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Can we just not pay for our new TS?

sandt

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Hi guys,

First time poster here, myself and my partner recently bought a 2bed timeshare at mystic dunnes in orlando, for around $10,000, while we were on vaction there, mainly because of a lot of talk from the sales people about how great this 'diamond' takeover of the company would be 'when' it happens.

The thing is when we returned home (to Ireland) (after our 10day 'cooling off period) we found out that i will be laid off work in feb 2011, and the wifes job dosent pay all that great, so with that and the prospect of myself not being able to get a job for a while due to the bad economy over here we simply cant afford it now. we now have until 23rd jan 2011 to come up with the money ourselves our pay in installments to them at an outrageous 17+% apr. & they have my credit card details.

we are really worried about this and want to find a way out. Is there ANY way we can just cut our losses with what we have paid already and just hand it back to them?
or if i instruct my bank not to pay anything to them?
Can this affect our credit rating in Ireland?
Will they hunt us down to the ends of the earth for this??

thanks to all replies........
 

timeos2

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we are really worried about this and want to find a way out. Is there ANY way we can just cut our losses with what we have paid already and just hand it back to them?

You can certainly ask but it is highly unlikely they will take it back or cancel it after the rescind period ended.

or if i instruct my bank not to pay anything to them?
Can this affect our credit rating in Ireland?
Will they hunt us down to the ends of the earth for this??

They will not be happy if you do but they are limited in the actions they can take. IF you plan to simply not pay then start the process now before they get any more from you. You will take a (likely) big credit hit so save every dollar or euro you can. (Not recommending you simply stop paying but if that is your plan then maximize the savings you'll see from that action).
They will most likely go after you but sometimes it may be worth it. You have to decide what is best for you.
 

AwayWeGo

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Free Mystic Dunes Timeshare ?

Wasn't somebody on TUG-BBS recently offering to give away a perfectly good Mystic Dunes week el freebo ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

teepeeca

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In the United States, you credit rating will take a "BIG" hit, if you just stop paying. However, since you are from Ireland, I'm not sure how much they will "go after" you.

With job losses, either "now" or pending, and you don't have the $$$ to pay on the contract, there might be several things you can do to try to protect yourselves. (In a "perfect world", I wouldn't recommend doing what I'm suggesting, BUT, you must do what you feel is the best course of action.)

Cancel your credit card(s), and get new ones. Close your current bank accounts, and open new ones. Change your phone number(s). Maybe even your address, from a physical street address to a P.O. Box. Then tell the timeshare company that you cannot make the payments, and offer to them to retain the amount you've already paid as liquidated damages, and to cancel the contract.

If they agree, you are "home free". If they won't, then they will have a very hard time collecting from you. Sorry you are going through all of this --- something that should have been a pleasant experience.

Tony
 

AwayWeGo

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The Luck Of The Irish.

However, since you are from Ireland, I'm not sure how much they will "go after" you.
Click here for a recent TUG-BBS perspective on that -- the Irish part, I mean.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 
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sandt

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thanks for the replies guys,

i take it mystic dunnes is not very highly thought of around here then?
we were very happy with the resort itself but not over the moon about the room we got, but everything on the tour looked great - i suppose its meant to!!! If this diamond take over goes ahead will that improve the resort? and will the maintenence fees go through the roof???

i could change my bank details and cancel cards but the changing address is a definate no-go, as we live on a family plot and would never move.

i think im just gonna have to contact mystic dunnes directly and hope for the best!!!
 

Mel

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Your first step should be to contact the resort, and ask if they are willing to take it back in liue of future payments - they keep your deposit.

If you make it clear that you will be unemployed and unable to make payments, they might consider this their best option. Even for a domestic owner, if payments are not made their only other option is forclosure, which would be more expensive for them. Because you are in Ireland, I suspect it would be a longer and more expensive process - but don't assume they won't ruin your credit. I don't know they system in Ireland, but here a person looking for a job doesn't need that extra hit - many employers now check credit history, and poor credit could mean someone else gets the job.

If the resort won't take the week back, your next step should be to find out what they can do, and how it will impact you in Ireland. There might be a few members here who can help, but a European timeshare forum might provide more help.
 

AwayWeGo

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Mystic Dunes Is OK By Us.

i take it mystic dunnes is not very highly thought of around here then?
We liked it all right the 2 times the high-pressure timeshare sellers showed it to us -- liked it well enough to accept the timeshare-tour freebies, that is, but not well enough to pay full freight for it (or for any timeshare). We came away with a favorable overall impression of Mystic Dunes (formerly Wyndham Palms), except for the fact that the place is way out in the boondocks, a bit past the big WestGate timeshare.

In fact, we'd gladly take a week's exchange reservation at Mystic Dunes, except for 1 thing. Mystic Dunes is I-I & around here we're strictly RCI -- not that there's anything wrong with I-I.

As for the impending Diamond takeover, that cuts no ice with us. The Diamond timeshares where we've stayed are OK or better, but the Diamond timeshare exchange club has no attraction for us, mainly because it costs big bux to join & then when we pay the big bux we don't have anything we can sell when we're finished with it, other than the underlying deeded timeshare(s).

Plus, lately the Diamond timeshare sellers want us to hand over our timeshare deeds plus big bux in order to join their timeshare exchange club -- leaving us with nothing on stilts when we're through. Around here, that is a complete & total non-starter -- wouldn't touch it with a 3.3-metre pole.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 

sandt

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We liked it all right the 2 times the high-pressure timeshare sellers showed it to us -- liked it well enough to accept the timeshare-tour freebies, that is, but not well enough to pay full freight for it (or for any timeshare). We came away with a favorable overall impression of Mystic Dunes (formerly Wyndham Palms), except for the fact that the place is way out in the boondocks, a bit past the big WestGate timeshare.

In fact, we'd gladly take a week's exchange reservation at Mystic Dunes, except for 1 thing. Mystic Dunes is I-I & around here we're strictly RCI -- not that there's anything wrong with I-I.

As for the impending Diamond takeover, that cuts no ice with us. The Diamond timeshares where we've stayed are OK or better, but the Diamond timeshare exchange club has no attraction for us, mainly because it costs big bux to join & then when we pay the big bux we don't have anything we can sell when we're finished with it, other than the underlying deeded timeshare(s).

Plus, lately the Diamond timeshare sellers want us to hand over our timeshare deeds plus big bux in order to join their timeshare exchange club -- leaving us with nothing on stilts when we're through. Around here, that is a complete & total non-starter -- wouldn't touch it with a 3.3-metre pole.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

im sorry i dont know what is I-I and RCI could you explain it to me?
we found the location to be fine, as we had a car it was in quite a peaceful area but not to far from all the attractions.
it wasnt just the appeal of mystic dunnes that sold us it was the ability to exchange our week at mystic dunes to virtually anywhere in the world for a small fee. a fee which will probably increase dramatically if the proposed takeover goes ahead??

incidentially does anyone know what is going on there? i have seen a few reports on the web that mystic dunes was bankrupt?
 

Conan

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im sorry i dont know what is I-I and RCI could you explain it to me?

As you probably know, one of the benefits of timeshare ownership is the possibility of trading the use of the week that you own for the use of somebody else's week in another location.

Private exchanges are difficult to arrange, so there exist exchange companies that will accept a deposit of the week you own in a given year, and (for a fee) will allow you to stay at the week somebody else deposited. Your resort cooperates with Interval International in this process, but doesn't cooperate with the larger exchange company, RCI.

If you were going to keep your timeshare, you might want to join II (for a fee) to be able to stay at other places than the week you own.
 

AwayWeGo

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Bankrupt, Shmankrupt.

im sorry i dont know what is I-I and RCI could you explain it to me?
I-I = Interval International.

RCI = Resort Condominiums International.

Those are the 2 largest & best known timeshare exchange organizations. (There are others as well, smaller.)

You bank with I-I or RCI the rights to your paid-for timeshare week in any particular year & in exchange you get to make a reservation for a week in somebody else's timeshare unit -- subject to what's available that other timeshare owners have banked. That's in stark contrast to the idea the full-freight timeshare sellers plant that you can get exchange reservations into virtually any timeshare whenever you'd like to go. Fat chance.

it wasnt just the appeal of mystic dunnes that sold us it was the ability to exchange our week at mystic dunes to virtually anywhere in the world for a small fee. a fee which will probably increase dramatically if the proposed takeover goes ahead?
The ability to swap a week at Mystic Dunes for a week at somebody else's timeshare is not dependent on whether Diamond steps in at Mystic Dunes -- or on laying out big bux to get in the Diamond timeshare exchange club. Swaps are what I-I is for. Membership in Diamond's club includes participation in I-I, but it is possible to get a stand-alone I-I membership -- although stand-alone membership is said to be much inferior to "corporate" membership obtained via membership in a proprietary exchange system like the Diamond club. (I'm basing that on what I read here at TUG-BBS. Around here, we're strictly RCI -- not that there's anything wrong with I-I.)

incidentially does anyone know what is going on there? i have seen a few reports on the web that mystic dunes was bankrupt?
If the timeshare company goes bust, that does not much affect the organizationally & financially separate condo owners association which actually runs the place. Until a timeshare resort sells out or reaches an ownership tipping point at which sold units outnumber for-sale units, however, the timeshare company retains control of the homeowner association.

At sold-out timeshares, the regular walking-around owners can vote out the company stooges & vote in independent, owner-minded association directors. A new "developer of record" (e.g., Diamond) presumably could step in at Mystic Dunes & replace the old, bankrupt timeshare company in all respects -- timeshare sellers, control of the condo association, razzle-dazzle, ballyhoo, & I don't know what-all.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 
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theo

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Expanded input...

As you probably know, one of the benefits of timeshare ownership is the possibility of trading the use of the week that you own for the use of somebody else's week in another location.

Private exchanges are difficult to arrange, so there exist exchange companies that will accept a deposit of the week you own in a given year, and (for a fee) will allow you to stay at the week somebody else deposited. Your resort cooperates with Interval International in this process, but doesn't cooperate with the larger exchange company, RCI.

If you were going to keep your timeshare, you might want to join II (for a fee) to be able to stay at other places than the week you own.

The above is absolutely correct information. However, since the OP has already fallen prey to the likely exaggerations of a developer salesperson, I must point out and strongly emphasize that in the exchange world availability rules all.

In order for you (or anyone else) to "exchange" into someplace else, there must obviously first be a week "deposited" by someone else and available when and where you want to go. This is much more easily stated as a concept than actually accomplished as a reality. Additionally, there are "quality filters" in place within II, which means that what you own has a certain perceived "value" which will define (and limit) what is actually available to you for your consideration at all in the "like for like" II evaluation / exchange process.

In short, don't be unrealistically hopeful or optimistic that what you own is necessarily ever going to get you an "exchange" into someplace else where you want to go, when you want to go there. However, with II you don't actually have to relinquish (deposit) your owned week until or unless availability is found where / when you want to go elsewhere. This is commonly known and described as II's "request first" feature.

Hope this helps...
 
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