, and hard to unload. Make sure it's what you want.

Jim Ricks

Got it and thanks again. I think it will be a valuable experience. I was in the same boat with many who took the plunge knowing literally nothing about the timeshares. I did browse tug a little bit and was thinking about renting as a start to try things out. This is certainly an interesting and possibly valuable approach to travel just not at the rates they are asking for it.

 

[csxjohn]

That's something they send you acknowledging the cancellation, correct?..

NO, that is the receipt you get from the post office saying they got the letter

 

[AwayWeGo]

What's Wrong With This Picture ?

DRI can deduct for your bubbly and any materials you don't return!

Tell the full-freight timeshare sellers No Thanks & you get away clean with your promised timeshare tour freebies.

Succumb to the arm-twisting, truth-stretching high pressure razzle-dazzle & ballyhoo by signing on the line & when you rescind they make you pay'm back for the goodies.

Go figure.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[saito]

I'll reread the contract when I get home to see how much exactly its worth and whether its worth the postage to send all the stuff I got back. I'd guess it's somewhere in the $50-100 range. But I think it's a reasonable price to pay for a lesson on how a short lapse in judgement can hurt you in a longterm.

Tell the full-freight timeshare sellers No Thanks & you get away clean with your promised timeshare tour freebies.

Succumb to the arm-twisting, truth-stretching high pressure razzle-dazzle & ballyhoo by signing on the line & when you rescind they make you pay'm back for the goodies.

Go figure.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[AwayWeGo]

You Typed A Mouthful.

I think it's a reasonable price to pay for a lesson on how a short lapse in judgement can hurt you in a longterm.

Amen to that. You dodged a bullet.

When the dust settles, if you are still attracted to the idea of timeshares & timesharing, there will be plenty of time & a myriad of choices for buying resale -- so you can enjoy luxury timeshare vacations at Motel 6 & Super 8 rates.

Nothing that the timeshare companies sell at full freight is worth the money.

When people buy timeshares resale (or get'm el freebo), they save thousands of dollars on exactly the same thing as full freight, or the equivalent, or something even better.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Passepartout]

The financial office where the rescission letter is headed knows nothing of any 'gifts' you got. Just send the letter. If they want any of their junk, they'll ask. I'll bet you a 6 pack of that bubbly that they won't.

Get busy. You have a trip to the post office to do today.

Jim

 

[Rent_Share]

NO, that is the receipt you get from the post office saying they got the letter

It's the receipt that proves you mailed it is all that the law requires. People get hung up on proof of receipt that they ignore the specified method of sending possibly invalidating the rescission

 

[saito]

It's the receipt that proves you mailed it is all that the law requires. People get hung up on proof of receipt that they ignore the specified method of sending possibly invalidating the rescission

Here is the exact text from the contract:
"Rescission rights. You may cancel this Agreement without any penalty or obligation within 10 calendar days after the date you sign this Agreement or the date on which you receive that last of all documents required to be given to you pursuant to 721.07(6) Florida Statutes, whichever is later. If you decide to cancel this Agreement, you must notify Seller in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to Seller (ADRESSHERE). Any attempt to obtain a waiver of your cancellation right is void and in no effect. While you may execute all closing documents in advance, the closing as evidenced by entry of your name in the Register of Members of the Association, before expiration of your 10-day cancellation period, is prohibited."

So it looks like there are no specific rules on anything (whether text or the method of sending) and a simple cancellation notice via certified mail should work fine.

Thanks again to everyone for your help it is greatly appreciated.

 

[Rent_Share]

Your notice of cancellation shall be effective upon the date sent and shall be sent to Seller (ADRESSHERE

It's proof of sending not proof of receipt

 

[saito]

Figured I'd update the thread. My cancellation was successfully processed, had someone call me at talk to me again, but I declined and he didn't try too hard. I asked if I should return the stuff I got, and he said - "yeah, just mail it back" in a tone that implied that they don't really care what I do with it.

Thanks again to everyone for your input.

 

[daventrina]

...10 calendar days after the date you sign this Agreement . ...

The number of days varies by the state in which it is sold.
I believe tha CA is 5 and HI is 7.
Others are probably different. Some may be as few as 3.

 

[mrcarter67]

Can I get out of my Diamond Resorts Membership after the 14 days ?

I know we are beyond the 14days to cancel out of our membership with Diamond Resorts . I would like to see if I am completely stuck with this , or is there a possible opt out or cancel possibly since I have not made my 1st payment or have our 7500 points available as of yet ?

 

[Passepartout]

I know we are beyond the 14days to cancel out of our membership with Diamond Resorts . I would like to see if I am completely stuck with this , or is there a possible opt out or cancel possibly since I have not made my 1st payment or have our 7500 points available as of yet ?

If they choose to play hardball, and not accept whatever reason you have for wanting to cancel the purchase, it can be very difficult to do without ruining your credit.

What IS the reason you want to cancel? Simply not reading the contract, or getting cold feet is probably not going to get it. It's unlikely that you can prove that you were defrauded into buying something you were not aware of. At least not without some of those papers the sales weasels use to show what a wonderful 'investment' timeshare is (it isn't).

And the fact that you haven't commenced payments or have your account set up to use only means that is just take that much longer to pay it off so that you can give it away. You can't even give away a timeshare that isn't paid for, because the deed isn't in your name.

But fret not. A poll was taken a few months ago among TUGgers, and it was very close to 50/50% those who bought their first TS from the developer vs those who bought the first one resale. So you're in good company. Diamond has good, well thought of, and well located resorts that you will enjoy using.

All the reasons that you saw during that sales presentation that caused you to sign that contract still are valid. So if you can, re-finance it at a lower interest rate and cost, and enjoy a lot of wonderful vacations and memories. The bitter memories will fade, leaving the good ones.

Welcome to TUG...

Jim

 

[Mark_I]

I just mailed my rescission today. DRI will get it Monday, exactly the 5th day after signing. I really thought the plan would be good for us. The upfront cost wasn't painful, but being on the hook forever on a bill that can be raised on a whim is unacceptable. If those fees were less, and had, let's say, a maximum 5% or so increase, with an option to rescind after retirement, it could have been great. I'm sad I had to rescind, but there is too much corporate greed built into the contract with those fees. PS Sorry to bump an old thread, but it's spot on.

Oh yes I just used the included legal form for Rescission, my wife and I both signed and dated, took a pic of it, sent it Certified Mail with Delivery Confirmation. I expect a call next week, will post results. When the dust settles, I will look into buying re-sold timeshare options, that sounds interesting. We really need to get out more, that much is true.

 

[TUGBrian]

congrats on cancelling in time! you will find you can enjoy the exact same thing for far less money buying resale!

 

[Jimmie927]

Just as info: you most likely will not receive any acknowledgement from DRI; continue to monitor your credit card activity you used for the down payment. You should receive the credit back to the card within 20 days. If not, give them a call to determine the excuse. If you get the runaround, you may have to get the state AG involved.

 

[Mark_I]

Thanks, I got a call and the guy Jimmy acknowledged the Rescission and he said he respected my decision. Now to watch the credit card.

 

[Mark_I]

I have a question: Is it so that for every 5000 Diamond Points, there is attached to that an annual $1300 "maintenance fee"? So if you save up 10000 points, you now get billed for $2600, etc?

 

[artringwald]

I have a question: Is it so that for every 5000 Diamond Points, there is attached to that an annual $1300 "maintenance fee"? So if you save up 10000 points, you now get billed for $2600, etc?

The annual priced depends on the collection. If it's $1300 for 5000 points, it is billed annually whether you use the points or not. If you save the points until the next year. You will get billed $1300 at the beginning of the first year, and $1300 at the beginning of the 2nd year.

 

[Mark_I]

Rescission finalized, got full refund on time. Well that's nice, but I'm still scratching my head about these Diamond Points. What is the real value?

 

[TUGBrian]

Congrats on rescinding in time and saving a fortune!

DRI points have no resale value at all currently.