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Question about rescinding, please help

sky_512

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Hello all, I bought Worldmark vacation credit of 6000 yesterday (9/21) with $16k after attending a seminar(!) in Austin, TX. Did some research last night and realized what a ridiculous deal that was and felt very stupid. Also luckily found this forum and learnt about rescinding and resale market. I’m going to rescind tomorrow (9/23) via certified mail following the template I found in this forum. Have a few questions about rescission. Would really appreciate if anyone can respond.

1. I’m an OR resident and came to visit Austin just for this weekend. Returning back to OR tomorrow afternoon and planning to send certified mail in the morning (9/23). My contract has two parts, one for TX and another for OR. So I’m planning to mail first page of both parts along with rescission letter. Is it ok/should there be any issue?

2. My contract says that I have five calendar days from the contract day to rescind. Which day will it be considered as my rescission request, the day letter is mailed or the day it is delivered?

3. How long usually Wyndham take to confirm, if at all, that my purchase has been cancelled? FYI, I haven’t paid anything yet. Plan was to pay $16K with 0% interest in 6 months using their (Wyndham) in-home financing. But they do have my credit and debit card number. Is there anything else I need to do apart from sending the rescission letter?

Thanks in advance!
 

Passepartout

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Hi. Welcome to TUG. Sorry to be brief, but here are your answers:
1) This should be fine. Just be sure all signers sign the rescission letter.
2) The day it is postmarked is the determining date of the rescission. If you signed the contrace 9/21, day 1 is the 22nd for this purpose.
3) Impossible to answer. And they are not required by law to inform you of the progress of the rescission, but are required to process it. You will not be charged anything- and if they do, it will be refunded within 45 days. If you signed up for a credit card, that's a separate issue and you'll have to cancel the cc separately- but if no charges were made on it, you may be able to cancel it without a charge. I assume you don't have a physical card yet, but the customer service number will be on the back.

Welcone to TUG. Glad you found us. WorldMark is a good system, but buying resale is the way to go. their website is www.WMOwners.com/ There is also an active forum here on TUG.

Jim
 

sky_512

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Thanks a lot Jim for your quick reply.

Re:#3, no I don't have a physical card yet. When you said "if no charges were made on it", were you referring to $16k (price of 6k credit I purchased) or some yearly cc charge? Since I'm rescinding in time, is there still a chance of charges being made on it?
 

Passepartout

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Thanks a lot Jim for your quick reply.

Re:#3, no I don't have a physical card yet. When you said "if no charges were made on it", were you referring to $16k (price of 6k credit I purchased) or some yearly cc charge? Since I'm rescinding in time, is there still a chance of charges being made on it?
I have no way of knowing when they will put a charge on that card. What you should do is nothing. They might not charge anything to the new account, but as I said it's two diffferent things. The timeshare, which will be rescinded and matters put back to the way affairs were between the seller and you before ypu made the purchase, and the new credit card which is an agreement between you and a bank. Any charges put on that will be reversed, but it will be up to you to cancel the card- but wait until after you know any charges put on it are refunded.

Jim
 

sky_512

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I have no way of knowing when they will put a charge on that card. What you should do is nothing. They might not charge anything to the new account, but as I said it's two diffferent things. The timeshare, which will be rescinded and matters put back to the way affairs were between the seller and you before ypu made the purchase, and the new credit card which is an agreement between you and a bank. Any charges put on that will be reversed, but it will be up to you to cancel the card- but wait until after you know any charges put on it are refunded.

Jim
Makes sense. Thank you.
 

sky_512

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Update: Received rescission confirmation letter from Worldmark today by email. Thank you Jim and TugBBS.
 
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