• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Can they hurt your credit score if they don’t have your SSN?

Slowlo

TUG Member
Joined
Jan 23, 2023
Messages
5
Reaction score
4
Points
63
My husband and I purchased a timeshare in Mexico (which the resort said wasn’t a timeshare but a ‘vacation club package’) on a vacation back in July of 2022. I had buyers remorse the next day but we wanted to continue enjoying our vacation while we could so we didn’t get it canceled in the rescission time frame. We did a down payment and are in the early stages of paying for the loan so it is far from paid off. It is not deeded and they said if we want out we have to take care of it ourselves. They also said we have to pay off the entire loan before we can even try selling it. Our financial situation has changed and we can’t afford to spend anymore on what has become a nightmare. My husband wants to stop anymore payments to them and just walk away. He thinks that they cannot effect our credit scores because they don’t have our social security numbers. Is there anyone that can give any advice on this and if it’s true about the SSN? I’ve searched everywhere for an answer to this and haven’t found one. It would be much appreciated if anyone can help with this question. Thank you!
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
As others have said, just stop paying and chalk this up to experience of not making large impulse purchases on vacation. You may get letters, vaguely threatening credit damage. Ignore them. You might get phone calls. Block them. Cancel any credit cards that they have the ability to debit.

Unfortunately, what money you've already spent on this is gone, but it would have been gone anyway even if you'd payed it off, so you're money ahead to quit the bleeding.

Sorry for your reversal of fortune. And don't worry about taking another Mexican vacation sometime down the road. I'd wager this same resort would make another run at selling you a membership again.

Jim
 

easyrider

TUG Review Crew: Elite
TUG Member
Joined
Aug 21, 2005
Messages
15,046
Reaction score
8,002
Points
948
Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
My husband and I purchased a timeshare in Mexico (which the resort said wasn’t a timeshare but a ‘vacation club package’) on a vacation back in July of 2022. I had buyers remorse the next day but we wanted to continue enjoying our vacation while we could so we didn’t get it canceled in the rescission time frame. We did a down payment and are in the early stages of paying for the loan so it is far from paid off. It is not deeded and they said if we want out we have to take care of it ourselves. They also said we have to pay off the entire loan before we can even try selling it. Our financial situation has changed and we can’t afford to spend anymore on what has become a nightmare. My husband wants to stop anymore payments to them and just walk away. He thinks that they cannot effect our credit scores because they don’t have our social security numbers. Is there anyone that can give any advice on this and if it’s true about the SSN? I’ve searched everywhere for an answer to this and haven’t found one. It would be much appreciated if anyone can help with this question. Thank you!

It depends on where the membership is financed. If it is financed through a line of credit like Barclays it would be just like defaulting on any credit card. If it is financed through a Mexican developer then walking away has little to no repercussions unless you live in Mexico.

Bill
 

Slowlo

TUG Member
Joined
Jan 23, 2023
Messages
5
Reaction score
4
Points
63
Thank you for everyone’s reply! It has been a big help for our decision.
 

Slowlo

TUG Member
Joined
Jan 23, 2023
Messages
5
Reaction score
4
Points
63
As others have said, just stop paying and chalk this up to experience of not making large impulse purchases on vacation. You may get letters, vaguely threatening credit damage. Ignore them. You might get phone calls. Block them. Cancel any credit cards that they have the ability to debit.

Unfortunately, what money you've already spent on this is gone, but it would have been gone anyway even if you'd payed it off, so you're money ahead to quit the bleeding.

Sorry for your reversal of fortune. And don't worry about taking another Mexican vacation sometime down the road. I'd wager this same resort would make another run at selling you a membership again.

Jim
I actually had a thought if we did ever go there again I’m sure they would still try selling to us. We don’t travel a lot so it was an experience and definitely learned from it. Unfortunately the hard way. Thanks again for your advice!
 

Slowlo

TUG Member
Joined
Jan 23, 2023
Messages
5
Reaction score
4
Points
63
It depends on where the membership is financed. If it is financed through a line of credit like Barclays it would be just like defaulting on any credit card. If it is financed through a Mexican developer then walking away has little to no repercussions unless you live in Mexico.

Bill
It is financed through the developer. They said we could get the loan switched to a bank when we got back to the U.S. to have less of an interest rate. We have not done that so it’s still through the developer.
 

rpennisi

Guest
Joined
Jun 26, 2010
Messages
1,296
Reaction score
403
Points
243
Location
New York
It is financed through the developer. They said we could get the loan switched to a bank when we got back to the U.S. to have less of an interest rate. We have not done that so it’s still through the developer.
If they don’t have a business/bank connection in the US/Canada you may be able to not get a hit on your credit score by not continuing payments(?)
 

easyrider

TUG Review Crew: Elite
TUG Member
Joined
Aug 21, 2005
Messages
15,046
Reaction score
8,002
Points
948
Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
If they don’t have a business/bank connection in the US/Canada you may be able to not get a hit on your credit score by not continuing payments(?)

That is right. A loan from a Mexican developer is International debt and doesn't show up on a credit score to those not living in Mexico without due process which takes time and money. Even if the debt goes through the process and they win it doesn't actually mean they can collect. They can sell this debt to a debt collector who will try to negotiate a settlement.

Bill
 

Rpvc

Guest
Joined
Mar 2, 2023
Messages
15
Reaction score
1
Points
3
As others have said, just stop paying and chalk this up to experience of not making large impulse purchases on vacation. You may get letters, vaguely threatening credit damage. Ignore them. You might get phone calls. Block them. Cancel any credit cards that they have the ability to debit.

Unfortunately, what money you've already spent on this is gone, but it would have been gone anyway even if you'd payed it off, so you're money ahead to quit the bleeding.

Sorry for your reversal of fortune. And don't worry about taking another Mexican vacation sometime down the road. I'd wager this same resort would make another run at selling you a membership again.

Jim
Hi jim..me and my wife are in this similat situation.im just worried that they might get money from my job or sue me.
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
Hi jim..me and my wife are in this similat situation.im just worried that they might get money from my job or sue me.
Very unlikely. They will try telling you they'll cancel your membership and reservations. Then they'll tack on late charges. They might sell the debt to a collection agency. You would then demand to be shown proof that you owe the debt, and demand that any further contact be via USMail.

You very likely will have heard the last from them.

Move on with your life.

In order to attach wages or bank accounts, it takes a court order, and that takes the collector having legal representation licensed where you live, and at best it takes a loooong time.


Jim
 
Last edited:

dioxide45

TUG Review Crew: Expert
TUG Member
Joined
May 20, 2006
Messages
47,368
Reaction score
18,931
Points
1,299
Location
NE Florida
Resorts Owned
Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
Hi jim..me and my wife are in this similat situation.im just worried that they might get money from my job or sue me.
They won't sue to and garnish your wages.
 

shameX

Guest
Joined
Apr 6, 2023
Messages
5
Reaction score
0
Points
1
They won't sue to and garnish your wages.
The same thing happened here. My spouse and I were sold an "investment" & "membership" from Tafer Resort in PV, Mex in 2022. We put down a $20K down payment (the worst decision we've ever made together, hence my name), paid several months of the "loan" to ResortCom, and are now we are planning to stop payments. We've exchanged emails with a tafer rep and they tried to sell us a downgraded membership but we knew to NOT signed anything in the US and declined. Also, we didn't take out a US loan to pay the "Mexican loan" - which Tafer highly recommended we do for a lower interest rate (of course). So, like others on this post, I'm anxious about what is going to happen next. I'm assuming and anticipating we'll get harassing phone calls (ResortCom?) for a while. The company on the promissory note is Constuctoria Villa Del Palmer Cancun. Any experience or insights working with this group? What to expect? TIA
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,462
Reaction score
17,213
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
The same thing happened here. My spouse and I were sold an "investment" & "membership" from Tafer Resort in PV, Mex in 2022. We put down a $20K down payment (the worst decision we've ever made together, hence my name), paid several months of the "loan" to ResortCom, and are now we are planning to stop payments. We've exchanged emails with a tafer rep and they tried to sell us a downgraded membership but we knew to NOT signed anything in the US and declined. Also, we didn't take out a US loan to pay the "Mexican loan" - which Tafer highly recommended we do for a lower interest rate (of course). So, like others on this post, I'm anxious about what is going to happen next. I'm assuming and anticipating we'll get harassing phone calls (ResortCom?) for a while. The company on the promissory note is Constuctoria Villa Del Palmer Cancun. Any experience or insights working with this group? What to expect? TIA
I can't tell you what to expect. You will likely get letters reminding you to pay, possible late charges. Then after a while- maybe up to a year, you'll get a new annual bill with more late charges and reinstatement fees added. Then they'll threaten you with inability to make or use your reservations. The letters- or calls/emails might start coming from collectors. You can demand that they only contact you by US Mail per US Fair Credit Act and to provide documentation that you signed up for the debt. Ultimately, they'll tell you that your membership has been terminated. Boo Hoo.

Jim
 

uchristine28

Guest
Joined
Jan 20, 2024
Messages
6
Reaction score
0
Points
1
Resorts Owned
Krystal Cancun
It is financed through the developer. They said we could get the loan switched to a bank when we got back to the U.S. to have less of an interest rate. We have not done that so it’s still through the developer.
Hi, I’m in the same boat. I’m just wondering what happened to you guys case? Did you stop paying?
What happened after you stopped paying? My main question is, Did it damage your credit?

Hope to hear back! Thank you.
 

TheTimeTraveler

TUG Member
Joined
Jan 23, 2008
Messages
5,952
Reaction score
2,858
Points
648
Location
Florida
Hi, I’m in the same boat. I’m just wondering what happened to you guys case? Did you stop paying?
What happened after you stopped paying? My main question is, Did it damage your credit?

Hope to hear back! Thank you.


They haven't been back since April 4th of 2023 so I doubt you'll ever hear back......





.
 

uchristine28

Guest
Joined
Jan 20, 2024
Messages
6
Reaction score
0
Points
1
Resorts Owned
Krystal Cancun
They haven't been back since April 4th of 2023 so I doubt you'll ever hear back......





.
I just paused my payments 3 months ago so I’ve been getting lots of calls/emails that it’s going to collection if I miss 1 more payment.
They’re telling me if it goes into collections, it will hurt my credit badly and stay there for 7 years. Or possibility of my wages getting garnished in the future. I just don’t know what to do.

Did they turn yours into collection? Did it affect your credit?
 

TheTimeTraveler

TUG Member
Joined
Jan 23, 2008
Messages
5,952
Reaction score
2,858
Points
648
Location
Florida
I just paused my payments 3 months ago so I’ve been getting lots of calls/emails that it’s going to collection if I miss 1 more payment.
They’re telling me if it goes into collections, it will hurt my credit badly and stay there for 7 years. Or possibility of my wages getting garnished in the future. I just don’t know what to do.

Did they turn yours into collection? Did it affect your credit?


Never affected my credit, but I never had anything go to collection.

Remember in Mexico you own nothing -- most everything is a pay as you go vacation type club. You don't pay you don't get to go and your membership is terminated.

Most timeshares anywhere are worth little or nothing on the resale market.

Best of luck!





.
 

Janann

TUG Review Crew: Expert
TUG Member
Joined
Jul 20, 2006
Messages
1,363
Reaction score
780
Points
473
Resorts Owned
HGVC on the Boulevard, Las Vegas;
Disney's Saratoga Springs
possibility of my wages getting garnished in the future.
This is not going to happen. It would require filing a lawsuit, court time, etc. There has never been a report on TUG or anywhere else of wage garnishment related to a timeshare or vacation club.

I think on your other post you said you still owe $7,000. That is a really small amount of money when it comes to hassling with the expense of wage garnishment.
 

shameX

Guest
Joined
Apr 6, 2023
Messages
5
Reaction score
0
Points
1
Update - We just received an email from a US-based collection agency regarding the balance for the Club Caribe Villa Del Palmar /TaferResidenceClub. The email looks a bit suspect (different fonts, etc). Feeling anxious. Any recommendations?
 

pedro47

TUG Review Crew: Expert
TUG Member
Joined
Jun 6, 2005
Messages
22,072
Reaction score
8,535
Points
948
Location
East Coast
The same thing happened here. My spouse and I were sold an "investment" & "membership" from Tafer Resort in PV, Mex in 2022. We put down a $20K down payment (the worst decision we've ever made together, hence my name), paid several months of the "loan" to ResortCom, and are now we are planning to stop payments. We've exchanged emails with a tafer rep and they tried to sell us a downgraded membership but we knew to NOT signed anything in the US and declined. Also, we didn't take out a US loan to pay the "Mexican loan" - which Tafer highly recommended we do for a lower interest rate (of course). So, like others on this post, I'm anxious about what is going to happen next. I'm assuming and anticipating we'll get harassing phone calls (ResortCom?) for a while. The company on the promissory note is Constuctoria Villa Del Palmer Cancun. Any experience or insights working with this group? What to expect? TIA
IMO, the developer do not care if you never make another payment.
They got $20,000 dollars plus several loan payments from you.
This is my opinion only.

I want other Tuggers to continue to give their opinions on this thread topic.
 
Top