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How to cancel my Marriott Points mortgage??

R

readytoretire

TUG Member
Joined
Jan 24, 2021
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Yes my husband and I signed the notorious retail sales contract like idiots in the pressure of the Marriott sales office. We did not realize how badly we were taken until I discovered your site today. We started having buyers remorse as things were looking like there would be financial cutbacks at my husband employer. Sure enough that has come to pass and I would really like Marriott to pay me back the 15K I gave them and cancel the contract. They totally lied about the financial value of the points we purchased. There must be some way to make them accountable beyond the 10 day window. Everyone on here says stay away from Timeshare Exit companys so how do you exit and get your money back in some cases. Appreciate any constructive help. Thanks.
 
Your only option is to sue and prove fraud. A lot of timeshare exit companies will promise this but then just have you stop paying, you default, Marriott forecloses and you are now exited out of your contract. You just paid thousands more to an exit company to do what you could do for free yourself. Scammed twice you could say.

Unfortunately, outside of your legal right of rescission you don't have a lot of options. At least cheap options that guarantee success with no hit to your credit.
 
Looks like I will just get over the 15K which right now is a hard loss, try to figure out how to get value out of this moving forward for a few years, then sell off the points cheap when I'm done and want out like everyone else.
 
Stick around, read TUG, and learn how to best use the points. Hopefully your husband will find a new job quickly and you can use your newfound knowledge to enjoy great vacations for years to come.
 
The problem is the $15,000 mortgage on this timeshare. Paying for the maintenance fees is fine but this is now just a bad time to pay for the 15K. Moved it to my low interest home equity and will just have to be aggressive with paying it off which is going to be hard right now. The question I have is can you really do anything with 1500 points a year?
 
readytoretire said:
The problem is the $15,000 mortgage on this timeshare. Paying for the maintenance fees is fine but this is now just a bad time to pay for the 15K. Moved it to my low interest home equity and will just have to be aggressive with paying it off which is going to be hard right now. The question I have is can you really do anything with 1500 points a year?
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I'd look at it more as 3K points every other year. Borrow ahead and gives you more options. For other vacations, you can use Interval for getaways or bonus weeks. Not ideal, but you can do some good things.
 
Are you within driving distance of any MVC? We’ve booked plenty of 85pt (or less) off peak nights, for remote schooling and work vs any real vacations during the pandemic, once we realized that out of state and overseas travel wasn’t going to be a viable option for us this year.
 
readytoretire said:
The problem is the $15,000 mortgage on this timeshare. Paying for the maintenance fees is fine but this is now just a bad time to pay for the 15K. Moved it to my low interest home equity and will just have to be aggressive with paying it off which is going to be hard right now. The question I have is can you really do anything with 1500 points a year?
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1500 is restrictive but if you can use off season or units smaller than a 2 BR you can get some decent usage out of it.
 
Look at the Destination Escapes. You can book at nice 7 day using the escapes for under 1500
 
readytoretire said:
Looks like I will just get over the 15K which right now is a hard loss, try to figure out how to get value out of this moving forward for a few years, then sell off the points cheap when I'm done and want out like everyone else.
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I think this is the right approach. Figure out how to get value out of it. Your maintenance fees are going to be reasonable. Learn more here and enjoy your points. You can get a lot out of 1500 points if you use them wisely.
 
They should have never sold you 1,500 points. However, now that you are in try to enjoy the purchase. We have found that certain midweek low season resorts are really enjoyable with little crowd size. Just did Orlando Grande Vista for 3 nights. Played golf, went to Epcot, went to some restaurants, enjoyed the pool area. Also utilize the destination escapes. I saw the Mayflower in Washington DC offered. Great hotel in a very good location.
 
mbstn6254 said:
They should have never sold you 1,500 points.
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They sell a small package with the plan to get you to add more on later when you realize 1,500 isn't enough.
 
dioxide45 said:
They sell a small package with the plan to get you to add more on later when you realize 1,500 isn't enough.
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I wonder if the statement was more to the aspect of whether selling anything was appropriate for the OP. Their job is to sell and they are good at reading where the limits are for them to be successful in doing so.
 
Dean said:
I wonder if the statement was more to the aspect of whether selling anything was appropriate for the OP.
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Possible, but that statement could be made to many timeshare buyers. An appropriate question is also, should the OP have even bought that number of points? It is a two way street.
 
dioxide45 said:
Possible, but that statement could be made to many timeshare buyers. An appropriate question is also, should the OP have even bought that number of points? It is a two way street.
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Agreed, that would be a more applicable statement to me but I didn't want to pile on.
 
The salesperson knows that 1,500 points is tough to use. A reputable salesperson would not offer it. The OP spent $15,000+ and the maintenance fees on something they might be able to use every two years. I have a real issue with the sales process. Ferreting through their lies and deceptions is not fun. On the other hand we enjoy the resorts ,even though we have to use them on off weeks during mid week.
 
mbstn6254 said:
The salesperson knows that 1,500 points is tough to use. A reputable salesperson would not offer it. The OP spent $15,000+ and the maintenance fees on something they might be able to use every two years. I have a real issue with the sales process. Ferreting through their lies and deceptions is not fun. On the other hand we enjoy the resorts ,even though we have to use them on off weeks during mid week.
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This is timeshare sales we're talking about right? If they can make a sale they will do so, it truly is buyer beware.
 
readytoretire said:
Yes my husband and I signed the notorious retail sales contract like idiots in the pressure of the Marriott sales office. ...
Appreciate any constructive help. Thanks.
Click to expand...

Welcome toTUG .
There was a poll a number of years ago and 50%+ of TUG members bought their first timeshare the same way you did. (same as we did)

Note how I said first - a lot of folks who are here spent the time to figure out what they owned / bought and how to best use it Eventually they ended up buying more (resale).

There is no better place to learn how to best use. The Marriott forum is full of very knowledgeable owners who are happy to answer questions and assist you in gaining better vacations .

Vacation memories are lifetime family memories.
 
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.

Once you're outside of your rescission timeframe you can't magically cancel a Deed or a Contract.

You can set a course for trying to deal with those issues such as:


(a). Work hard and pay it off

(b). Let if foreclose and take your chances with your credit

(c). Bankruptcy

(d). Deed it back to the developer

(e). Sell it

(f). Rent it (which may or may not cover your costs)




.
 
StevenTing said:
The biggest benefit right now is that you can now “rent” points from other owners. Make the best of your purchase. Now you don’t have a reason to ever buy more.
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People rent Marriott points? So if I wanted to rent mine what does one get for renting their points?
 
T-Dot-Traveller said:
Welcome toTUG .
There was a poll a number of years ago and 50%+ of TUG members bought their first timeshare the same way you did. (same as we did)

Note how I said first - a lot of folks who are here spent the time to figure out what they owned / bought and how to best use it Eventually they ended up buying more (resale).

There is no better place to learn how to best use. The Marriott forum is full of very knowledgeable owners who are happy to answer questions and assist you in gaining better vacations .

Vacation memories are lifetime family memories.
Click to expand...
Not me... I was the schmuck who sold himself...... I looked through the interval resort catalogue (back then it was a 200 page book) and said oh wow I can go here? And here?! And here?!? What a moron..... in my defense the MF were 800 at the time. Seemed reasonable lol. 20 years later I found tug and realized how stupid I was. For the record, 20 years later is too late to rescind lol.
 
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