How do I get out of an Abound contract after the cooling off period

[intrepidgirl76]

I have been a Marriott owner for 20 years. I recently attended a sales talk in the USA and signed a contract for for Abound points. I paid a deposit on my credit card and am due to pay the final amount mid August. I want to cancel the contract. Is there any way to get out of it. Sadly, I made a mistake. I live in the UK and we would not be able to make use of the points due to family circumstances. Thanks for your advice.

 

[davidvel]

I have been a Marriott owner for 20 years. I recently attended a sales talk in the USA and signed a contract for for Abound points. I paid a deposit on my credit card and am due to pay the final amount mid August. I want to cancel the contract. Is there any way to get out of it. Sadly, I made a mistake. I live in the UK and we would not be able to make use of the points due to family circumstances. Thanks for your advice.

No there is not, really.

 

[sponger76]

I have been a Marriott owner for 20 years. I recently attended a sales talk in the USA and signed a contract for for Abound points. I paid a deposit on my credit card and am due to pay the final amount mid August. I want to cancel the contract. Is there any way to get out of it. Sadly, I made a mistake. I live in the UK and we would not be able to make use of the points due to family circumstances. Thanks for your advice.

At this point you can't cancel but you could pay off the loan so you can then try to turn around and sell the points on the secondary market. Unfortunately, you will only get a tiny fraction of what you paid for it.

A much riskier option is to simply not pay and default on the remaining amount of the loan used to purchase it. There may or may not be ramifications to your credit rating, as the loan was in the US and you presumably are not a US SSN or ITN holder. However, if you already own other Marriott timeshare deeds, it could affect the rest of your portfolio, and I am assuming you don't want to lose the use of what you already owned prior to the latest Abound purchase.

 

[Fido Chuckwagon]

I have been a Marriott owner for 20 years. I recently attended a sales talk in the USA and signed a contract for for Abound points. I paid a deposit on my credit card and am due to pay the final amount mid August. I want to cancel the contract. Is there any way to get out of it. Sadly, I made a mistake. I live in the UK and we would not be able to make use of the points due to family circumstances. Thanks for your advice.

The only option is to default. The problem with that is that there will probably be ramifications for the rest of your ownership as posted above. So the next question becomes, do you care? You’ll have to weigh the value of your entire ownership against whatever you still owe on the abound points.

For the points themselves, you may be able to just surrender them back to Marriott (after they are paid off) if you really can’t use them. Selling them on the resale market is very difficult as there is a huge amount of supply and not much demand right now.

 

[dioxide45]

Has the sale closed? If not, read through the contract and see what your options are. Even if it has closed, read through the contract. Outside of the rescission period but before closing you may be able to cancel, but you would lose the deposit you made upfront.