RCI Cancellation Policy Experience

We received the following submission from one of our users regarding their experience with RCI:RCI cancellation policy

“I am very disappointed with their program. I was really looking forward to a vacation I booked in March 2016 for December 2016 but had an emergency with my son and he was hospitalized. So of course we have to cancel our vacation. We could not re-book, receive any of our money back or get some kind of RCI credit for future use. It really is sad that they would just take $500 plus dollars for something our family could not use after all because of a serious accident.

-Very disappointed member”

Anyone else have a similar experience with RCI or other timeshare exchange programs? What do you believe these companies should do in the event of a cancellation? Tell us about it!

Rescinding With Credit Card and No Down Payment

One of our users left the following comment on our 10 Steps to Successfully Rescind Timeshare article:

I signed with RCI and Legacy, its past the cooling off period, but I haven’t paid the down payment yet. Does that mean the contract is still valid? should I just cancel the card and not pay? would that cancel my contract?

credit cardIt would make things a whole lot easier if you could simply cancel your credit card to get out of your contract, but unfortunately that is not the case. According to credit.com, once the seller has your credit card information, they will also be in possession of your social security number. So once you cancel the card, the account will then be referred to a collection agency, at which point they can report it to a credit reporting agency. You will still be responsible for payments and if you do not make them on time, it could hurt your credit score.

It is also likely that your down payment by credit card was processed very quickly by the seller when you signed the contract and that what you now have yet to pay is the bill from your credit card issuer. The good news about making such a purchase on a credit card, however, is that you have the right to dispute the charge if you feel the seller misrepresented the product (in this case, the timeshare) or did not deliver what was stated in the contract. There is a time limit for disputes, however, usually around 60 days. Read your credit card agreement so you know how much time you have.

Wyndham Financing Company Experience

One of our users commented on our What Happens If I Stop Paying My Timeshare? article about their experience with Wyndham:

Hope this will help some ppl with Wyndham accounts, predominantly Australians. We were on our honeymoon & naive; we bought into trap. We paid about six months of repayments after that we
stop cold turkey. They call insistently once a day, some we’re nice explaining it was part of their job whilst some were a little onmious and some times i could almost it was the same person doing a jekyll/hyde routine. They called my wife a couple of time scaring the bejesus out of her, I promptly
told them under no circumstances were they to contact her and that i alone would take the calls. All
wyndham financing companyin all it took close to 1 year before they place me in default however it was in default with their own “wyndham” financing company; Ha. It had no impact on my credit rating; I monitored it with a subscription to a credit rating company, before and after the ‘default’. I gone onto refiance my home loan, leased a new car. This website was a godsend and it helped me take stand. Hope this helps.

As we outline in this article, there is no concrete consensus on what will happen if you stop paying your timeshare. We are unaware of any separate Wyndham financing company, but there have been plenty of reports of people defaulting and being foreclosed upon with Wyndham. Has anyone else experienced this? Has your timeshare gone into default with Wyndham and not affected your credit score? Please let us know by commenting or submitting your own story.