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timeshare independence/ TS Bargains [MERGED]

Claim Against Owners Of Company

Anyone who suffered a loss in this situation should consider exploring whether they have a valid claim against the owners of the company for negligence/fraud. A bankrutcy by the company doesn't shield the owners from liability if the owners acted negligently/fraudulently.

As Warren Buffett says, when the tide goes out you see who is swimming without bathing suits. One wonders what other financial losses are looming out there in timeshare land.
 
looks like the classic PCC scenario. The operate and get hundreds of people to pay thousands for a so called transfer, and then they turn around and bankrupt the business, causing a few things..

#1. Those that paid thousands are still stuck with the timeshare, and no recourse to get their money back.

#2. The HOA of those timeshares are still out of the maint. fees, putting a further burden on other owners.

And to think a select few on this board actually believe using a PCC is a good idea.

In this economy, I am sure this is just the 1st of many.
 
timeshare independence website said:
There are several reasons for the Company’s decision, including:

--Many timeshares, which were transferred to our company, had financial issues including, but not limited to, overdue maintenance fees and real estate taxes. The resort(s) involved with those timeshares required all fees and charges to be current before they would allow a transfer to take place. For hundreds of these cases, Timeshare Independence paid the money owed to the resort to facilitate the transfer.

--In October ’08, a major timeshare developer reneged on over $220,000 owed to Timeshare Independence. This was a huge blow to our cash flow and nearly crippled us. That same month, the economic downturn and credit crunch devastated the timeshare industry.
Click to expand...
So the $4000 that the owner paid you wasn't enough to cover the fees? Boo Hoo!!

So someone else scammed you out of money? Boo Hoo!!
 
jdb0822:
What is wrong with shedding a TS to avoid the burden of the MF. Like everything else the user of a service must insure himself that the service being provided is done before paying.
 
I think that is the problem with these outfits, you pay FIRST, and they CLAIM to do the transfer. You pay at the PCC meeting, not after they actually do a transfer. Many times they don't do the transfer, or they postpone doing it, leaving you on the hook for the MF's in the end, as many who paid these guys did.

The real issue with the PCC's is that they don't provide a reliable services to TS owners.

So in this PCC's case, people paid 3-4K for this "service", the PCC went belly up, and the people STILL OWN their timeshares, main fees and all. Except now they are out of $4,000. with little or no hope of seeing a dime of it back.

No matter how ya slice it, dealing with a PCC is a bad idea.

The only people that deal with a PCC are either uninformed or lazy (or both).
 
jdb0822:
If the PCC or other entity performed as they stated, effected a transfer of ownership, then it would be a valid way of ridding oneself of the burden of the MFs. You only complaint is that some of these companies don't do the job they promise and get paid for. A lot of people hire landscapers to cut their grass or remove their snow. Are they also lazy?
 
e.bram said:
jdb0822:
If the PCC or other entity performed as they stated, effected a transfer of ownership, then it would be a valid way of ridding oneself of the burden of the MFs. You only complaint is that some of these companies don't do the job they promise and get paid for. A lot of people hire landscapers to cut their grass or remove their snow. Are they also lazy?
Click to expand...


...these companies are in business to NOT do the job they promise and get paid for.....


That's the problem!!!!
 
John Wells is a nice guy, one of the best resellers on eBay. I talked to him quite a bit via emails, and he actually refunded my maintenance fees last year on a week I couldn't use myself.

The closing wasn't done before the date arrived, and I told him I was going to use it as a deposit the first year because we don't travel in summer. He was very kind and refunded those maintenance fees.

It seems that expedience is the key to being a postcard company.
 
I wonder who the developer was that reneged on $220,000? In October, DRI reneged on an agreement to buy back two timeshares from us for $9,000. They didn't bother to let us know they were backing out of the agreement, they just shut down that division and let me figure it out on my own.

Still, I find it amazing that this company operated to simply take money from people with doing any due dillegence on the weeks they were agreeing to take. Sort of funny to see that someone that was screwing people out of thousands of dollars got screwed themselves in the end. Still, it doesn't help the people who gave them a couple thousand dollars to get rid of their timeshare only to find that they still own that timeshare and all the back MF's that haven't been paid.
 
the key is always cost. No one would pay a landscaper $1,000 to mow a 100ftx100ft yard per week. If landscapers charged that, then people would do it themselves.

Listing a timeshare on ebay, and paying the closing fees would cost maybe $500 total, depending on the closing company you chose.

In fact, there are places, both online and local that will list the timeshare on ebay for you for a small fee.

So, its $500 or $3,500 with the PCC for the chance of them actually transfering it.

Think of it this way, if your landscaper told you his new fee to cut the lawn is now 7 times his current rate, would you pay it or do it yourself, or find a much cheaper alternative?

If you are convinced that the PCC is the way to go, many of them have websites stating what areas they will be in, you can always go and try them, and post the results here. I understand your frustration with Wyndham trying to back you into a corner with your weeks.
 
Timeshare Independence Bankrupt?

Beware! Here is the letter I JUST got from a closing agent:

Dear Mrs XXX:

As of February 10, 2009, Timeshare Independence, LLC. ceased operations and is preparing for bankruptcy. Please go to www.timeshareindependence.com for further information. I am unable to help you further.

Kathy Perriello
Closing Agent
Timeshare Title, Inc.
 
No thank goodness! It JUST finished about 2 weeks ago. :ignore:
 
Kath - I think this is important Info. for all Tuggers, so I am going to move it to the BSR Board - THANKS!
 
I was in the process of closing on a timeshare at Silver Lakes in Florida and had already paid for the purchase price, maintenance fee and closing costs to timeshare independence. I was checking on the status yesterday on line and discovered that the closing had been cancelled due to the seller failing to fund it. The closing comapany could get no response from Timeshare Independence. I did go on their website and contacted the attorney for the bankruptcy. As of now, however, I think my money is probably lost in limbo, and no time share!
 
Oh bummer! :confused: I am so sorry to hear that. I just finished a $5000 purchase with them which seemed to squeak in just at the last minute. Thank goodness!!!

Katherine
 
Wow!

What does that mean in terms of cheap supply on eBay?

Less supply -> Higher prices?

What eBay names were they using?
 
abdibile said:
Wow!

What does that mean in terms of cheap supply on eBay?

Less supply -> Higher prices?

What eBay names were they using?
Click to expand...

They were selling under the name "Timeshare Bargains" on eBay. They had excellent reviews with no negatives recorded.
 
Damn

Looks like we got caught in this too. We've been waiting since the fall to have this finalized and it appears as though we didn't get done in time. Great. :wall:
 
I hope this leads to federal and state charges against all the officers of this company!!.

Yes, the funds paid for closing costs may be lost but the funds used to pay the sales where in an escrow!!!! There is no way a bankrupcy should have effected these funds.
 
i may be caught too

odd thing- as i posted on another thread, in early august i purchased an ocean city, md week from Timeshare Bargains/Independence (TB). after i received the deed in mid-december, i found the week was wrong in the ad as it did not match the deed (43, not 34). TB was very accomodating and refunded my money that same day and offered to pay the closing cost if i purchased another unit in his inventory as a good faith gesture. Tony and Mike immediately began the paperwork to get the deed switched back into TBs name. IMHO, their customer service matched their ebay rating, so i purchased a 3br at massanutten in mid-december. timesharetitle(.com) is working on both closings. their website has a closing status page where you can track the process...although it's not always up to date. i do find them to be very responsive by phone and email. timesharetitle has told me that both will be completed within the next few within and the bankruptcy should be no problem. the proof will be in the deeds.

on the http://timeshareindependence.com/ website, at the bottom of the page, has anyone who filled that section out actually heard from the company or the lawyers? i did on 2/12, but haven't been contacted.
 
phew!

received a copy of the deed from me back to timeshare indepedence, llc today. what a relief! have to say, tony made good on getting my money back and taking back the errant TS (wrong week) he sold me.
 
My credit card company has reimbursed me conditionally for my purchase through this company. Now, I presume they are trying to recover the charge through Timeshares Independence. In reponse to a previous question, I did hear from the bankruptcy lawyer's office. They requested info on the sale. Nothing since, however.
 
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