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This past Saturday, we purchased a vacation package from Gold Crown resorts. When we arrived home and checked the company on the internet, we did not feel comfortable with the product they sold us. We paid in full with a credit card ($4,000.00) and now we want to cancel our transaction. On our agreement, it states we have three days to rescind the agreement. Also, there is a paragraph that states the following, "Should the applicant fail to make payments as set out above, Paradise Vacations reserves their legal right to pursue the applicant for the full balance of the purchase price. Non-payment constitutes a default and all payments made by the applicant may be forfeited at the Paradise vacations discretion." Our questions is, if we cancel our transaction (credit card) can they come after us for the full amount plus penalties?
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No, you have the right to cancel as provided by the contract. What that language applies to is people who should default on their obligation, the company reserves the right to pursue the full balance, like what a lender would do if you failed to pay your mortgage, for example.
I would suggest, however you read the contract to see if there are any specific requirements as to how you need to cancel --e.g., if you must notify them in a certain manner. I wouldn't just contact your credit card company and cancel because that may not be enough. Even if the contract doesn't specify a method of cancellation, make sure you give them written notice. Fax it to them if you have a fax number, but then also send written notice via certified mail or with delivery confirmation so you have proof, and keep a copy of your correspondence for yourself.
If you would like any additional information or have more questions please don’t hesitate to ask!
Experience: Experienced in multiple areas of the law.