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Just bought a timeshare and need help

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My wife and I are vacationing in SC on a "sampler" timeshare plan do we had to listen to their schpeil a couple days ago. In a lapse of judgement we bought a small timeshare plan and yesterday morning had some major buyers remorse. I looked up the laws for the area and SC Ann. § 27-32-40 states that we have 5 days to cancel a contract with a written notice. I verified that the contract had a page about cancellations, so we followed the instructions and wrote a letter to the address listed. In the letter we noted our contract number, our names, and dates. We sent it off yesterday in certified mail (didn't do a return receipt, but since it was sent certified I can track it online). To pay for it, we opened two of their credit cards since it had 6 months no interest and we were going to refinance through our own methods. We were approved to pay in full, so the full amount ~$11k was split between the two cards. Do we need to do anything special to handle the refund and close of these cards after the contract is canceled? Anything else we need to do to protect our credit and make sure we get out of this cleanly? We are still on vacation so I hope I have done everything I can to get out of this, but if I need to contact a lawyer or anything it would be a pain while I'm here but I know it'd be worth it in the long run.... just want to enjoy what little vacation we have left! Thank you for any input!

PS we purchased the timeshare and executed the contract in SC but the deed was for a property in FL if that makes any difference.

FYI The body of the letter read:

The purpose of this letter is regarding the required cancellation of our timeshare contract. Our names are [redacted] and we purchased a timeshare with Bluegreen Vacation Club on May 23, 2016. Per the contract regarding this timeshare, I am contacting you within the rescission period in order to cancel this timeshare contract.

Timeshare: Bluegreen Vacation Club
Owner: [redacted]
Contract Number: [redacted]
Date of Purchase: 05/23/2016

I’ve made the decision to cancel my contract for the following reasons:

1. Upon my initial investment into the timeshare I felt this was an opportunity I could afford. Now that I have taken the time to properly analyze my financial situation, I feel this is no longer a smart investment.

2. While there are many unique opportunities found at this location, there are many other expenses associated with owning a timeshare that I did not account for.

To clarify, we need to cancel our timeshare contract immediately and require a refund of all payments and close out of. Please provide us with a written response showing you have received this letter within the rescission period. Additionally, please provide us with the information we will require to refund all payments made and close out the credit card accounts we opened to pay for the timeshare.
 

DeniseM

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Sounds like you have it covered - good job!

Two very important points:

-Do not call them
-Do not answer calls from them


The ONLY way to rescind a timeshare is in writing, as you have already done - by law, they are now obligated to complete the process, and refund your downpayment - it may take 45 days.

However, a common scheme is to have the sales person call you, to try to talk you out of it, to save their commission. *Unfortunately, in a desperate attempt to salvage their commission, sometimes sales people even lie about the rescinding process, in an attempt to make the buyer think they cannot rescind.

NOTHING they say over the phone has any legal bearing on your recession, so talking to them does not serve any purpose, and may get you into more hot water.

At this point, you need to file your documents, and sit back and wait. If they call you, let the answering machine pick it up.
 
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theo

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OP: Despite your overt request for a written response, the seller is under no legal obligation to provide one (although they may choose to do so).

Their sole obligation is to process the cancellation and issue 100% refund. No more, no less. You need not have provided a "reason" for rescinding, as it is a right and option provided to you by state law (no harm in your having "explained", however).

Congratulations on rescinding. There is no need to spend $11k for a timeshare. :clap:
 

Passepartout

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As to the credit cards, I'd cancel them AFTER any funds charged on them is credited. Doing so before getting refunds may make things more difficult. Since they are zero interest and no annual fee for a year cards, there should be no cost to you. Just don't use them for anything else, or you might feel more obligated to keep them.

Jim
 

mbinpa

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One thing that I always do when I pay for something by credit card and later have issues with (returns, cancellations, etc.) is to call the credit card company and inform that of the action and open a file for a dispute on that particular charge. IANAL but it is my understanding that you are not responsible for paying that charge until it is resolved - and who knows how long BlueGreen will sit on the money.

Good luck, hope all goes well.
 

theo

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<snip>...who knows how long BlueGreen will sit on the money. <snip>
All applicable laws and potential worst case scenarios considered, the refund must still be issued in 45 or fewer days.
 

TUGBrian

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grats on finding us in time to rescind that purchase...especially since you can have your pick of Bluegreen points on the resale market for literally nothing!
 

toolingalong

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We recently divested a BlueGreen points timeshare. We could find nothing on the BlueGreen website about this process, and stumbled upon TUG by accident. Thanks to TUG, and thanks to Timeshare Transfer, we were able to figure out the process. BG referred us to Pinnacle to sell the timeshare, but it was clear the title has almost no intrinsic value. We found a "wanted" ad for BlueGreen, and went about arranging transfer of title to the new owner. BLUEGREEN EXCERCISED THEIR RIGHT OF FIRST REFUSAL, and took over the deed. Does anyone know if this is a common occurrence? We felt sorry for the young man who wanted our timeshare, and spent so much time figuring out his end of the process.
 
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csxjohn

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We recently divested a BlueGreen points timeshare. We could find nothing on the BlueGreen website about this process, and stumbled upon TUG by accident. Thanks to TUG, and thanks to Timeshare Transfer, we were able to figure out the process. BG referred us to Pinnacle to sell the timeshare, but it was clear the title has almost no intrinsic value. We found a "wanted" ad for BlueGreen, and went about arranging transfer of title to the new owner. BLUEGREEN EXCERCISED THEIR RIGHT OF FIRST REFUSAL, and took over the deed. Does anyone know if this is a common occurrence? We felt sorry for the young man who wanted our timeshare, and spent so much time figuring out his end of the process.
I has become common lately for BG to exercise their right.

You do not have to go through with the sale if you do not want BG to get the unit. It sounds like you already went through with it though.
 

csxjohn

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To the OP, South Carolina law states the refund must be made in 20 days. BG has been dragging it out past that time and when you call they will tell you they have 45 days.

Prepare yourself ahead of time with the SC law which is easy to look up using links and law numbers on this site.

http://www.nolo.com/legal-encyclopedia/south-carolina-timeshare-foreclosure-right-cancel-laws.html

I would start hounding them on day 20 when you do not have the money back and let them know that you will go to the SC Attorney General if they do not comply with he law.

Because you bought the sampler package I don't believe you received any benefits and nothing should be deducted and the limit should not be extended
30 days as allowed by SC. That is just a non professional opinion, I am not an attorney. In any case the outside limit would be 30 days and I start writing and calling on day 20.
 

theo

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To the OP, South Carolina law states the refund must be made in 20 days. BG has been dragging it out past that time and when you call they will tell you they have 45 days.

Prepare yourself ahead of time with the SC law which is easy to look up using links and law numbers on this site.

http://www.nolo.com/legal-encyclopedia/south-carolina-timeshare-foreclosure-right-cancel-laws.html

I would start hounding them on day 20 when you do not have the money back and let them know that you will go to the SC Attorney General if they do not comply with he law.

Because you bought the sampler package I don't believe you received any benefits and nothing should be deducted and the limit should not be extended
30 days as allowed by SC. That is just a non professional opinion, I am not an attorney. In any case the outside limit would be 30 days and I start writing and calling on day 20.
Certainly not seeking to argue with you John, nor would I ever choose to defend BlueGreen, but I believe that "Federal supersedes State" in applicable credit laws and regulations and that in this instance BG's stated position is indeed correct that there is a 45 days refund window, despite anything that SC might proclaim. :shrug:
 
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Update

Thanks to everyone for the comments. We are playing the waiting game at this point, and it has been about 13 days since I submitted the letter. At what point do I contact them to make sure the ball is rolling? Haven't heard anything from them but I did have a missed call from Florida late last week but no voicemail.
 

LannyPC

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No Contact!

It is not recommended that you contact anyone there, although after 13 days, the people there might give up in trying to talk you out of your rescission.

As long as you sent your rescission letter via the method stipulated and you have the receipt, the purchase must be rescinded. And they can legally take up to 45days.
 

aeller

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Sounds like you have it covered - good job!

Two very important points:

-Do not call them
-Do not answer calls from them


The ONLY way to rescind a timeshare is in writing, as you have already done - by law, they are now obligated to complete the process, and refund your downpayment - it may take 45 days.

However, a common scheme is to have the sales person call you, to try to talk you out of it, to save their commission. *Unfortunately, in a desperate attempt to salvage their commission, sometimes sales people even lie about the rescinding process, in an attempt to make the buyer think they cannot rescind.

NOTHING they say over the phone has any legal bearing on your recession, so talking to them does not serve any purpose, and may get you into more hot water.

At this point, you need to file your documents, and sit back and wait. If they call you, let the answering machine pick it up.

Looking at rescinding a contract signed two days ago for a Bluegreen Sampler, signed at Big Cedar in Missouri. How do I find where to send the rescission? The only address I can find is the main headquarters in Florida.
 
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