# [2016] Help Needed::Want to get out of WorldMark By Wyndham



## misterknee (Jun 7, 2016)

Hi everyone!

I am in desperate need of your help.

I signed the contract on 4/9/2016 and put 6000 on Paypal Credit.  Have not use the vacation credits at all. 

Now, 6/7/2016, a few financial hardship later, I realize this was a mistake.  I am completely passed the rescission period and still have a loan balance for them.

How can I get out?  I can careless about the refund.  I just want the contract to be void and no more payments without hurting my credit.   
If there is a way that I can get the refund, would definitely appreciated it!

PLEASE HELP!


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## T-Dot-Traveller (Jun 7, 2016)

Worldmark has positive value on resale . I believe it can be sold with a loan balance unlike many TS .

but - you will take a haircut vs what you paid 

****
DO NOT CONTACT - any company that says they will get you out a timeshare.
It will cost you money AND you will likely still own your Worldmark contract .

IT IS A LEGAL CONTRACT and it has your signature on it .


I am sure Worldmark owners on TUG can give you additional info .
.


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## VacationForever (Jun 7, 2016)

You cannot cancel the contract.  Best case scenario is that if you can prove financial hardship, you may plead your case with them and get them to foreclose on you - you won't get a refund and your credit will take a hit.

The resale market goes for 30 cents to 40 cents a point.  So if that is the balance still owing, then you may be able to resell the contract, otherwise, you will need to make good by paying off to the developer (and then selling) or give a credit to the buyer.  I don't even know if Wyndham will transfer the contract with a loan outstanding but I think I read that it has happened in the past.


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## ronparise (Jun 8, 2016)

I'm going to bet the $6000 was just the downpayment and you owe Wyndham a whole lot more, at about 15% interest 

Whyndham does report to the credit bureaus  so almost without a doubt you will take a hit to your credit but if what you say is true and your financial position has changed dramatically, it won't make a difference. Your credit report will soon reflect your new financial position anyway. If you can show Wyndham that there was a serious change in the two months from contract to now they will probably give you some relief. I'm talking a loss of income or new expenses that make it impossible to pay and you will have to prove it with statements of net worth, income and expense statements copies of bank statements, etc etc. . They will I'm sure,  expect you to gut your kids college fund and sell off assets to pay them   If you can't make the case they will assume you just changed your mind and won't help at all

You have come face to face with timeshares dirty little secret. What you paid $3 a credit for is worth about 30 cents 

If you can afford it, even if only barely . conventional advice here is "man up" honor the contract and pay your bills. If you really can't afford it try asking Wyndham for help but I bet default will be your best option. Your credit will take a hit but you will recover from that quicker than you can pay that timeshare debt


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## misterknee (Jun 9, 2016)

Thank you for all the response.  

I am going to try to stop into the office that I signed the contract and will attempt to negotiate.


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## scootr5 (Jun 9, 2016)

misterknee said:


> Thank you for all the response.
> 
> I am going to try to stop into the office that I signed the contract and will attempt to negotiate.



It's unlikely anybody in the office where you bought it is going to have the power to negotiate anything. You will need to contact the corporate office.


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## am1 (Jun 9, 2016)

misterknee said:


> Thank you for all the response.
> 
> I am going to try to stop into the office that I signed the contract and will attempt to negotiate.



You will probably be offered to upgrade your ownership.


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## ronparise (Jun 9, 2016)

misterknee said:


> Thank you for all the response.
> 
> I am going to try to stop into the office that I signed the contract and will attempt to negotiate.



good luck with that..


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## bikertrash2007 (Mar 22, 2018)

misterknee said:


> Hi everyone!
> 
> I am in desperate need of your help.
> 
> ...




I am very curious what became of your predicament? Did Worldmark work with you or throw you to the wolves? My biggest concern for defaulting is if they are going to put a lien on my personal residence or bank accounts. I'm in California if anyone has any experience with this


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## DeniseM (Mar 22, 2018)

Please note that you are responding to a post from 2016, and the poster has not been back.


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