Cancellation of Timeshare

[flyfree53]

Hi There!

I feel really dumb that my boyfriend and I got suckered into purchasing a Timeshare with Great Destinations in California. My boyfriend and I payed the first year and then we seeked advice from a Timeshare Cancellation Company because we always had a feeling that we were conned by the Timeshare Company. We stopped paying the timeshare and it is in collections. Also, the timeshare company has not confirmed any cancellation and we seeked their assistance in the Fall of 2018 and payed for their services. According to them, since our timeshare is not payed off an attorney had to be involved and as of now there is no recission. We were assigned an advisor that informs us every month about the status which has been the same since we signed up with them. Now, I'm starting to feel that we are stuck with the timeshare, damaging our credit, and that there is no such thing as a timeshare cancellation company. I'm feeling a little hopeless.

We do not want the timeshare and now I am questioning if the steps we took to get out of them were not wise. I feel I really need advice. Is it ever possible to get out of timeshares?

 

[LannyPC]

Is it ever possible to get out of timeshares?

Yes it is but, as you just found out the hard way, you should never use any of these cancellation/exit/relief companies. Right now,your best bet is to try to pay off what you owe and then give away your TS or ask the resort to take it back. However, if you still owe thousands, a cheaper option would be to stop all payments and let it go into foreclosure. The downsides of this are that you would lose all the money you've sunk into this so far, face a barrage of collection calls and letters, and possibly face a hit to your credit score.

 

[OldGuy]

Yeah, what he said, you are learning the hard way, but only because the legitimate industry does not provide an easy way.

You will, no doubt, find that you still own it and still have $$$ obligations.

You're not dumb . . . tens of thousands of owners do/have done the same thing.

 

[chapjim]

Second mistake -- don't ever buy real property with a boyfriend (or girlfriend either, for that matter). Boyfriends and girlfriends are inherently unreliable. Husbands and wives aren't very reliable either but they're better than boyfriends and girlfriends.

One should be cynical and unromantic when it comes to such things.

 

[simpsontruckdriver]

And one final note... 99.999% of timeshare exit companies who take your money first do nothing but sit on your money. I would not be surprised if that's how they make money: take your money, invest, do nothing, then promise (with fingers crossed) to refund the money if they don't get you out of it (which they won't).

TS

 

[chapjim]

And one final note... 99.999% of timeshare exit companies who take your money first do nothing but sit on your money. I would not be surprised if that's how they make money: take your money, invest, do nothing, then promise (with fingers crossed) to refund the money if they don't get you out of it (which they won't).

TS

Or, simply let matters run their course (to foreclosure) after advising the client not to pay any more money. Then they have the interest they earned and the principal which they did not.

A scammer isn't worthy of the name if all he wants is to earn interest on funds he holds.