# Advice on worldmark and Bankruptcy



## PSYGUYROY100 (Feb 13, 2014)

We have 25000 Worldmark points that we have owned for many years and another 5000 that we purchased a couple of years ago. We still owe about $6000.00 on the current contract. We have almost completed a chapter 7 bankruptcy and we are allowed to keep them. my question is, should we reaffirm the balance with Worldmark? Or is it really possible to purchase the 5000 points at a much lower price elsewhere? We have been told by the sales staff that we will benefit substantially by the 30000 total but will incur substantial risk by getting the points elsewhere.

We are mostly very pleased with our use of the resorts and don't want to give them up after more than 20 years of ownership. I have just retired from my profession do to health problems and we want to use what we have for at least a couple of years.

As I have checked out your site I haven't found a listing for Worldmark points and how much? Perhaps I am missing something? Please help.


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## lcml11 (Feb 13, 2014)

ROY100 said:


> We have 25000 Worldmark points that we have owned for many years and another 5000 that we purchased a couple of years ago. We still owe about $6000.00 on the current contract. We have almost completed a chapter 7 bankruptcy and we are allowed to keep them. my question is, should we reaffirm the balance with Worldmark? Or is it really possible to purchase the 5000 points at a much lower price elsewhere? We have been told by the sales staff that we will benefit substantially by the 30000 total but will incur substantial risk by getting the points elsewhere.
> 
> We are mostly very pleased with our use of the resorts and don't want to give them up after more than 20 years of ownership. I have just retired from my profession do to health problems and we want to use what we have for at least a couple of years.
> 
> As I have checked out your site I haven't found a listing for Worldmark points and how much? Perhaps I am missing something? Please help.



PM me for other options if you like.


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## Rent_Share (Feb 13, 2014)

You can replace them for $ 1500 to $ 2000 - pay no attention to the previous troll poster - he doesn't own Worldmark

 Check e bay or WMOwners.com


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## presley (Feb 13, 2014)

You do not need to buy those expensive points.  You can buy from several very reputable, much more honest than the WM sales staff, at much lower prices.

Additionally, you can rent one time use credits from many other owners at the same cost as the annual dues.  So, you can opt to never buy additional credits and only pay for what you need when you need it.


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## presley (Feb 13, 2014)

ROY100 said:


> As I have checked out your site I haven't found a listing for Worldmark points and how much? Perhaps I am missing something? Please help.



Please go to wmcredits.net
It will reroute you to his new site.  Very honest resale broker.  There are others, but this is the only one I've experienced that I felt was 100% honest.


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## CO skier (Feb 13, 2014)

ROY100 said:


> We have 25000 Worldmark points that we have owned for many years and another 5000 that we purchased a couple of years ago. We still owe about $6000.00 on the current contract. We have almost completed a chapter 7 bankruptcy and we are allowed to keep them. my question is, should we reaffirm the balance with Worldmark? Or is it really possible to purchase the 5000 points at a much lower price elsewhere? We have been told by the sales staff that we will benefit substantially by the 30000 total but will incur substantial risk by getting the points elsewhere.



Yes, you can buy the 5000 credits cheaper on the resale market.  Since you purchased 5000 credits in addition to the 25000 credits you own, if you do not "reaffirm" the $6000 balance, you may lose the account for all 30000 credits.

On the resale market 30000 credits will cost about $9000.  You would, obviously, be money ahead to reaffirm the $6000 balance on the current contract if you would lose the entire 30000 account.

Yours is a complicated situation, and you should not rely on any information provided here.  Get some professional, legal help to determine all your options.


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## sue1947 (Feb 14, 2014)

ROY100 said:


> We have 25000 Worldmark points that we have owned for many years and another 5000 that we purchased a couple of years ago. We still owe about $6000.00 on the current contract. We have almost completed a chapter 7 bankruptcy and we are allowed to keep them. my question is, should we reaffirm the balance with Worldmark? Or is it really possible to purchase the 5000 points at a much lower price elsewhere? We have been told by the sales staff that we will benefit substantially by the 30000 total but will incur substantial risk by getting the points elsewhere.
> 
> We are mostly very pleased with our use of the resorts and don't want to give them up after more than 20 years of ownership. I have just retired from my profession do to health problems and we want to use what we have for at least a couple of years.
> 
> As I have checked out your site I haven't found a listing for Worldmark points and how much? Perhaps I am missing something? Please help.



Wyndham has an F from the BBB mostly due to the lies and tactics of the sales teams.  You are smart to investigate further to make sure you are getting an accurate picture.   First thing is to stop paying any attention to the sales people.  They are looking for any way to keep those payments coming and will likely try to sell you more.  
 The most comprehensive site for Worldmark owners is www.wmowners.com/forum.  There is a section for purchasing as well as renting credits (one time use credits transferred from another owner's account).  Check those for current prices as well as the thread listing trusted resellers.  I have purchased resale 5 times and can tell you that the resale credits work just fine.  They try to pretend they are 'substandard' to get you to buy more, but it's all lies.  

Your original 25000 are likely WM+A that were grandfathered in when they brought out Travelshare.   The 5000 extra probably don't but TS is, in my opinion, all smoke and mirrors.   I would definitely recommend dropping Travelshare and at least save on those dues.  See if you can eliminate the debt by eliminating the 5000 part and keep the 25000.  They like to tie old accounts in with new which means you likely won't be able to do this, but it's worth a shot.  

Sue


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## lcml11 (Feb 14, 2014)

sue1947 said:


> Wyndham has an F from the BBB mostly due to the lies and tactics of the sales teams.  You are smart to investigate further to make sure you are getting an accurate picture.   First thing is to stop paying any attention to the sales people.  They are looking for any way to keep those payments coming and will likely try to sell you more.
> The most comprehensive site for Worldmark owners is www.wmowners.com/forum.  There is a section for purchasing as well as renting credits (one time use credits transferred from another owner's account).  Check those for current prices as well as the thread listing trusted resellers.  I have purchased resale 5 times and can tell you that the resale credits work just fine.  They try to pretend they are 'substandard' to get you to buy more, but it's all lies.
> 
> Your original 25000 are likely WM+A that were grandfathered in when they brought out Travelshare.   The 5000 extra probably don't but TS is, in my opinion, all smoke and mirrors.   I would definitely recommend dropping Travelshare and at least save on those dues.  See if you can eliminate the debt by eliminating the 5000 part and keep the 25000.  They like to tie old accounts in with new which means you likely won't be able to do this, but it's worth a shot.
> ...



It is a negotiated world.  They might to keep him paying MF on the balance.  Sounds like a great idea to me.

Or, depending on the post Chapter 7 income, just keep it.

For pricing for Worldmark by Wyndham contracts, go to E-Bay and type in Wyndham Timeshares.  They show up there.  A walk away option I do not think you would like in the long run.

Another option might be to talk with your attorney and see if establishing a LLC to buy the timeshares owned free and clear from the trustee for $1 dollar and leave the other one go.


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## Rent_Share (Feb 14, 2014)

if they have merged the two accounts then you can't replace the 30 k points for $5k


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## ecwinch (Feb 14, 2014)

I think the bottom line is that it would be difficult to replace 30k in credits for less than $6k, plus at least 25k of your existing credits have access to some additional resorts (Wyndham Affiliate resorts plus the upcoming Club Pass) that you would lose if you purchased replacement credits via resale.

Nor do I think Wyndham would allow the credits to transfer to an LLC with an outstanding loan balance.


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## persia (Feb 15, 2014)

So the bottom line is, if you can walk away from the 5K points and keep the 25K do it, otherwise it's cheaper to pay the $6K and keep the 30K points.


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## lcml11 (Feb 15, 2014)

ecwinch said:


> I think the bottom line is that it would be difficult to replace 30k in credits for less than $6k, plus at least 25k of your existing credits have access to some additional resorts (Wyndham Affiliate resorts plus the upcoming Club Pass) that you would lose if you purchased replacement credits via resale.
> 
> Nor do I think Wyndham would allow the credits to transfer to an LLC with an outstanding loan balance.



On the LLC option, need to check with his attorney if that is the way he wants to go.  I am not sure Wyndham has any options but to transfer the free and clear units to a LLC if the it goes through the trustee before the Chapter 7 is done and the Court approves the sale.


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