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is it worth not honoring (stop paying) TS contract after rescind period is over?

Discussion in 'New to Timesharing? Look Here!' started by bioleal, Mar 15, 2013.

  1. bioleal

    bioleal TUG Member

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    hello all...

    I searched for this answer but did not find the answer anywhere (Timeshare 101, etc)..

    We purchased a TS from the developer, and we are past the rescind period. We have Not even started the first payment of the financing...

    Is it worth not honoring (Not paying) TS contract after the rescind period?
    I mean, getting bombarded by Collection and having trouble with our credit?

    I imagine we would loose our down payment and get our Credit hammered (not sure how bad), but what else?

    Anyone at TUG have done that? what were the consequences? Worth to fight after rescind period is over?

    Thanks!
     
  2. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    I'd say you have a pretty good grasp of the consequences. Being turned over to collection, getting calls at all hours, having your credit take a hit, possible inability to buy a house or car- or at least without paying exorbitant rates.

    Why didn't you rescind when you could? The law was on your side for 3-10 or more days. Many here have bought from the developers. Most chalked it up to a bad judgement. Saw that even though they found out like you did that better deals exist, the value they saw when they bought is still there. Pay it off, hang around TUG. Learn to get the best use of what you bought. Don't buy retail again.

    Best wishes.

    Welcome to TUG.
     
  3. RX8

    RX8 TUG Member

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    If you have signed a finance contract, and sounds like you have, it is likely with a third party lender. It isn't any different if you used your VISA to buy a bedroom set only to later decide you didn't want the bedroom set. if you stop paying the monthy payments to VISA because you don't like the bedroom set VISA won't be happy because they lent you the money in good faith. They will do their best to get you to pay what is owed to them.

    What can happen? Collection calls, foreclosure, judgements, and garnishments. Of course all that can affect your credit score and profile causing you to pay higher interest rates assuming another bank still deems you credit worthy to be approved.

    Will all this happen? No one can say for sure. Is it worth it to find out? That is only a question that you can answer.

    Where did you purchase? Why the change of heart so quickly after purchasing?

    Wish you luck whatever you decide to do.
     
  4. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    As mentioned above there is a very big difference between not paying annual fees due to a resort vs not paying a personal loan made for a timeshare (or any) purchase.

    Just because it is a timeshare does not change the fact that you agreed to pay back the lender, plus interest. They, based on that agreement/promise, paid the Developer tens of thousands of dollars (or whatever the purchase price was) for you. Now you owe that cash back to them or you will suffer serious financial impact on your credit score and the ability to get any loan for many years to come. A default will seriously damage your overall credit worthiness.

    You may want to try to get a discounted buy out of the contract rather than defaulting. Good luck.
     
  5. DeniseM

    DeniseM Moderator

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  6. Rent_Share

    Rent_Share Guest

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    From your other post

    Unless you have assets in Mexico I cannot imagine what possible consequence a judgment in Mexico will have on your credit rating or financial well being.

    If the organization had assets or an office in the US they might have a venue clause that could have you defending a lawsuit in the same state where they had holdings (A judgment in another state has to be reconfirmed In the state where the debtor has assets in order for the judgment creditor to take action.) A Mexican entity has no standing in local court.

    If you do default I would scratch Mexico off my list of vacation destinations, Under British Common Law, which the law of the US states is based on (except Louisiana) there is a clear distinction between civil and criminal matters, and unless there is fraud involved you cannot be put in jail for non-payment of a civil debt (anymore), I am not sure I would trust the Federales an/or Policia to hold up to that same standard, since despite their efforts to court tourism, roadside justice and adjudication still occurs.
     
    Last edited: Mar 15, 2013
  7. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    The potential problem is if an American based firm is paying off the seller based on those loan promises. If that is the case they couldn't care less what or where it went - they gave that group the cash in exchange for the promised loan payments. And as an American based firm (if they are) they can use American reporting agencies / collection agencies to get that money back.

    You want to be very careful who/what is involved here. If it's all Mexican based and likely two or more Mexican scam operators in collusion then you can safely walk away. But if they have American ties things might not be so easy to get out of.
     
  8. bioleal

    bioleal TUG Member

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    - We purchased a membership at Hacienda Tres Rios (presumably from Sunset group) in Playa del Carmen, which would give access to all 4 resorts in that cancun/Playa area. It includes every 2 years: "flex" 1 registered week (studio for $760 w/ option to up-grade for 1 or 2 bed) and an option of 1 "VIP week" (same above but optional) ; and the "right" to pay for 2 weeks/year exchange in their Interclub (network). Both registered and VIP weeks are AI optional.

    - Why did I change idea? I actually did not; we really liked what we saw (both Tres Rios and Fisherman's), and even tough we promised ourselves "Not to buy" at the presentation.... when the seller said we could get rid of our existing time share (Trade it), we end up wanting really bad that place... so we did it...

    What makes me want to flip a finger to them, are some lies in the presentation (not worded in the contract) like the privileges of their VIP network (http://vip-travel-club.com) which seem way too mysterious, and no one has information about it. Also, the 2 exchangeable weeks/year was supposed to be through II, RCI, Interclub and VIP... and in fact is only Interclub.

    As other pointed out in my other post, about "value trade agreement" ... the "trading" of our existing TimeShare for this one; is most likely a scam... so TUG members recommended me not to send any document or pay the up-front $500 fee

    The information we have at TUG is that they are overbooked.

    Plus Sunset has such a bad reputation (in the web and TUG), that I am not sure what in the contract would ever materialize.

    ... if we could trade our existing timeshare as promissed, easily use our weeks (availability as they promised), and use the benefits of their VIP network... we would still be happy, even after paying way too much... but so far it seems there are a lot of lies to be discovered ...

    I tried to contact other Sunset members here at TUG, about how good/bad are their experiences about reserving, trading using Interclub/VIP... but no one responded...
     
  9. Rent_Share

    Rent_Share Guest

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    The Limited Documents provided clearly indicated a venue clause of Quintana Roo, Mexico, I have never seen a contract with two venue clauses in it. The OP could wait for valid sevice of process in the state they live in before considering paying anything
     
  10. bioleal

    bioleal TUG Member

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    hello David and John;

    Yes, the finance was done with two Mexican companies FINCONPRO and Promotora Sunset Beach Clubs.

    I am still trying to reach TUGers that have membership with Sunset, to set streght our expectations... but someow no luck

    Hello.. any Sunset members out there ?
     
  11. Dani.D

    Dani.D Guest

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    Hi bioleal,

    It sounds like my parents are currently in the nearly exact same situation that you were in, with the same finance company, timeshare company and resort. Over the past week I've posted messages and received great feedback in another thread on this website, but I'm just wondering how your situation turned out? Did you cease all payments? If so, did you suffer any consequences from FINCONPRO, Sunset, or Hacienda Tres Rios? I know it's a long shot that you'll see this message, since you were dealing with your dilemma several years ago and you may not visit this site anymore, but if you see it, I'd love to hear how your story turned out!

    Thanks!
     
  12. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    We would too, but bioleal has not been on TUG since April of 2013. Try clicking on their blue username and click 'Start a Conversation'. After you post your private message, the recipient will be notified via the email address they registered with. If they have changed their email, they wouldn't get the message, but that's your best shot. They are still showing as a member, but I betcha it's expired.

    Jim
     

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