I bought into this and the day after found the following report. It was hard to find so I'd like to share it with you and hope that you spread this as well:
From redflagdeals, posted by Arthurian1 on May 10th, 2009.
"Scam Alert: Resort Villas (eresortvillas), The Vacation Store, Bona Vista Travel & Triad International
Hopefully this will help some other innocent people out there.
My family members were recently scammed by an unethical, although not illegal, group of companies, including THE RESORT VILLA, THE VACATION STORE, BONA VISTA TRAVEL and TRIAD INTERNATIONAL.
If you are dealing with these companies, pleae beware. A telemarketer contacts an innocent person by phone telling them they've won a trip and to bring their wife and credit card to an event in Woodbridge, Ontario. When they arrive, there is vacation music playing and smooth talking sales people doing a presentation. There's cheap food available for attendees as an incentive. Essentially, they pressure you into signing on-the-spot deals for a time-share-like scheme, but using what they call "points." These points are supposed to go toward discounted 5-star hotel stays world-wide, but with all the user fees, maintenance fees, incidentals and restrictions, you end up paying much more than you would have, had you booked a luxury package deal online or through a travel agent.
The presenters convince the audience of their authenticity by throwing in familiar names like "Bona Vista Travel" - note: this is NOT the reputable Bonavista Travel, rather a similarly named travel agency based in Woodbridge, Ontario. They also say it is certified by the Ontario government (as are most travel agencies).
While Resort Villas, The Vacation Store, Bona Vista Travel and Triad International (their associated financing company) are supposedly unrelated, they actually all reside and work out of the Woodbridge area. They have been in operation for over a decade because their contract is airtight and everything they do is legal. While participants think they will stay at hotels like the Ritz Carlton or other big name hotels, these are only advertised verbally in the presentation, but aren't in the actual contract you end up signing.
Also, while the contract does refer vaguely to "Article 25" on a pdf document on their website, it doesn't explicitly inform those who do end up signing that they have a 10-day period to cancel the contract according to Ontario law. IF YOU READ THIS BEFORE YOUR 10 DAYS ARE OVER (counting each day after the contract is signed), CANCEL IMMEDIATELY. We have spoken to a lawyer, and there is no other way out. They will go to court and win, and they will continue to do business, because they can. File a complaint with the Consumer Protection Agency in Ontario and let all your family and friends know, especially the elderly, so they too, are not innocently scammed.
While the salespeople offer 49, 000 points, for instance, for about $17, 000 dollars, I have read other stories from people scammed saying that when they first refused, the salespeople lowered the price for the same 49, 000 points to a mere $4900--still not worthwhile, but so much less than the original offer.
If you do attend something like this, ask for identification, business cards, catalogues or host hotels in the agreement. Also ask about the cancellation policy. And please, don't sign. If you decide to sign it or any other contract, please be sure to read the fine print. With words like "coersion" and "no cancellation" in their contract, please heed the red flags and get out of there.
This scam has been happening for years now, and also entices people from the United States and parts of Ontario. Please spread the word and protect yourself and those you love."
Basically they convinced us that we would have access to wonderful hotels / suites / cottages / etc... Format was identical to above post, same location in Woodbridge, Ontario. They were pretty smooth and convincing, and had us signing a contract for 25000 'points' at the price of $7750 CAD (note: they also provided financing at 0% for 18 months, this was brought down from the initial offer of 45000 'points' for around $22, 000 with financing in the order of 21.9% compounded semi-annually). Do not book anything with them upon signing, they will try to urge you to do so as soon as possible. You have 10 days from signing to cancel, do not solicit any of their goods or services as they may hold you liable for the costs incurred.
Their rules and regulations can be found here: http://www.eresortvillas.com/Members/Rules and Regs v 5v6a -booklet.pdf
Their main site can be found at http://www.eresortvillas.com/
Please spread the word, hopefully this will help avoid any such happenings.
Could have been me