Question about Timeshare Equity Services

golfo · Sep 30, 2016

I was approached by a Timeshare Equity Services company that goes by: Timeshare Equity Services Co. Texas (TESCO Texas).
They are offering to broker the sale of my timeshare, they say they have corporate buyers that are interested. No money upfront, just a percentage of the sale.
Does anyone know this company? Is this legitimate?
I do want to get out of my timeshare.
Thanks!

DeniseM · Sep 30, 2016

Unfortunately, this is a common scam that we literally hear about every day.

This is what is going to happen:

-They are going to promise you that there are no upfront fees, but then after they have you completely hooked and salivating for that big check, a "fee" will come up - surprise! They may call it taxes, escrow, title search, or a number of other bogus fees.

-However, they will promise you that it will go into an escrow account with a reputable escrow company, and you will "get it back" after the sale closes - they will even send you a link to the reputable escrow company that they will use.

-BUT - When the send you the info. to actually send the money to the "reputable escrow company," - it will be to a foreign account, and you will never see the money again, or hear from them again. Unless, of course, they can sucker you into sending them more money - which happens.

golfo · Sep 30, 2016

Hmm. Thanks.
Is there a legitimate marketplace to sell a timeshare? I have seen some posts here and it seems that the only option is to give it away?

truthmonkey · Sep 30, 2016

what do you own?

golfo · Sep 30, 2016

Villa del Palmar in cancun Mexico.

Karen G · Oct 1, 2016

golfo said:
Villa del Palmar in cancun Mexico.

There is a Villa del Palmar owners Facebook page here. Since it is a closed group you have to request to join it.

I successfully sold my Mexican timeshare on the owners Facebook page for the resort where I owned.

golfo · Oct 1, 2016

Thank you!

TUGBrian · Oct 1, 2016

believe we replied to your email as well (it was very similar if not you)

have you attemtped to list it for sale for $1 sofar?

what did VDP say when you asked them if you could just stop paying and or surrender your ownership back to them?

golfo · Oct 1, 2016

I haven't done either of those.
You think returning the property would work? I thought that was their business model, to have people paying maintenance for ever.

TUGBrian · Oct 1, 2016

wouldnt you at least make some effort to try since you are already considering paying thousands of dollars upfront to a company who may or may not accomplish anything?

golfo · Oct 1, 2016

Good point and thanks. I just didn't think it was possible.

jrider · Dec 10, 2016

golfo said:
Villa del Palmar in cancun Mexico.

Have you had any luck cancelling with Villa Del Palmar? I have had my membership for 10 years and would love to get out of it but Resortcom or UVC or who ever manages the memberships are impossible to deal with. 30 year commitment with absolutely no avenue to terminate it. I heard elsewhere that they won't even go away in a bankruptcy. Past due fees go away and then they continue to bill yearly fees and start all over again.

TUGBrian · Dec 10, 2016

just to be clear...stopping payment will end your ownership. this is the case with any timeshare or vacation club.

what you are asking about at this point is mitigating the repercussions of defaulting on your contract/loan.

saying that there is "no way out" is inaccurate...there is a way out of every loan or financial agreement...but as with any of them be it timeshares, homes, cars, credit cards, etc....walking away has varying degrees of penalties depending on what the situation is.

jrider · Dec 10, 2016

TUGBrian said:
just to be clear...stopping payment will end your ownership. this is the case with any timeshare or vacation club.

what you are asking about at this point is mitigating the repercussions of defaulting on your contract/loan.

saying that there is "no way out" is inaccurate...there is a way out of every loan or financial agreement...but as with any of them be it timeshares, homes, cars, credit cards, etc....walking away has varying degrees of penalties depending on what the situation is.

I don't agree. I contacted Resortcom to cancel my membership with Villa Del Palmar while my account was current, they said no way. I stopped paying hoping they would cancel it, they turned it over to collections. If I pay that collection off, they will continue to bill me in the future and the cycle repeats. I have attempted to sell, give away or transfer our membership with no luck. They told us we could sell, give away or transfer our membership if we ever wanted or needed to and we cannot. They lied to us to get us to enter into their contract. This was not the only thing they lied to us about but it is the one that is screwing us the most.

DeniseM · Dec 10, 2016

That is what Brian said: Yes, you can cancel, but there are consequences.

jrider · Dec 10, 2016

DeniseM said:
That is what Brian said: Yes, you can cancel, but there are consequences.

??? I have tried to cancel, they tell me I can't. I would be willing to pay a reasonable cancellation fee to be done with it but I can't even do that.

DeniseM · Dec 10, 2016

There are no easy outs with timeshares. They are not going go let you just walk away. You can cancel by defaulting, and that is certainly something to consider, but there are consequences. Unfortunately, that is just the way it is when you sign a contract.

We hear this question every day, and we are sympathetic, but there aren't any easy answers. Asking the same question over and over will not change that.

jrider · Dec 10, 2016

So I default, it goes to collections, damages my credit. Next year they bill me for maintenance fees, I default it goes to collections and damages my credit again. Following year they bill me for maintenance fees.......and so on for 20 years?

I have not paid in 3 years and they still have not cancelled it.

TUGBrian · Dec 10, 2016

if you stopped paying 3 years ago and havent seen any consequences, what difference does it make now?

you defaulted 3 years ago...you cant "default" again.

jrider · Dec 10, 2016

They just sent it to collections. If I pay it before it hits my credit, I will just get another bill next year for dues. If I don't pay it, the collection company will get a judgement and collect it that way and I will still get a bill next year for dues. They won't talk to me or answer an email until account is current but then I would get the same answer I did before we decided to stop paying, we don't cancel memberships.

DeniseM · Dec 10, 2016

Is this correct?

-They have sent you to collections for 3 years.
-You haven't paid them.
-It is not showing up on your credit rating.

jrider · Dec 10, 2016

Yes. Sent me to collections for about $2500 for 3 years worth of dues and penalties. It will show on my credit in 30 days if I don't pay. The timeshare with Villa Del Palmar has been paid off for 8 years. I think Resortcom is the company who handles the maintenance fees.

TUGBrian · Dec 10, 2016

this is getting a bit more confusing.

first you mentioned that they wouldnt let you out.

then you mentioned that they said they would let you out if you paid a $2500 fee

now it appears that $2500 fee is merely your outstanding balance you have not paid in the last 3 years that they seem to want you to pay (not surprisingly) in order to let you cancel?

DeniseM · Dec 10, 2016

If it were me, and I was trying to get into a house right away, I would pay the $2,500, and start the process to give it back. (Which may or may not be Legit.)

Chances are that any rescue company is going to charge you $2,500 or more, and the rescue companies are no more reliable than working through the resort, so one way or another, you are going to have to pay.

After you buy the house, your credit rating will not be as crucial, and if they won't let you out, you can default then.

jrider · Dec 10, 2016

TUGBrian said:
this is getting a bit more confusing.

first you mentioned that they wouldnt let you out.

then you mentioned that they said they would let you out if you paid a $2500 fee

now it appears that $2500 fee is merely your outstanding balance you have not paid in the last 3 years that they seem to want you to pay (not surprisingly) in order to let you cancel?

Can you quote where I said they would let me out or that the $2500 is anything but past fees and penalty?

DeniseM said:
If it were me, and I was trying to get into a house right away, I would pay the $2,500, and start the process to give it back. (Which may or may not be Legit.)

Chances are that any rescue company is going to charge you $2,500 or more, and the rescue companies are no more reliable than working through the resort, so one way or another, you are going to have to pay.

After you buy the house, your credit rating will not be as crucial, and if they won't let you out, you can default then.

Good advice. We don't plan on letting $2500 effect our credit, especially right before buying a home but I would rather put that money towards a lawyer than to them. I am meeting with a lawyer next week to look at my options.