Newbie question on rescinding TS with Diamond.

[dawgpound]

I am a newbie to timeshares. I had read some stuff before attending a sales presentation in Hawaii. I did not know about the TUG prior to attending the presentation. I was aware the resale market was cheaper but it also seemed limited because of restrictions placed by the developers. Especially of not being able to trade with as many places within the group (although this is probably a lie from the salespeople -- I know watch their lips if they are moving then they are lying). Anyway like a dork I bought points with Diamond Resorts. I actually could afford the 'deal' but became concerned about the MF with DRI which were going to be around 2400 per year and then it looks like an additional 460 per year to stay a member of The Club (whoops the sales guys 'forgot' to mention that one). From reading posts on the TUG It looks like the MF fees are increasing by 8-14 percent per year. So NO THANKS. I am faxing the rescind information today (bought on the 5th). Would you also issue a stop payment on the personal check to the title company? Or is the check held until after the 7 days? Is it tough to rescind with diamond?

 

[vckempson]

Follow the guidelines for recission that are in your contract to the letter. There's no need to go through additional extraordinary measures. I would not stop payment on the check. That could complicate issues immensley, I would think. Don't delay and don't forget that it's usually calendar days not business days that are being counted. There's never any problems if you do what's spelled out in the contract.

 

[aliikai2]

Glad you found Tug

Yes , rescind asap. please follow the written instructions. Does it say a Fax is valid to cancel?
They will follow the law, so I wouldn't bother stopping payment.

Now, start reading here about the various types of systems. DRI is one, they are a few really good ones that make be better for you and your wallet,

Greg

 

[dawgpound]

Thanks for response

It looks like from the documents that I can mail, deliver, send a telegram or fax. I will fax today and then also send a certified letter.