Rescinding

[Maghann112]

Hi! Just wondering if anyone has been successful with rescinding a diamond resorts time share contract? My boyfriend and I were suckered into buying one yesterday and after reading all the reviews I have decided to rescind the contract. I see here Nevada law gives me 5 days to send them a letter requesting the cancellation. I’m just sick to my stomach wondering if they’re going to find some way to not cancel the contract? Has anyone been successful in doing this?

 

[dayooper]

Hi! Just wondering if anyone has been successful with rescinding a diamond resorts time share contract? My boyfriend and I were suckered into buying one yesterday and after reading all the reviews I have decided to rescind the contract. I see here Nevada law gives me 5 days to send them a letter requesting the cancellation. I’m just sick to my stomach wondering if they’re going to find some way to not cancel the contract? Has anyone been successful in doing this?

If you follow the procedure, they have to. It’s the law. If you search tune, there are sample letters to use. Make sure any of the buyers sign the contract and send the letter by USPS certified mail.

 

[Maghann112]

If you follow the procedure, they have to. It’s the law. If you search tune, there are sample letters to use. Make sure any of the buyers sign the contract and send the letter by USPS certified mail.

Thank you! Sorry if this is dumb but I think my biggest worry is they have a clause about “defaulting before closing” which includes if you provided them any false info. I am curious if estimating your yearly income rather than copying the exact amount from your taxes would qualify as “false info” and they would be able to refuse the cancellation? They say if I default before closing they can keep all the money.

 

[dayooper]

Thank you! Sorry if this is dumb but I think my biggest worry is they have a clause about “defaulting before closing” which includes if you provided them any false info. I am curious if estimating your yearly income rather than copying the exact amount from your taxes would qualify as “false info” and they would be able to refuse the cancellation? They say if I default before closing they can keep all the money.

I have never heard of anything like that happening. I guess I’m not sure how they would know what your exact income is. Anything can happen, but you need to get that letter in the mail sooner than later.

 

[dioxide45]

The success rate of a properly submitted rescission is 100%. These companies don't mess with rescission laws.

 

[Maghann112]

I have never heard of anything like that happening. I guess I’m not sure how they would know what your exact income is. Anything can happen, but you need to get that letter in the mail sooner than later.

Thank you! I am sending the letter via USPS when the post office opens tomorrow, which is 2 days from when we signed (yesterday)

 

[TheTimeTraveler]

Thank you! I am sending the letter via USPS when the post office opens tomorrow, which is 2 days from when we signed (yesterday)

Be sure to send it CERTIFIED MAIL and retain copies of everything you send (plus a copy of the Postal Receipt). Then, go out and celebrate

If you decide to buy again be sure to check out the resale market and save yourself $$$$$$$$$$$.



.

 

[Janann]

I am curious if estimating your yearly income rather than copying the exact amount from your taxes would qualify as “false info” and they would be able to refuse the cancellation?

They are not going to use overstated or understated income as a way to refuse the cancellation.

I would expect the "false info" to apply if you did something like use a fake ID at closing. In that case, they would want to keep the "real you" on the hook for the contract.

 

[Maghann112]

Last question I have is should I call them after a few days? Or is the certified mail receipt and verification of delivery enough and I should just let things run their course from there?

 

[Maghann112]

The success rate of a properly submitted rescission is 100%. These companies don't mess with rescission laws.

Last question I have is should I call them after a few days? Or is the certified mail receipt and return receipt request enough and I should just let things run their course from there?

 

[TheTimeTraveler]

DO NOT call them. It gives them an inch to talk you out of it.

They must comply with the law and refund your money. Note that it may take as long as 45 days, and with any luck you'll be refunded by the end of the year.

Go celebrate!




.

 

[dayooper]

Last question I have is should I call them after a few days? Or is the certified mail receipt and return receipt request enough and I should just let things run their course from there?

If you call, they will try and get you to reverse your rescind. Let things run their course.

 

[GT75]

Last question I have is should I call them after a few days?

NOOOOOOO!!!!!! Don't call the sales office. They don't handle the rescind paperwork.

 

[Grammarhero]

Hi! Just wondering if anyone has been successful with rescinding a diamond resorts time share contract? My boyfriend and I were suckered into buying one yesterday and after reading all the reviews I have decided to rescind the contract. I see here Nevada law gives me 5 days to send them a letter requesting the cancellation. I’m just sick to my stomach wondering if they’re going to find some way to not cancel the contract? Has anyone been successful in doing this?

@Maghann112 We hope your rescission and deposit refund are successful. To track TUG rescission savings, mind sharing how much you saved with rescission? As half of tuggers initially bought developer/retail TS, there is no shame.

 

[Maghann112]

@Maghann112 We hope your rescission and deposit refund are successful. To track TUG rescission savings, mind sharing how much you saved with rescission? As half of tuggers initially bought developer/retail TS, there is no shame.

If successful I would be saving about $17,500 and 10 years of maintenance fees at about 1500 a year. Not to mention the interest.

 

[dioxide45]

If successful I would be saving about $17,500 and 10 years of maintenance fees at about 1500 a year. Not to mention the interest.

Technically the maintenance fees are forever...

 

[Maghann112]

Technically the maintenance fees are forever...

Thank you all! I sent the letter via certified mail today. I was wondering if you know if it’s the date I mailed the letter that counts or the day they receive it?

 

[TheTimeTraveler]

Thank you all! I sent the letter via certified mail today. I was wondering if you know if it’s the date I mailed the letter that counts or the day they receive it?

Date mailed......

Good move to rescind.


.

 

[dioxide45]

Thank you all! I sent the letter via certified mail today. I was wondering if you know if it’s the date I mailed the letter that counts or the day they receive it?

Postmark date.

 

[Maghann112]

Postmark date.

thank you!! They received it yesterday (which is day 4) and I haven’t heard anything from them since. I’m hoping they just go ahead and cancel it without a fight.

 

[GT75]

I’m hoping they just go ahead and cancel it without a fight.

No need to worry, they will certainly follow the law.

 

[TheTimeTraveler]

thank you!! They received it yesterday (which is day 4) and I haven’t heard anything from them since. I’m hoping they just go ahead and cancel it without a fight.

They have no obligation to provide you with any notification that they received your rescission paperwork, HOWEVER, they do have to act on it.

Anticipate a full refund within 45 days. With any luck you may have it by the end of the year!




.

 

[rudys119]

thank you!! They received it yesterday (which is day 4) and I haven’t heard anything from them since. I’m hoping they just go ahead and cancel it without a fight.

I am in the same boat right now. They received mine today, both through 2day mail and through fax. The silence is deafening though that doubt that maybe I missed a step, or they will find a loophole, or even that even though the tracking says it showed up that it went to the wrong address or something like that is freaking me the F out.

 

[Maghann112]

I am in the same boat right now. They received mine today, both through 2day mail and through fax. The silence is deafening though that doubt that maybe I missed a step, or they will find a loophole, or even that even though the tracking says it showed up that it went to the wrong address or something like that is freaking me the F out.

I feel the exact same! I keep doubting myself whether I did it right even though I checked everything 100 times. I also worry that they will find some sort of loophole. However, this thread has given me some comfort that I am within my rights by letting and if they deny it for any reason I would have a case because I followed their procedure and they have to abide by the law.

 

[csalter2]

I feel the exact same! I keep doubting myself whether I did it right even though I checked everything 100 times. I also worry that they will find some sort of loophole. However, this thread has given me some comfort that I am within my rights by letting and if they deny it for any reason I would have a case because I followed their procedure and they have to abide by the law.

No need to worry. They won’t try to weasel out of it. You’re protected. They do this routinely. Just relax and trust the process.