Make payments while rescission is pending?

[juniorvarsity14]

Hi everyone, I signed a WorldMark contract on Sun 3/26 in Vegas. When I signed I put no money down knowing I may rescind after doing more research. Based off the great advice from this forum, I sent a rescission letter 1 day after signing (Mon 3/27), via certified mail and received the signature from the mail room at the Orlando office on 3/30. Since then I've been impatiently waiting for everything to be closed out. My credit score dropped because of the new line of credit, and everything.

It's been a few weeks and I got a reminder email on 4/13 that I need to pay my first installment of the down payment by 4/21.

Do I need to pay this to protect my credit score?
If I do, will it be refunded once the rescission is processed?
How will I know when everything is closed out?

I found lots of forums about how to submit the rescission, but not much information about what comes next. I appreciate any advice.

Thanks so much!

 

[BJRSanDiego]

Others who have more knowledge will opine.

But IMHO, it would be dangerous and ill advised to make any payments. They might be construed as acceptance of the timeshare contract. If you do end up getting your credit "dinged" I think that you can place a statement with the credit agency or may be able to get the "ding" removed.

So, I'd "stay the course" and wait for the rescission to take effect.

 

[Patri]

No! BJRS is right.

 

[jwalk03]

No- don't make any payments. Just wait for the contract to be cancelled. Most of those notices and letters are automated and get sent no matter what.

 

[schreib69]

Hi everyone, I signed a WorldMark contract on Sun 3/26 in Vegas. When I signed I put no money down knowing I may rescind after doing more research. Based off the great advice from this forum, I sent a rescission letter 1 day after signing (Mon 3/27), via certified mail and received the signature from the mail room at the Orlando office on 3/30. Since then I've been impatiently waiting for everything to be closed out. My credit score dropped because of the new line of credit, and everything.

It's been a few weeks and I got a reminder email on 4/13 that I need to pay my first installment of the down payment by 4/21.

Do I need to pay this to protect my credit score?
If I do, will it be refunded once the rescission is processed?
How will I know when everything is closed out?

I found lots of forums about how to submit the rescission, but not much information about what comes next. I appreciate any advice.

Thanks so much!

NO! everyone here is, guess what? RIGHT!
also, be proactive and sign into one of the three main credit agencies and provide the evidence you rescinded in time and just ignore everything else. You are good.

 

[juniorvarsity14]

NO! everyone here is, guess what? RIGHT!
also, be proactive and sign into one of the three main credit agencies and provide the evidence you rescinded in time and just ignore everything else. You are good.

oh interesting, i didn't know that could be done. i assume i can google how to do that?

thanks everyone! I will continue to wait (in)patiently for everything to process.

Follow up, will I be notified by anyone that everything got closed out? I feel like so many things were opened, its honestly a bit hard to keep track.

 

[TheTimeTraveler]

They have no obligation to do any follow up, however they are required by law to act on your rescission request. Have you tracked your certified letter to be sure that they in fact have received it ?




.

 

[juniorvarsity14]

They have no obligation to do any follow up, however they are required by law to act on your rescission request. Have you tracked your certified letter to be sure that they in fact have received it ?




.

Yes, I got a digital signature immediately, and the paper (green) return receipt sent to me a few days later. They received it on 3/30, which was 3 days after sending it and 4 days after the initial signature

How will I know everything is processed? Where can I look? At what point do I need to get concerned if things arent closed?

 

[BJRSanDiego]

I suggest to be patient. Maybe it'll take a week or two. But you have proof that they received your rescission. Take a deep breath. Relax. It'll work out.

 

[dioxide45]

Yes, I got a digital signature immediately, and the paper (green) return receipt sent to me a few days later. They received it on 3/30, which was 3 days after sending it and 4 days after the initial signature

How will I know everything is processed? Where can I look? At what point do I need to get concerned if things arent closed?

Your proof of processing may just be a refund of down payment. They aren't required by law to provide status updates.

 

[juniorvarsity14]

I suggest to be patient. Maybe it'll take a week or two. But you have proof that they received your rescission. Take a deep breath. Relax. It'll work out.

I ask because its been 3 weeks since they received my rescission. I'm not losing sleep over it, but an indefinite wait with no timeline and no proof doesn't seem like its the only way to go. At what point should I start getting worried that they aren't processing it or I potentially made an error? A month? 2 months? etc.

@dioxide45 Since I didn't put down any money in a down payment, I have no refund to look for. I am still getting periodic emails from various places related to the timeshare. Anything else I can sign into or look at to see if it no longer exists? Maybe the financing account will be closed and my credit score would change?

Thanks again everyone.

 

[Passepartout]

I ask because its been 3 weeks since they received my rescission. I'm not losing sleep over it, but an indefinite wait with no timeline and no proof doesn't seem like its the only way to go. At what point should I start getting worried that they aren't processing it or I potentially made an error? A month? 2 months? etc.

@dioxide45 Since I didn't put down any money in a down payment, I have no refund to look for. I am still getting periodic emails from various places related to the timeshare. Anything else I can sign into or look at to see if it no longer exists? Maybe the financing account will be closed and my credit score would change?

Thanks again everyone.

We know that waiting for some kind of acknowledgement is super stressful. Since you made no down payment that can be tracked, I'd just sit back and know that the penalties for the developer NOT processing the rescission is plenty of incentive for them to do it. I'd give them 45 days to give you some kind of acknowledgement, and if that doesn't happen, perhaps call the corporate office where you sent the rescission letter. Ask for that department. If they have no record of you, you can determine that you aren't in their system. Not a perfect deal, but it may give you some peace of mind that you're off the hook.

Jim

 

[TheTimeTraveler]

I ask because its been 3 weeks since they received my rescission. I'm not losing sleep over it, but an indefinite wait with no timeline and no proof doesn't seem like its the only way to go. At what point should I start getting worried that they aren't processing it or I potentially made an error? A month? 2 months? etc.

@dioxide45 Since I didn't put down any money in a down payment, I have no refund to look for. I am still getting periodic emails from various places related to the timeshare. Anything else I can sign into or look at to see if it no longer exists? Maybe the financing account will be closed and my credit score would change?

Thanks again everyone.

Allow 45 days.

Now, go out and celebrate!






.

 

[juniorvarsity14]

Thanks everyone! You've all been super helpful