I'm from the UK and badly need advice

Dear Collective,

Would much appreciate advice from all you US based colleagues. 7 years ago on holiday in Las Vegas we were studied enough to buy 2 weeks at Grandview Las Vegas, and we're completely misled about the ease of use and exchange with RCI, and the number of weeks etc. have been through a period of major I'll health and couldn't travel, and even exchanging for closer resorts in Europe proved impossible. We were up to date with the ever increasing maintenance fees until just over a year ago when we started trying (and failing) to sell, and wasted a lot of money on this. So we now owe 2 years fees and want rid of this. Have read with interest sow of your other advice to Uk based owners, and offered a deed back to the resort, but heard from them today that they don't take them back (it was partly a generic letter).

Surely that would be cheaper for them than instigating legal action, especially between USA and UK? Are they likely to do that?

It's very hard to know what to do for the best not being in the US, and from what we've read and found on the Internet we are not alone in being mis-
sold by this bunch. Appreciate your advice!

If you are 2 years in default, you are probably getting close to foreclosure, in which the resort will take your deed back.

So far, besides collection letters and calls, has this had any impact on your credit in the UK?

So far letters but no calls, foreclosure threatened. No outstanding mortgage.

No effect on credit as yet. I offered them deedback to save them costs of foreclosure but they say they don't take back.

When they "foreclose" they will take it back - that is what foreclosure is. After two years, you are probably almost there. If it were me, I'd just let them take it back with foreclosure.

Does anyone know if cross-borders credit score detriment is very likely? Like you my tendency is to let them re-possess.

fliskfreya said:

Does anyone know if cross-borders credit score detriment is very likely? Like you my tendency is to let them re-possess.

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If it was going to impact your credit score, you should already know, since it's been 2 years. Have you gotten a credit report lately?

No recent credit report, but have had no difficulty in getting a couple of loans,mother most recent 2 months ago, so I guess it's OK

fliskfreya said:

No recent credit report, but have had no difficulty in getting a couple of loans,mother most recent 2 months ago, so I guess it's OK

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By "mother" are you saying that this is your parent's timeshare?

I'd get a credit report - otherwise you are just guessing. Just because you got a loan, doesn't mean it's not on your credit report. You can still get a loan with minor things on your credit report. Since it's paid off, and you are in the UK, I bet it's not on your credit.

Sorry - that was a typo that spellchecked itself. Not a parent's timeshare.

Will follow your advice - thanks Denise.

The other option would be to pay the arrears of maintenance then give it away in the TUG Bargain Deals. Grandview has a fairly good reputation, though is more desirable if it was bought as RCI Points.

Just a thought, if salvaging the poster's credit is a concern.

Jim

Thank you Jim, will bear this in mind - good to know, because I was at a loss how to go about giving it away.

fliskfreya said:

Thank you Jim, will bear this in mind - good to know, because I was at a loss how to go about giving it away.

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It certainly may be possible to give it away, but you would have to bring all fees up to date. It may be easier and faster just to let the resort take it back, since it's paid off.

fliskfreya said:

Does anyone know if cross-borders credit score detriment is very likely? Like you my tendency is to let them re-possess.

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Absolutely not possible for a credit event in the US to post on your UK credit.

Since it is already paid for, and there is no adverse impact on credit in the UK, then just walk away and not dump any more money into the pit.

I say this based on reading the previous post on no credit hit cross-border.

I would suggest next that, if you want to vacation in timeshare places, just rent for a while in the places you want to travel without all of the headaches and upfront money for a purchase. Or learn more on this TUG board about how to buy for pennies on the dollar through ebay and elsewhere.