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Subject: Just signed for a studio


Author:
David C.
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Date Posted: 18:53:53 06/20/02 Thu
 Just got back to UK a few hours ago. During a week holiday, went to CPO via the free holiday tout, and after listening carefully to what I would get for my money, signed all the papers to buy a studio in week 46 at CPO.

Now I've spent an hour on the net looking for info about my purchase I'm horrified as it seems I've made a ghastly mistake.

They said I might experience buyer's remorse and gave me telephone numbers for their office back in the UK so I could have reassurance over the purchase - but independant research here and elsewhere in the short time I've been home has shocked me.

It has been a long day and I am tired, but briefly the pitch involved a starting price at around £9K, but on offer at around £5.5K, and then reduced it to around £3.8K + around £350 legal fees for freehold of a 1 week studio in week 46. The main appeal for me was being able to bank the week if I wanted and go to many other world resorts by just exchanging my week through RCI - a simple process they explained to me.

They also said the annual maintenance fee was listed at £191 but they did not charge this annually and it was to get around Portugese laws. They also stated that maintenance charges had remained low and had barely rised to any notable degree above since inception.

I was shown a document which gave a valuation that the studio was valued at just over £6K. If I wanted to sell they could manage it for me or I could do it myself... but £6K looks overvalued to the extreme now and so does what I paid. Especially when I look at some of the resale sites for similar studios and dates which are offered below £1K. The salesmen also strongly implied that I would see my investment grow - (he used 10% a year) although I dismissed that there and then as too speculative.

They said although I have week 46 I could go anytime during the year.

Also I believed I was given documents about the valuation and other important aspects of the transactions in an envelope before leaving but when I got back to my hotel it was just a welcome mailshot and an RCI brochure.

I paid by credit card (post dated) for two equal split payments for the studio - the first to be taken in a few days, and the next a few days later from then? Membership certificate and RCI Big Box to follow shortly I was told.

Is there any cooling off period? I feel I have been very much misled and been spun an inaccurate picture of the facts. £4.2K + ongoing annual maintenance charges + other hidden costs which I now know I might have to pay for exhange ect... a lot of money for me but they way it was presented to me seemed it would save me a lot of money for future holidays.

Is there any way I can cancel now I'm back in the UK? Thanks if you can help,
David C.
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Replies:
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Re: Just signed for a studiomichelle d05:51:57 06/24/02 Mon

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