Question about Rescission of Timeshare in Nevada

[NeauxClue]

I signed a contract for a timeshare recently in Nevada, had second thoughts and sent a rescission letter on calendar day 4 via Priority Express Mail, which was delivered and signed for on day 7 (Weather delays) by the timeshare company. They've verbally acknowledged receipt and assured me that the deposit would be returned within the 20 days as specified by Nevada law. It's day 18 today and they are not returning my calls as I try to get an update over the past few days. If I do not receive the refund by day 20, what happens & what recourse do I have. Do they get fined? Are they responsible for the credit card interest that would accrue shortly after this date?

Thanks in advance!

 

[montygz]

How much money is involved and what timeshare? There are many timeshares in Nevada.

I would suspect you will get your money soon. The key thing is you properly filed a recission.

It is surprising they responded at all from what I have read on here. Usually, they will attempt to pressure you out of recinding if you call.

If they return the money on day 20 it may take a few days after that to show up as a credit.

 

[Fido Chuckwagon]

I signed a contract for a timeshare recently in Nevada, had second thoughts and sent a rescission letter on calendar day 4 via Priority Express Mail, which was delivered and signed for on day 7 (Weather delays) by the timeshare company. They've verbally acknowledged receipt and assured me that the deposit would be returned within the 20 days as specified by Nevada law. It's day 18 today and they are not returning my calls as I try to get an update over the past few days. If I do not receive the refund by day 20, what happens & what recourse do I have. Do they get fined? Are they responsible for the credit card interest that would accrue shortly after this date?

Thanks in advance!

I wouldn’t lose sleep over this. This is one area where the timeshare developers tend not to mess around.

 

[Passepartout]

I signed a contract for a timeshare recently in Nevada, had second thoughts and sent a rescission letter on calendar day 4 via Priority Express Mail, which was delivered and signed for on day 7 (Weather delays) by the timeshare company. They've verbally acknowledged receipt and assured me that the deposit would be returned within the 20 days as specified by Nevada law. It's day 18 today and they are not returning my calls as I try to get an update over the past few days. If I do not receive the refund by day 20, what happens & what recourse do I have. Do they get fined? Are they responsible for the credit card interest that would accrue shortly after this date?

Thanks in advance!

I expect you have no worries. If you look at other, similar, 'Help, What can I do???' posts on TUG, you'll see that we frequently tell folks to allow up to 45 days for the refund to be posted to their credit card. A lot of the delay can be attributed to when in your billing cycle the refund gets to the cc provider.

As to who is responsible if you don't pay the cc bill on time and it accrues interest? Take a guess. Fight it out with the TS outfit and/or your credit card. I'd alert them that a rescission is in the works anyway.

Jim

 

[TheTimeTraveler]

I signed a contract for a timeshare recently in Nevada, had second thoughts and sent a rescission letter on calendar day 4 via Priority Express Mail, which was delivered and signed for on day 7 (Weather delays) by the timeshare company. They've verbally acknowledged receipt and assured me that the deposit would be returned within the 20 days as specified by Nevada law. It's day 18 today and they are not returning my calls as I try to get an update over the past few days. If I do not receive the refund by day 20, what happens & what recourse do I have. Do they get fined? Are they responsible for the credit card interest that would accrue shortly after this date?

Thanks in advance!

I wouldn't worry about a thing at this point. If you reach day 45 without a refund then it is time to notify the Nevada Attorney General.

They MUST honor your refund by law. If they don't then it's time to turn up the heat.

Sit back and relax. Time works wonders!

Good move to rescind.







.

 

[NeauxClue]

How much money is involved and what timeshare? There are many timeshares in Nevada.

I would suspect you will get your money soon. The key thing is you properly filed a recission.

It is surprising they responded at all from what I have read on here. Usually, they will attempt to pressure you out of recinding if you call.

If they return the money on day 20 it may take a few days after that to show up as a credit.

Thanks for the reply. The deposit was around 10K with HIVC and yes, I did get the call to attempt to talk me out of rescission, but I stuck to my guns. Still waiting for a written acknowledgement and of course, my refund, which is overdue.

 

[LannyPC]

I did get the call to attempt to talk me out of rescission, but I stuck to my guns. Still waiting for a written acknowledgement and of course, my refund, which is overdue.

Just out of curiosity, what did the caller say to try to change your mind?

As for a written acknowledgment, don't hold your breath. They might send one, they might not. They're not obligated to. They only have to refund you. Keep an eye on your credit card statement. That would be an indication if/when they processed your refund.