# We want out of our contract, HELP



## AJT218 (Oct 3, 2017)

We purchased on 7/2/17 in Myrtle Beach SC on vacation with 3 kids.  We didn't have the time to read the contract thoroguly.  We had 5 days to rescind, we were late in sending the letter to rescind. We've been in contact with case managers to help us get out and they came back and sided with Wyndham.  We contacted several timeshare cancelation companies but don't trust any of them.  We don't want to lose more money.  We haven't paid a dime to Wydham nor will we.  How do we cancel the legal and right way without paying for the entire contract.. HELP


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## buckor (Oct 3, 2017)

AJT218 said:


> We purchased on 7/2/17 in Myrtle Beach SC on vacation with 3 kids.  We didn't have the time to read the contract thoroguly.  We had 5 days to rescind, we were late in sending the letter to rescind. We've been in contact with case managers to help us get out and they came back and sided with Wyndham.  We contacted several timeshare cancelation companies but don't trust any of them.  We don't want to lose more money.  We haven't paid a dime to Wydham nor will we.  How do we cancel the legal and right way without paying for the entire contract.. HELP


Unfortunately, unless you can show some sort of financial hardship since signing the contract, you will probably have to legally fulfill your obligations.

Not paying on the loan and the MFs is only going to hurt your credit. 

I would encourage you to go back and think about the presentation and why you signed the contract. Use the product you purchased. If you don't think you can use it all the time then try to rent it out to cover your MFs.

I would steer clear of the "get out of your timeshare" companies. Based on what I have heard on hear they just take more of your money and you are still left with the legal responsibilities of your purchase.

Sorry I don't have better news for you. On a positive note, Welcome to TUG! You can learn a tremendous amount about how to use your timeshare to maximize its value to you and your family.

Blessings!

Sent from my SAMSUNG-SM-J320AZ using Tapatalk


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## buckor (Oct 3, 2017)

buckor said:


> Unfortunately, unless you can show some sort of financial hardship since signing the contract, you will probably have to legally fulfill your obligations.
> 
> Not paying on the loan and the MFs is only going to hurt your credit.
> 
> ...


Sorry for misspellings....stupid autocorrect on my phone!

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## geist1223 (Oct 3, 2017)

You can waste your time and money on Timeshare Exit Companies and Attorneys; and, still own this Wyndham property. You can give your self a Heart Attack f4om your frustration. You could look into filing Bankruptcy but then you might lose your house, cars, etc. You can buckle down and figure out how to pay for what you have and figure out how to enjoymwhqqt you have.


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## scootr5 (Oct 3, 2017)

As has been said, you unfortunately missed your opportunity to "cancel the legal and right way". Your choice now is to pay the balance, use and enjoy the vacations, or to default on the loan and take the associated hit to your credit.


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## AJT218 (Oct 3, 2017)

geist1223 said:


> You can waste your time and money on Timeshare Exit Companies and Attorneys; and, still own this Wyndham property. You can give your self a Heart Attack f4om your frustration. You could look into filing Bankruptcy but then you might lose your house, cars, etc. You can buckle down and figure out how to pay for what you have and figure out how to enjoymwhqqt you have.


What if we did pay it all, went on one vacation and asked for Oviation, how would that end?


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## Avislo (Oct 3, 2017)

You did not mention which resort you bought at.  I think you will enjoy they all.


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## buckor (Oct 3, 2017)

AJT218 said:


> What if we did pay it all, went on one vacation and asked for Oviation, how would that end?


Ovation is a way for you to give your TS back to Wyndham. They will not pay you to take it back. That said, I would not see why Wyndham would not take back a contract you just bought and paid off. That'd be a HUGE win for them because they sell the contract again.

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## AJT218 (Oct 3, 2017)

Avislo said:


> You did not mention which resort you bought at.  I think you will enjoy they all.


Wyndham Ocean Blvd, Myrtle Beach SC


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## ecwinch (Oct 3, 2017)

buckor said:


> I would encourage you to go back and think about the presentation and why you signed the contract. Use the product you purchased. If you don't think you can use it all the time then try to rent it out to cover your MFs.



This is good advice since rescinding is no longer an option.


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## bnoble (Oct 3, 2017)

OP:

The big question: is this something you just don't want, or something you really can't afford?

The answer to that will help us give you advice.


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## AJT218 (Oct 3, 2017)

bnoble said:


> OP:
> 
> The big question: is this something you just don't want, or something you really can't afford?
> 
> The answer to that will help us give you advice.


both


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## Skipper Scooby (Oct 3, 2017)

If you want to try to use Ovation, your contract has to be paid in full as far as Wyndham is concerned. You could maybe get a loan with a lower interest rate than what Wyndham has charged you. Then pay Wyndham for the contract and use Ovation.


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## bnoble (Oct 3, 2017)

If you absolutely cannot afford it, you have two potential options.

One: allow the deed to go into foreclosure. Do not pay anything else on the contract or the fees. Write a letter to Wyndham Financial Services (who presumably owns your loan) telling them that you cannot and will not pay the loan back, that you plan to allow it to go into foreclosure, and that you don't care what that will do to your credit. You can offer in that letter the option to deed it back in lieu of foreclosure, but I suspect they won't bite.

Two: declare bankruptcy. This discharges the debt (plus, potentially, others) but has a serious negative impact on your credit.

No matter which option you choose, this is going to hurt your credit. But, that's the consequence of signing onto a loan that you could not afford. So, think carefully before you decide you "really can't afford" it.


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## Avislo (Oct 3, 2017)

Remember, this is a points based contact, if you go the rental route, you can attempt rental near MFs during the ARP period for the high demand summer season.  If it does not rent by the eight or nine month point, cancel it and try and rent other less expensive points resorts.  Beats default level.  Deed Back in lieu of foreclosure is a possible option, but I think it has a negative credit impact also.  Family and friends is the best source of rentals.


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## Passepartout (Oct 3, 2017)

Some time back, a poll was taken here on TUG. It asked how we all acquired our first timeshare. The number came back almost exactly 50/50 developer vs resale. So AJT218, you're among friends. Half of us did exactly the same thing you did and found out later that they had made a fairly large financial mistake. I'd encourage you to not follow that with another long lasting goof-up. The reasons you bought that timeshare are still as valid as they were when you attended the presentation and bought it. You were so busy having fun and making great family memories that you didn't take the time to read what you signed, to spend (presumably) 10's of thou$and$ on more luxury vacations.

Yes, you can default. If you have other debt that, in combination with this purchase, puts your liabilities far over your ability to pay, and might make bankruptcy make sense, but if so, that's symptomatic of other problems- like living above your means.

As others have said, stay away from those 'get out of your timeshare' outfits. ALL we've seen are scams to separate you from your money.

The best advice (imo) is to find a lower cost way to pay this loan off. Maybe even take on a second job. Consider this an expensive lesson, and move on. If you truly are strapped for cash, you can reduce the outflow by renting the weeks you can acquire, both making some money (odds are you can't rent for enough to cover BOTH the loan AND the MF) and reducing the time you spend not working gainfully to pay off the loan.

Once you've paid the loan, you'll be able to enjoy the vacations, you'll have hung around TUG and learned to use the timeshare to it's maximum.

Best wishes.

Jim


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## Pietin (Oct 3, 2017)

If you have the ability to pay it off, don't give it back to Ovations until you try and use the system.  Yes you will have maintenance fee but you will also have a pre-paid vacation.  Having a prepaid vacation often times forces one to take their vacation.  Depending on the number of points you have, the time you can vacation, the age of your kids, your travel preferences, etc.  You can get a couple of vacation a year out of your points.  You may even look at buying more, resale of course.  Many of us on the site here have bought retail so you are in good company.  Many of have bought and sold and bought again to fit our needs.  Just know that there is no real resale value in many timeshares.  Yes you could give it back to Ovations once it is paid off but like was said earlier Wyndham makes out.  Yes there are reoccurring fee, the maintenance fee, but yes, timeshare do offer the value of a vacation on the horizon.  My family would not have take as many vacation over the years with our kids if we didn't have a timeshare because our room was already waiting and paid.  We did / do drive to our vacation in Florida to save the cost of airfare and eat some meals in the room but we get to go every year and sometime we take more vacation a year while our friend just work their vacation time away.  Good luck, read up and keep us posted on how it turns out.


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## CruiseGuy (Oct 4, 2017)

Look into other options for refinancing the debt at a lower interest rate.  Things like a home equity line of credit or second mortgage, a personal loan through your credit union or bank, or a debt consolidation loan. These may help ease the financial burden. Just be careful with the mortgage options that this is something you can afford to do and doesn't risk putting your home into foreclosure.  If that's something that is likely, you may be better off talking to a bankruptcy attorney or other credit advice professional about your options.


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## Nomad34 (Oct 5, 2017)

CruiseGuy said:


> Look into other options for refinancing the debt at a lower interest rate.  Things like a home equity line of credit or second mortgage, a personal loan through your credit union or bank, or a debt consolidation loan. These may help ease the financial burden. Just be careful with the mortgage options that this is something you can afford to do and doesn't risk putting your home into foreclosure.  If that's something that is likely, you may be better off talking to a bankruptcy attorney or other credit advice professional about your options.


This forum has been useful for many to rescind decisions made on the spu r of the moment mainly by elderly people like me.  Every purchase I made left me sleepless until my final one in 2012 since it was all in the owners trust. But as I have heard and read about selling and buying on eBay my sleepless nights came again and hopefully by the end of this month a decision will be made to give me peace again.


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## needhelp (Oct 5, 2017)

Pietin said:


> If you have the ability to pay it off, don't give it back to Ovations until you try and use the system.  Yes you will have maintenance fee but you will also have a pre-paid vacation.  Having a prepaid vacation often times forces one to take their vacation.  Depending on the number of points you have, the time you can vacation, the age of your kids, your travel preferences, etc.  You can get a couple of vacation a year out of your points.  You may even look at buying more, resale of course.  Many of us on the site here have bought retail so you are in good company.  Many of have bought and sold and bought again to fit our needs.  Just know that there is no real resale value in many timeshares.  Yes you could give it back to Ovations once it is paid off but like was said earlier Wyndham makes out.  Yes there are reoccurring fee, the maintenance fee, but yes, timeshare do offer the value of a vacation on the horizon.  My family would not have take as many vacation over the years with our kids if we didn't have a timeshare because our room was already waiting and paid.  We did / do drive to our vacation in Florida to save the cost of airfare and eat some meals in the room but we get to go every year and sometime we take more vacation a year while our friend just work their vacation time away.  Good luck, read up and keep us posted on how it turns out.


If you can refinance the loan, this will probably save you quite a bit. What is the interest rate from Wyndham? The ongoing maintenance fees would still be a yearly expense, but in most cases they are cheaper than booking comparable stays at hotels (especially during peak season).
If you do stay with the program; do not go to any other sales pitches. They will try to get you to pay more to supposedly pay less.


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## AJT218 (Oct 5, 2017)

needhelp said:


> If you can refinance the loan, this will probably save you quite a bit. What is the interest rate from Wyndham? The ongoing maintenance fees would still be a yearly expense, but in most cases they are cheaper than booking comparable stays at hotels (especially during peak season).
> If you do stay with the program; do not go to any other sales pitches. They will try to get you to pay more to supposedly pay less.


rate is 14.49%


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## needhelp (Oct 5, 2017)

AJT218 said:


> rate is 14.49%


You will need to investigate your options, but according to bankrate.com there are some cheaper personal loan rates. If you don't know your credit score, get it before applying. Don't just randomly apply for a bunch of loans (to not hurt your credit score).
http://www.bankrate.com/finance/loans/timeshare-loans-primer.aspx


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## Silverdollar (Oct 5, 2017)

AJT218 said:


> We purchased on 7/2/17 in Myrtle Beach SC on vacation with 3 kids.  We didn't have the time to read the contract thoroguly.  We had 5 days to rescind, we were late in sending the letter to rescind. We've been in contact with case managers to help us get out and they came back and sided with Wyndham.  We contacted several timeshare cancellation companies but don't trust any of them.  We don't want to lose more money.  We haven't paid a dime to Wydham nor will we.  How do we cancel the legal and right way without paying for the entire contract.. HELP


I definitely agree about lowering the interest rate and avoiding timeshare company scams. However, I was listening to Hugh Hewitt's Program today (conservative talk radio host) and he mentioned a company called Lonestar Transfer. The company provides timeshare transfers and mortgage cancellations and has an A+ rating with the Better Business Bureau. It would be worth looking into; not only for you, but for Tuggers to check it out and comment. Go to lonestartransfer.com and let me know what you think.


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## AJT218 (Oct 6, 2017)

What extra fees are there that aren't listed in a contract


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## Avislo (Oct 6, 2017)

As with any timeshare company or related business, you may want to google them.


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## rickandcindy23 (Oct 6, 2017)

I feel your pain.  We bought a timeshare many years ago that we regretted instantly.  With three children under 5, we thought it would be nice to have a 3 bedroom unit in the mountains.  We could not afford it, and we tried to rescind with a phone call to the sales' department, but we couldn't rescind because the resort told us there were no rescind laws (and there was no such thing as the internet back then).

We paid it off with a second mortgage on our house because the interest was high, and we used what we bought.

People will buy or lease a new car every three or four years and think nothing of it.  The wasted money on constant car payments is a budgeted item.  I never understood that mentality  We keep cars at least 12 years.  My current car is 14 years old, and I still love that car.  It's a Toyota Avalon with 150K miles.  My point is this: if you re-arrange your budget a bit, perhaps the payment is not going to be all that bad. 

How much money are we talking here?  If you are under $30K, and you can get a loan with a lower interest rate for a longer term, perhaps that is better than having your credit take a huge hit.

They did ask what your income level was, didn't they?  That is usually a condition of going on the timeshare presentation.


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## Ty1on (Oct 6, 2017)

Silverdollar said:


> I definitely agree about lowering the interest rate and avoiding timeshare company scams. However, I was listening to Hugh Hewitt's Program today (conservative talk radio host) and he mentioned a company called Lonestar Transfer. The company provides timeshare transfers and mortgage cancellations and has an A+ rating with the Better Business Bureau. It would be worth looking into; not only for you, but for Tuggers to check it out and comment. Go to lonestartransfer.com and let me know what you think.



The company pays Hewitt to mention them.  Hewitt's personal endorsement was bought.


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## Silverdollar (Oct 6, 2017)

Ty1on said:


> The company pays Hewitt to mention them.  Hewitt's personal endorsement was bought.


Maybe so, but the A+ rating with BBB and their inclusion on Angie's list was not. I am not endorsing the company. I just thought they would be worth looking into since they had these credentials.


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## Jon Rowlison (May 17, 2018)

I know this thread is 6+ months old, but I wanted to see if anyone had ever gotten anywhere with that Lonestar Transfer company mentioned? I know the conventional wisdom about the "Viking Ship" but they've been around for a while. If one is willing to pay up front is it actually a real service or is it ONLY a scam?


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## bogey21 (May 17, 2018)

bnoble said:


> ...allow the deed to go into foreclosure. Do not pay anything else on the contract or the fees. Write a letter to Wyndham Financial Services (who presumably owns your loan) telling them that you cannot and will not pay the loan back, that you plan to allow it to go into foreclosure, and that you don't care what that will do to your credit. You can offer in that letter the option to deed it back in lieu of foreclosure, but I suspect they won't bite.



As a first step this option makes the most sense to me.  If they say "tough luck" and will not work with you, then consider other alternatives.

George


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## Jan M. (May 18, 2018)

Jon Rowlison said:


> I know this thread is 6+ months old, but I wanted to see if anyone had ever gotten anywhere with that Lonestar Transfer company mentioned? I know the conventional wisdom about the "Viking Ship" but they've been around for a while. If one is willing to pay up front is it actually a real service or is it ONLY a scam?



My first step would be to look at the resale companies listings on eBay. There are usually phone numbers in their listings so call and ask them how it works.

The most important thing to know is if you bought developer you are going to have to pay off anything you still owe in full to be able to transfer the deed or contract to someone else. Depending on what you own you will never see more than maybe a fifth at the very best of what you paid and may have to pay the closing costs and transfer fees out of what you do get. NO ONE pays developer prices for resale so why would anyone in their right mind go for a deal like that if they still owed money? Better to walk away and take the hit on your credit, it will come off in a few years.

If you bought resale or have owned developer for years and are just looking to move on then one of those resale companies on eBay may be able to help you.

One sure way to determine if it is a scam is to look at the listings for sale on their website. If the prices are in the thousands of dollars that is all you need to know to run and run fast. Having a website is often just a front. I wouldn't trust any resale or transfer company that doesn't list on eBay for the going prices and where you can see their sales history and rating too because they aren't actually making any real attempts to sell but are just looking for more gullible suckers to give them money.


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