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In cooling-off period do I lose my deposit at Welk?

tesseract

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OK well we just got home from our tour and uh, yeah, we got suckered into doing it TODAY. I never researched timeshares because we had NO intentions to buy -- I was only in it for the gifts. But lo and behold, they got us. Then I came home, started thinking about the costs, went online and found you all. I know the thing to do is rescind and we plan to fax our rescission tomorrow with a follow-up by mail. I wonder if we lose our 10% deposit even during the cooling-off period?

This is with Welk resorts. Anybody know how they do it? The contract is ambiguous in that there is a liquidated damages clause that we lose our deposit ($1295) if we don't complete the transaction -- this clause is not limited by time. There is a separate cooling-off period clause where if we rescind within seven days we will have no "obligation or penalty." By definition, an acceptable liquidated damages clause is not a penalty, and this clause properly states that, so I wonder if they would try to keep the deposit and say "It's not a penalty, it's liquidated damages" even during the cooling-off period. I hate to lose a deposit for almost the same amount of money that I could get a whole resale timeshare for! Did that make sense?

By the way, thanks for all the helpful info on here. We are not giving up our timeshare dream, just hope to get it way more cheaply!
 

tesseract

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Well after reading some more on here, it looks like we will get our deposit back...the cooling-off clause really does let you totally unwind the deal. I also saw some advice on here to someone else to dispute the charge immediately with the credit card company (on which they put our deposit) -- is that really necessary? I hate to cause problems with my credit card co. if I don't have to...
 

sernow

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If you follow the rescind instructions exactly as stated and within the proper time frame, you will be fine. Your credit should show up in a timely fashion, and if it didn't, then I would dispute the charge. Keep in mind that you typically need to contact the credit card company within 60 days of the purchase to dispute the charge. You won't be causing any trouble with your credit card if you'd like to dispute the charge immediately, but it's not necessary. Just rescind immediately.
 

Talent312

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Well after reading some more on here, it looks like we will get our deposit back...the cooling-off clause really does let you totally unwind the deal. I also saw some advice on here to someone else to dispute the charge immediately with the credit card company (on which they put our deposit) -- is that really necessary? I hate to cause problems with my credit card co. if I don't have to...
The TS company should credit your account within a week or two after receipt of your letter (a fax is unlikely to trigger anything). So, personally, I'd wait to see if it shows up in a timely manner.

But if you get a statement with the charge on it and no credit, then dispute the charge B4 your next billing date. Read the back of your last statement for the procedure (there may be a form). They may say that you have up to 60 days... but by disputing it B4 your next bill, you can hold off paying that item w/o incurring a finance charge.
 

Zac495

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Good for you for finding TUG in time. Now start reading all the boards and figure out what timeshare is best for your family. You can get into some for a very small amount of money - but that may be a timeshare with not enough trade power or fancy enough for you - it depends on what you want.

Read Hilton, Marriott, etc boards. Think about the kind of properties you like (I like the higher end like Marriott and Hilton - but certainly know there are many resorts that make people equally happy).

Think about where you want to go. Some resorts (such as Hilton) don't have as many locations as Marriott. You don't want to buy something only for trading - TUG basic theory is buy somewhere you want to go 1 out of 3 or 4 years.

Think about weeks or points. Points are more flexible, but some resorts only have weeks (like Marriott).

There is SO much to learn and understand and you found the right place to do that. :cheer:

PS - I urge you to pay the 15 to join. You will have access to the reviews which are SO helpful - you can read about different places we've traveled - see ratings, etc. It'll be the best 15 dollars you ever spent. :)
 

teepeeca

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Don't forget to "follow the rescind instructions" EXACTLY as stated. Usually a "fax" will NOT do to cancel the contract. Most of the time, it says "by USPS service --- so do that, with a return receipt requested.

You do not have to do anything with your credit card company, right now. When the charge shows up, and a credit hasn't, "then" dispute the charge in writing. That way, the CC company will NOT charge you any interest while the "dispute" is active, and, more than likely, while it is active, a credit will be given to the cc, and that will resolve the dispute.

I bet YOU are feeling "on top of the world", for finding TUG, and rescinding the purchase. Think of all of the $$$ you are saving by NOT purchasing
"NEW" !!! Use that money to purchase "a few" timeshares, not just one !!!

Tony
 

tesseract

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Thanks for all the helpful tips. Yes, we are VERY happy to have found TUG in time. If we had been on vacation or something, who knows....ack. The only reason I mention a fax is that their cooling off clause actually mentions it...but we will surely send a letter, Certified Mail, on Monday. Thanks again. Oh, about joining, yes I probably will, soon as I have a chance. Working right now...
 

allenh91801

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I'm glad you made the decision to rescind. Do some research and you can buy resale and save a ton of money and still have many great years of vacations. My family really enjoys the vacations the timesharing affords us.

Allen
 
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