Recouping deposits from credit card company after canceling timeshare purchase

We were scammed with many lies in a purchase of a timeshare in Mexico in July of 2010. After several months we were able to get this contract canceled through a third party, however the timeshare company would not reimburse our deposit. The deposit was placed on our credit card. Does anyone have any information on credit card reimbursement for this kind of situation?

My only suggestion is to file a complaint with the credit card company, however credit card reimbursements normally have to be within a 60 day period, but if you explain that it took you several months to get out of the contract, they might reimburse you .... also whatever entity your third party was in getting you out of the contract should be able to help you.

BTW, I have no idea of what your deposit was, but just get down on your hands and knees and give thanks that your contract was cancelled ..... many people aren't so lucky.

Yes, this hard sell happened to me. I canceled my timeshare at Pueblo Bonito, Cabo San Lucas, within 4 days before leaving Mexico. Now I'm trying to recoup all or at least part of my deposit of $3, 295. I filed a dispute with my credit card company but what else can I do?

susang517 wrote:

We were scammed with many lies in a purchase of a timeshare in Mexico in July of 2010. After several months we were able to get this contract canceled through a third party, however the timeshare company would not reimburse our deposit. The deposit was placed on our credit card. Does anyone have any information on credit card reimbursement for this kind of situation?

What company did u use? Im passed my recision period but i cant seem to find someone who actually wants to help

reyt4 wrote:

What company did u use? Im passed my recision period but i cant seem to find someone who actually wants to help

If you have passed your rescission period, then you will have to find a way to get a new owner.

Do you have the mortgage paid off and the maintenance fees up to date? If so, then the resort's Homeowners' Association (HOA) or the actual timeshare company (such as Wyndham or Diamond) might take your unit back. You can also list it for sale or giveaway on a reputable site such as here on RedWeek, Craigslist, E-bay, My Resort Network, or Timeshare Users Group (aka "TUG; tugbbs.com). Maybe offer to pay the closing costs and even the next maintenance fee.

Just do not pay any company a large fee that claims it can "cancel" your timeshare.

After the rescission period, you need to negotiate with the timeshare company to see if they will let you out of the contract. While you could hire a 3 rd party to help you do this, it may end up costing you more money and doesn't guarantee that you will get out of the contract. Disputing a contract with a credit card company won't get you out of the contract.

reyt4 wrote:

What company did u use? Im passed my recision period but i cant seem to find someone who actually wants to help

It isn't a matter of not WANTING to help you, but a matter of not being ABLE to help you.

The simple and blunt truth is that once a contract rescission period has expired, there is little or nothing that any company, organization or attorney can do for you, unless you can substantively prove outright fraud in the transaction. You voluntarily chose to enter into a legally binding contract. The only way "out" is if the other party is willing to release you from that contractual obligation (which is a rare occurrence in timeshares) or if you choose to simply stop paying and default on the obligation and ultimately face later foreclosure.

P.S. This thread really should not be in the Timeshare Exchanges forum at all in the first place, since these posts have nothing to do with this forum's actual topic of timeshare exchanges.

NEVER pay anyone money upfront that claims they can get you out of your contract . All they want is your upfront money .

chelseyd7 wrote:

My recesión period ended as well and I found this company that is willing to help it’s known as Timeshare compliance they help u terminate contacts it’s accredited through the BBB

This company is probably willing to take thousands of dollars from you to do something you can do yourself for a lot less money. Answering a few questions might help here.

1) Is your unit deeded property or a Right-to-Use (RTU)? 2) When did you purchase? 3) How much have you paid on the loan so far and how much do you still owe?

By the way, the way you have your post worded looks like you're trying to tout this company rather than sincerely ask for advice.

Hello! I just wonder if you able to dispute the credit card. We were able to cancel our timeshare. It took us a year I believe. We are trying to dispute the amount that have been used for the downpayment from the Comenity Credit Card. But, its somehow difficult. I just need some advice. Thanks!

abbya21 wrote:

Hello! I just wonder if you able to dispute the credit card. We were able to cancel our timeshare. It took us a year I believe. We are trying to dispute the amount that have been used for the downpayment from the Comenity Credit Card. But, its somehow difficult. I just need some advice. Thanks!

Under state law, contract cancellation must occur within 3 to10 days after contract execution, with the exact deadline for rescission being determined by individual state law. Under applicable federal law (Fair Credit Reporting Act), pertinent 100% refund must then be issued within 45 days after a properly and timely submitted contract cancellation.

If a credit card was used for the down payment on a contract that was properly cancelled within the applicable state law rescission period, a credit for 100% of that down payment amount should be issued right back to the very same credit card, within 45 days. I cannot comprehend how or why you are reportedly still dealing with a deposit refund issue a year later if your rescission was submitted in a proper and timely manner. This just doesn't make any sense --- something isn't right here.

My wife and I decided that our timeshare purchase was a big mistake So I just disputed my cc charge. The downpayment was 50% so we’re talking a big number here. Does anyone have experience with a cc company (in this case chase business card) NOT refunding with chargeback because of a timeshare contract?

ronene wrote:

My wife and I decided that our timeshare purchase was a big mistake So I just disputed my cc charge. The downpayment was 50% so we’re talking a big number here. Does anyone have experience with a cc company (in this case chase business card) NOT refunding with chargeback because of a timeshare contract?

You make no mention at all of the critically important FIRST step, which is to rescind (cancel) the timeshare purchase contract (assuming that you are still within the rescission period provided by state law to do so). If you are already past the rescission period of the state in which you executed the contract, you are out of luck and any attempt to dispute a voluntary charge made of your own free will on a valid contract after the rescission period has already passed most likely will not succeed. Even cancelling the credit card entirely after the rescission period has passed will NOT relieve you of the legal obligations associated with a valid, lawful contract that you previously and voluntarily signed of your own free will.

Unless the contract you voluntarily signed is rescinded (cancelled) in time, there is no basis for ANY credit card issuer to consider (let alone process) a "dispute" for a legitimate charge voluntarily made on a valid contract. All a developer needs to do to easily win any such "dispute" is produce a copy of the valid contract bearing your voluntary signature; you will not prevail in the face of that irrefutable documentary proof.

I sincerely hope that you are still within your contract rescission time period (5-7 days after contract execution in most states, 10 days in Florida and Tennessee, but only 3 days in Massachusetts and two other states). If you are still within the available rescission period, rescind (cancel) immediately --- in writing and without any further delay. Tick tock...