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So Happy I Found TUG- Lloydshare Scam Rescinded

jieamoniqe17

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Hi,

My husband and I just bought a timeshare at Velas Vallarta on Tuesday 3/12/18 and something about the transaction did not sit right with me. Originally, we thought the $50k timeshare would be a great investment because we were told the money would be put into an annunity with Lloydshare and we could get 2-3 times the investment amount at the end of our 25 year term. The following morning at the closing (we had to move money for $17K closing) the salesperson tried to increase the price by $3,999, attributing it to taxes, after the original documents the previous day were written at the $50,000 price. I called him on it and told him " the Mexican way" was to keep you word. He agreed, reduced the price and met us the following day.

We signed some paperwork and a strange waiver that noted that "we had a contract modification and released the members of Grupo Velas from any further dispute." Needless to say, it just felt weird. Last night, I got the strangest feeling and I decided to do a search on "Lloydshare" and luckily I found TUG. I read and read and thank goodness I did. Not only did I learn that the annunity is probably a scam. I also learned how to rescind my timeshare application.

I immediately sent an email to my sales person,with a copy to PROFECO and I will hand deliver a signed copy this morning since I am still at the resort. I just want to say "thanks a million."

First of all:
1. I have learned to trust my gut, but it has taken me to reach the age to 50 to do so.
2. I am so grateful for this site and forum. When I realized there were 2 resells for the same resort for $100 and $700, I questioned my sanity.
3. The page that hit me between the eyes "IF you"ve just bought a timeshare and you want to get out of it. This is what you need to Do."
4. I am within the "5 business days" as stipulated by the contract and it makes it easier that I am still at the resort.
5. I am a listener and because they use different salespeople, the pitch was not consistent. The annunity was originally the original investment amount, then twice the return, the 3 times. As I read the complaints on the forum, I realized my suspicions were correct.
6. I will follow-up and let you know how my reception is perceived today when I hand deliver the letter.

jieamoniqe17
 

stevio99

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jieamoniqe17:

What you did may not be an adequate rescission.

A rescission typically involves sending a letter via certified mail (so you have proof) to the company the resort is affiliated with (in this case it seems to be Grupo Velas). Your sales packet should have included instructions on how to rescind. Follow them to the letter!

Hand delivering a letter has no proof - in particular if you hand deliver a letter back to the salesman, I guarantee you it will end up in the trash, followed by a denial it ever existed.

It's prevailing wisdom around here that you not talk to any of the sales people anymore. Their whole goal will be to talk you out of it or do whatever it takes to delay your action past the rescission period.

So please, try to find your rescission instructions in your packet, and follow them. If they are not there (sometimes the are hidden in a pouch), you need to contact PROFECO immediately.
 

jwalk03

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Exactly! Make sure you have iron clad prove you sent a recession within the allowable time frame- and follow the recession instructions in your contract to the tee! Make sure everyone that signed the contract signs the recession letter.
 

jieamoniqe17

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Thank you so stevio99 and jwalko3 for your information. I will contact PROFECO this morning. I did email the sales representative and I copied PREFECO on the email. However, I will also call them today.
How do I send a certified letter in Mexico? Do I just go to the post offfice?


I will also review the contract packet with a fine tooth comb. Thank you again for your assistance.
 

pedro47

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Good luck and I am praying everything works out. Plus, I am very happy you found this website.
Please have someone (a company official ) sign & date your recession letter and make them give you a copy that your recession letter was rec'd.
Good Luck
 

jieamoniqe17

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Thank you Pedro47. That is a great idea. I reread my contract and it provided me with several ways to contact the seller: It does stipulate 1)signed receipt of Certified MAil 2) all Notices to the seller must be sent to their address. I will use DHL to send the mail today. I also sent an email to member services and I will reach out to PROFECO this morning as well.

I really appreciate all the support that I have gotten on this forum. This is the BEST $15 I have ever spent in MY LIFE!!!!
 

Passepartout

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Possibly the most effective way to be sure the rescission will go through will be to open a file with PROFECO. DHL should be able to give you a proof of delivery, too. The Mexican Post Office (Correo) is arguably the world's worst mail service, and shouldn't be trusted to deliver even a postcard. Hand delivery to the sales office is iffy at best. You might get a scribbled signature of someone of unknown responsibility- or honesty- who knows that his/her commission is dependent on this package NOT being delivered to the business office who can just drop it in the trash. Your appearance at the sales office also gives them another opportunity to try to answer your arguments for rescission. They're trained to have ALL the answers. JUST SAY NO!!!

I think that once a file is opened at PROFECO, that you can safely unplug the phone in your unit (so the sales staff can't pester you) and resume your vacation. Just watch that any money tendered to them makes it back into your hands as soon as possible.

Best Wishes!

Jim
 

jieamoniqe17

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Hi Jim,

Thanks a million. I have copied PROFECO on all of the email correspondence that I have sent to the sales office and the contract office at Grupo Velas. I will open an official file with PROFECO at 9:00am when they open. Thank you for letting me know about the Mexican Post Office. I am searching for the closest DHL Office, so That I can send a letter of recession, to the exact address within the contract.

Also, I'm sure visiting the sales office will have its own problems, such as the sales man requesting that I return the documents, since I no longer want the timeshare-None of that. I never thought someone would be devious enough to throw the paperwork into the garbage can. How awful!

Thanks again for all of your guidance. I hate when people play dirty in business. I am just so glad that someone thought to start a forum like this and that people are so willing to share their valuable advice. I will definitely "Pay It Forward :)"

Jiea
 

icydog

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Getting out of a Mexican timeshare purchase means jumping through hoop after hoop. You main activity today is to take the recession letter to DHL. Make sure it’s certified and a return signature is attained for you to keep in your files. Make sure that you use the forms in your new owner's packet and attach a short letter of recession to the forms. Don’t mention the crooked activity of the salespeople. Keep it very simple. Just say you checked with your financial advisor and he/she told you that this was not a fit for you and your family. That’s what I always say and it always works.
 

jieamoniqe17

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Getting out of a Mexican timeshare purchase means jumping through hoop after hoop. You main activity today is to take the recession letter to DHL. Make sure it’s certified and a return signature is attained for you to keep in your files. Make sure that you use the forms in your new owner's packet and attach a short letter of recession to the forms. Don’t mention the crooked activity of the salespeople. Keep it very simple. Just say you checked with your financial advisor and he/she told you that this was not a fit for you and your family. That’s what I always say and it always works.
Thank you icydog. I am actually on my way to find a DHL. I didn't know I had to certify a letter. I guess that is like a notary. I did contact PREFECO and I was told that they would not open a file until a response was not received from Grupo Velas. So I must send the letter to Grupo Velas- Promotodora Turistica first and then contact them, so I will do that tomorrow. Yes, I am definitely jumping through hoops today. Thansk again.
 

TUGBrian

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we are glad you found us too! saved 50k!!!
 

DeniseM

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I didn't know I had to certify a letter. I guess that is like a notary.
Not - it's not a notary; it is a class of mail for which you get a dated receipt to prove when you mailed it. DHL may have a different term for it:

Certified Mail is a special USPS service that provides proof of mailing via a receipt to the sender. With electronic USPS Tracking, the sender is notified when the mailing was delivered or that a delivery attempt was made.​
 

TheTimeTraveler

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I surely hope you will be able to cancel your transaction. Because this is a Mexican transaction I am not sure if you have any recession rights at all. Here's hoping that you do!

Hopefully Theo is reading this thread and will put in his two cents about all of this.

Best of luck!



.
 

icydog

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I feel sorry for the OP. She is spending her vacation trying to get out of this unwanted timeshare. But if she doesn't get her rescission papers in the hands of the resort and the Profeco-- she will have many years to lament the loss of her money.

I was at the Grand Mayan in Riviera Maya a couple of years back. A couple paid $60K for some timeshare interval. I don't remember what he bought but nothing in MX is worth that much in my opinion.

But he wouldn't listen to me when I told him to get off his barstool and rescind the offering. $60K and he was drinking Pina Coladas in the sun.
 

T-Dot-Traveller

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I surely hope you will be able to cancel your transaction. Because this is a Mexican transaction I am not sure if you have any recession rights at all. Here's hoping that you do!

Hopefully Theo is reading this thread and will put in his two cents about all of this.

Best of luck!



.
Mexico Timeshares have a 5 day rescission timeframe

Velas Vallarta is a well respected resort and is part of the Velas Group of resorts

The resort & timeshare contract is not a scam (though not worth 50K IMO )

The Lloydshare Anuity part is (very ,very) unlikely to have a payout and since it is used as the hook that convinces folks to buy .....

This is at least the 3rd - “Anuity Payout Contract “ - linked the Timeshare presentations
in the Puerto Vallarta area ; that I have read about on TUG .
 

icydog

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Mexico Timeshares have a 5 day rescission timeframe

Velas Vallarta is a well respected resort and is part of the Velas Group of resorts

The resort & timeshare contract is not a scam (though not worth 50K IMO )

The Lloydshare Anuity part is (very ,very) unlikely to have a payout and since it is used as the hook that convinces folks to buy .....

This is at least the 3rd - “Anuity Payout Contract “ - linked the Timeshare presentations
in the Puerto Vallarta area ; that I have read about on TUG .
Most of the resorts in Mexico are lovely. Most of the timeshare salesmen in Mexico are unethical and deceitful. The fact that you say the contract is not a scam is hard to believe. It is hard to believe simply because they scammed her from the outset with that, greatly, overpriced timeshare price, and the promise of an annuity that doesn't exist. So I go back to-- this is a scam.
 

Passepartout

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Well, I dearly LOVE Mexican resorts- though obviously some are better than others, but would NEVER own (or buy into an RTU) there. Their legal system is simply not based on the same level of scrutiny as we are familiar with in the USA. Instead of the 'presumption of innocence', in Mexico, there is much more of a 'catch me if you can' or 'the first to pay-off the authority is innocent' kind of attitude.

All TUGgers who have been around here any amount of time at all have seen that TSs in general have lost value faster than an ice cube melts in a glass of tea. Mexican TS operators have caught on to catching the vulnerable foreigners early in their vacation so they miss the rescission deadline, and constantly build upgrades while downgrading the older ones. Empty promises never seem to find their way into the contracts.

I'm proud of the work TUG does to alert people to the scams and instructing them how to rescind unwise purchases. It's hard to keep ahead of the scammers, and we can only help people when they find us in time.

Jim
 

jieamoniqe17

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Hi,

Well. I spoke with the original sales person and he referred me to his bosses' boss. I requested my money back and I shared that my financial advisor had advised me against using the timeshare as an investment vehicle. Instead of returning the money, "the boses' boss offered me a better option and for $30,000 less than my original purchase price. In fact he bent over backwards for me.

Although I did not get my money back, I did receive 65% of my deposit back and 0% interest for 12 months to pay off the 12,500 I owe the resort. Believe it or not, I receive similar terms as the $50,000 investment. 11 years + an additional 11 years (used a our discression) vs. 25 years and additional 25. The benefit is that I will have a three bedroom + 1 studio with the new contract , as opposed to a 2 bedroom with the original contract. So, I am very pleased with the new price and the new offered unit.

Originally, I was not convinced that $50,000 was a good price to pay for an investment. I read about Lloydshare and I was sure that I would not have any type of return. I am not concerned with this second purchase. I do however have some questions to ask during my meeting tomorrow with the bosses' boss.

I just wanted to thank everyone on this forum for responding to my request for assistance so quickly. Thanks a million!!!

Jiea
 

Passepartout

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I am saddened. But....well....you can lead a horse to water..... :(
 

TUGBrian

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its incredible how the salespeople are able to continually convince some to spend tens of thousands of dollars on something that literally has no resale value.

that said, as long as you are aware of your options and alternatives and appear to be happy with your purchase...we are happy to welcome you as new timeshare owners!
 

echino

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What you purchased is worth approximately $0.00. Not $50,000 or $20,000.
 

jwalk03

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Hi,

Well. I spoke with the original sales person and he referred me to his bosses' boss. I requested my money back and I shared that my financial advisor had advised me against using the timeshare as an investment vehicle. Instead of returning the money, "the boses' boss offered me a better option and for $30,000 less than my original purchase price. In fact he bent over backwards for me.

Although I did not get my money back, I did receive 65% of my deposit back and 0% interest for 12 months to pay off the 12,500 I owe the resort. Believe it or not, I receive similar terms as the $50,000 investment. 11 years + an additional 11 years (used a our discression) vs. 25 years and additional 25. The benefit is that I will have a three bedroom + 1 studio with the new contract , as opposed to a 2 bedroom with the original contract. So, I am very pleased with the new price and the new offered unit.

Originally, I was not convinced that $50,000 was a good price to pay for an investment. I read about Lloydshare and I was sure that I would not have any type of return. I am not concerned with this second purchase. I do however have some questions to ask during my meeting tomorrow with the bosses' boss.

I just wanted to thank everyone on this forum for responding to my request for assistance so quickly. Thanks a million!!!

Jiea
OMG!!!! How?!??!! Why??!! Seriously I do not want to be mean, but please don't be this stupid! Send Your recession letter!!!!!!!!!!! Remember those resales you saw for $100? You were just convinced that spending $20,000 (instead of $50,000) was a good deal, when in fact the value is still $100(or less).
 

pedro47

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Sounds liked the five (5) day’s recession will end on March 17 and the OP is having second thoughts on not canceling the contract.

Sounds liked there are some smooth talking sales people in Mexico .

To the OP....Please cancel your contract..... that timeshare offer price from that sales person will be the same today, tomorrow, next month and next year.
 
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jieamoniqe17

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Hi,
Please don't feel sorry for my. I am very tired of doing negotiations and today is another day of negotiations. I still have not gotten what I want. I love the resort. We will definitely return to this resort. Maybe I need someone to explain why this is not worth anything to me. We are getting a three bedroom plus a studio for a week or we get a one bedroom for 2 weeks for the same maintenance fee. I was told that we pay the all inclusive fee of $69 per person for adults or we have the option of choosing no AI.

It was so weird yesterday, when I tried to cancel yesterday. I was told there were certain legal ramifications, yet it was so easy for them to refund my $8900 that I paid as part of my deposit. If I do not get want I want today- I will send the letter. Is that ok? or Are you saying I should never buy a timeshare? Please explain. Thank you.

Jiea
 

Passepartout

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We feel that you should not buy a MEXICAN timeshare. They are great to visit, but their lying, and deceit are pervasive. And since there are SO MANY great places in Mexico, it makes them easy to reserve through VRBO, Tripadvisor, and any number of other outlets without tying up your money. Timeshares in general are a lousy investment, and since there is no true 'ownership' in Mexican ones (no deed) there is just no 'there' there.

But frankly, it's your money. Spend it as you wish. If you see value there, go for it with our blessing. Just remember. if you turn this down, and walk away. and come back to TUG and learn what you can about this type of vacation, you'll be an INFORMED consumer, and if this deal turns out to be something you truly see value in, THE DEAL WILL STILL BE THERE next week, next month, next year. That's the way Mexican TSs work.

Jim
 
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