what should i do?

[Ch73]

hi. I'm new to tug but have been a timeshare member for 10+ years. On 2/22 I purchased some more points from Worldmark. I realized after a couple of weeks that it was not in my best interest. I consulted a friend and he suggested that I call Worldmark. I called Worldmark on 3/18 and after talking to numerous people I reached the Certified Exit department. After speaking to the rep, we decided to request a rewrite for much fewer points. She would call me back by 3/26. I called her on 3/29 and she hadn't heard anything. She called and left a message on 4/6 that it had been denied because my bills were all up to date. Am I supposed to ruin my credit score by not making my payments? What can I do??? Any suggestions???

 

[TheTimeTraveler]

Unfortunately you are now well past your legal rescission period.

I am not sure why you would ruin your credit score; are you planning to not make future payments? You claim your payments are all currently up to date.

Whatever you do, DO NOT pay anyone anyone upfront fees to get you out from your ownership; they will do nothing but take that upfront fee and disappear with your hard earned money. These upfront fee operations are SCAMS.


.

 

[Ch73]

Thank you for your input. I know that I should have acted sooner but I wasn't sure what to do. I've never regretted a purchase like this. Once the reality sunk in, I started to panic Then waiting the 2.5 weeks for the reply from the Certified Exit department was a mistake, especially thinking that they might actually "help me". I wish I had known about this forum before. I just wasn't sure if there were any more options other than foreclosure. I'm retired, so my payments up to this point have been within my budget. But this extra expense is going to be really challenging for me. Thanks again.

 

[tschwa2]

Thank you for your input. I know that I should have acted sooner but I wasn't sure what to do. I've never regretted a purchase like this. Once the reality sunk in, I started to panic Then waiting the 2.5 weeks for the reply from the Certified Exit department was a mistake, especially thinking that they might actually "help me". I wish I had known about this forum before. I just wasn't sure if there were any more options other than foreclosure. I'm retired, so my payments up to this point have been within my budget. But this extra expense is going to be really challenging for me. Thanks again.

Waiting the extra 2 weeks didn't matter. Your rescission period is based on where you purchased but the average is 7-10 days so by the time you called you were likely too late since you say it was already a couple of weeks from when you purchased. Your options now are the same as they were when you called- default or continue to pay. I don't know if not paying for 3-4 months and then seeing if you have an offer to lower your payments and purchase package would be any better than just defaulting completely. Even if they offer to half your package and reduce what you owe by a third, you are still overpaying when you are purchasing from the developer.

Many, many people buy timeshares, miss or don't realize there was a limited window to rescind and regret the purchase. For some its a $4000, starter package for others it is an $80,000 purchase.

 

[easyrider]

Thank you for your input. I know that I should have acted sooner but I wasn't sure what to do. I've never regretted a purchase like this. Once the reality sunk in, I started to panic Then waiting the 2.5 weeks for the reply from the Certified Exit department was a mistake, especially thinking that they might actually "help me". I wish I had known about this forum before. I just wasn't sure if there were any more options other than foreclosure. I'm retired, so my payments up to this point have been within my budget. But this extra expense is going to be really challenging for me. Thanks again.

If you contacted Wyndham asking about what to do within the rescission period and they took 2.5 weeks to get back to you I would tell them you want out again. When they say no again go to the BBB website and file a complaint. Also file a complaint with the Attorney General of your state.

Bill

 

[Ch73]

If you contacted Wyndham asking about what to do within the rescission period and they took 2.5 weeks to get back to you I would tell them you want out again. When they say no again go to the BBB website and file a complaint. Also file a complaint with the Attorney General of your state.

Bill

If you contacted Wyndham asking about what to do within the rescission period and they took 2.5 weeks to get back to you I would tell them you want out again. When they say no again go to the BBB website and file a complaint. Also file a complaint with the Attorney General of your state.

Bill

Waiting the extra 2 weeks didn't matter. Your rescission period is based on where you purchased but the average is 7-10 days so by the time you called you were likely too late since you say it was already a couple of weeks from when you purchased. Your options now are the same as they were when you called- default or continue to pay. I don't know if not paying for 3-4 months and then seeing if you have an offer to lower your payments and purchase package would be any better than just defaulting completely. Even if they offer to half your package and reduce what you owe by a third, you are still overpaying when you are purchasing from the developer.

Many, many people buy timeshares, miss or don't realize there was a limited window to rescind and regret the purchase. For some its a $4000, starter package for others it is an $80,000 purchase.

If i default it will affect my credit score, which I have worked hard to keep at a very good to excellent score. I would love to reduce the payment amount but I'm not sure that I want to compromise my financial standing. Is it possible to do both?

 

[Ch73]

Waiting the extra 2 weeks didn't matter. Your rescission period is based on where you purchased but the average is 7-10 days so by the time you called you were likely too late since you say it was already a couple of weeks from when you purchased. Your options now are the same as they were when you called- default or continue to pay. I don't know if not paying for 3-4 months and then seeing if you have an offer to lower your payments and purchase package would be any better than just defaulting completely. Even if they offer to half your package and reduce what you owe by a third, you are still overpaying when you are purchasing from the developer.

Many, many people buy timeshares, miss or don't realize there was a limited window to rescind and regret the purchase. For some its a $4000, starter package for others it is an $80,000 purchase.

 

[Ch73]

If you contacted Wyndham asking about what to do within the rescission period and they took 2.5 weeks to get back to you I would tell them you want out again. When they say no again go to the BBB website and file a complaint. Also file a complaint with the Attorney General of your state.

Bill

It was not within the rescission period. It was 2.5 weeks after the recission period, about a month after the actual purchase.

 

[Ch73]

If you contacted Wyndham asking about what to do within the rescission period and they took 2.5 weeks to get back to you I would tell them you want out again. When they say no again go to the BBB website and file a complaint. Also file a complaint with the Attorney General of your state.

Bill

If i default it will affect my credit score, which I have worked hard to keep at a very good to excellent score. I would love to reduce my total cost but don't want to compromise my credit. Can I do both?

 

[easyrider]

It was not within the rescission period. It was 2.5 weeks after the recission period, about a month after the actual purchase.

Explain to Wyndham you were busy because of whatever, covid might be a legit reason for many, and find out what the penalty is for late rescission.

Bill

 

[Ch73]

Explain to Wyndham you were busy because of whatever, covid might be a legit reason for many, and find out what the penalty is for late rescission.

Bill

I'll reach out to them again on Monday about covid and see if they will reconsider my case.

 

[easyrider]

I'll reach out to them again on Monday about covid and see if they will reconsider my case.

Maybe read about a force majeure clause to extend the rescission period in the contract with a penalty. The penalty might be a forfeit of all monies paid to date to be out of the contract, idk. With covid this probably comes up many times regarding travel.

Bill

The Coronavirus and Force Majeure Clauses in Contracts

Across the globe, businesses are experiencing issues with productivity due to employees being self-quarantined to prevent risk of exposure to the coronavirus (COVID-19), and due to facilities being shut down in an attempt to slow the virus’ spread. In light of this, many businesses are now...

www.akerman.com

 

[tschwa2]

Explain to Wyndham you were busy because of whatever, covid might be a legit reason for many, and find out what the penalty is for late rescission.

Bill

The penalty for a late rescission is the developer can deny it. If the OP or immediate family had covid in the time between buying and failing to rescind that would probably be a very legitimate reason for Worldmark to allow the cancellation. Other than that Worldmark/Wyndham is not going to give a pass to everyone who bought in the last 13 months and reached out after the rescission period to cancel.

 

[easyrider]

The penalty for a late rescission is the developer can deny it. If the OP or immediate family had covid in the time between buying and failing to rescind that would probably be a very legitimate reason for Worldmark to allow the cancellation. Other than that Worldmark/Wyndham is not going to give a pass to everyone who bought in the last 13 months and reached out after the rescission period to cancel.

I agree and know Wyndham doesn't let the worm off the hook very often. The force majeure clause is being used this year by many companies and consumers because they have no control over covid whether it is legit or not, imo. If a person misses the rescission by a few weeks, in this case 2.5 weeks, it could get them off the hook by asking. Certainly off the hook with pressure from the Attorney General or an attorney, imo.

Bill

 

[tschwa2]

I agree and know Wyndham doesn't let the worm off the hook very often. The force majeure clause is being used this year by many companies and consumers because they have no control over covid whether it is legit or not, imo. If a person misses the rescission by a few weeks, in this case 2.5 weeks, it could get them off the hook by asking. Certainly off the hook with pressure from the Attorney General or an attorney, imo.
Bill

He didn't miss it by 2.5 weeks, he didn't legally rescind at all. Calling at 2.5 weeks does nothing legally. If he called from his cell, he would have proof of a call on that date but I don't know if that would do much. He also edited it to where the call was about 4 weeks after purchasing. And today is another 4.5 weeks later. So right now if he gets it postmarked on Monday it will be exactly 9 weeks from when he signed.

It certainly wouldn't hurt to send in a rescission letter ASAP, with some sort of explanation. In all likelihood it would get denied based on the lateness but you never know and it would cost less than $5 for the certified letter to try.

 

[easyrider]

He didn't miss it by 2.5 weeks, he didn't legally rescind at all. Calling at 2.5 weeks does nothing legally. If he called from his cell, he would have proof of a call on that date but I don't know if that would do much. He also edited it to where the call was about 4 weeks after purchasing. And today is another 4.5 weeks later. So right now if he gets it postmarked on Monday it will be exactly 9 weeks from when he signed.

It certainly wouldn't hurt to send in a rescission letter ASAP, with some sort of explanation. In all likelihood it would get denied based on the lateness but you never know and it would cost less than $5 for the certified letter to try.

If the calls intent was to cancel the contract and Wyndham delayed for 2.5 weeks there might be a case for things like the it wasn't exactly disclosed on how I could cancel is why I called. Most sales people intentionally avoid talking about the cancelation policy. The cancelation policies are usually not easy to find in the contract. I'm not certain about where the cancelation disclosure is located in the WM contracts. It would be some thing I would like to see.

Then there is the covid thing.

It sounds like it was already denied. That is how it works with most contracts. It may take many letters and calls but it can happen.

I agree, They should get on the letter asap.

Bill

 

[Ch73]

I did call to cancel on 3/18 but was told by the department that the rescission time was already past. It was mentioned by the Certified Exit employee that my chances of success would be better if I used the rewrite option. That is why that particular request was submitted and subsequently denied.

 

[Ch73]

MY original call was made because of hardship. I spoke to multiple people and kept getting transfered to various different people in multiple departments. I had no idea how to reach anyone who could direct me to the proper person or department. I have definite stress and anxiety issues and felt very confused and frustrated during both the presentation and the problem solving proccess( calling wm about my hardship).

 

[Ch73]

Would it be recommended that I get legal council or just write a rescission letter?

 

[Ch73]

I will be sending a recission letter on Monday via certified mail. I will also be faxing the letter. As you say, it wouldn't hurt to try. Thank you all for your help in this matter. I so appreciate it.

 

[sue1947]

Would it be recommended that I get legal council or just write a rescission letter?

Hiring a lawyer is a waste of money. The facts are: you signed a contract and let the rescission period pass without taking any action. In addition, you signed in Feb of this year when the consequences of the pandemic were well known. The COVID argument might have worked for last March/April, but that ship has probably sailed. As a result, you own it. No lawyer can change the contract you signed.
Your choices:
Learn to use it. If you have a loan, pay it off as quickly as possible.
Sell the account. WM has value on the resale market.
The big obstacle to selling is if you have a loan. You can sell an account with a loan owing, but it needs to be a low enough balance to be worth it to the buyer.
Give it back to Worldmark/Wyndham; but I think this is only if the loan has been paid off.
If you have a large loan and can't afford the payments, then your option is to default on the loan which will be a hit to your credit score. Timeshares are not a big hit, but it will depend on the size of the loan.

You can send in a rescission letter and call as many times as you want hoping to get somebody who will tell you what you want to hear. It doesn't change the fact that you signed a contract and it is now enforceable. Deal with the reality of the situation to reduce your stress. Chasing pipe dreams will just extend the aggravation.

Sorry to be so brutally honest, but those offering pipe dreams above are not doing you any favors.