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How to cancel timeshare contract?!

Discussion in 'New to Timesharing? Look Here!' started by sandibelm96, Nov 8, 2018.

  1. sandibelm96

    sandibelm96 Guest

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    I went to the Vegas 3 day 4 night deal I was offered through hgvc... I fell into the thought of the vacations I could have and bought the timeshare. I am a college student and after the first payment realized I cannot keep up with the payments. I put the downpayment on the hh amex and aside from that have the timeshare expense along with other living expenses!! Any advice? I am very worried due to all the chats I see about it affecting my credit and I am only 22, how bad would the change be?

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  2. sandibelm96

    sandibelm96 Guest

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  3. DeniseM

    DeniseM Moderator

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    Unfortunately, you only had a few days to cancel, and now it's too late. If you can't afford it, you can just stop paying and let it go into foreclosure. To do this send them a firm but brief certified letter saying you can't affored it and stop making the payments.

    They will bug you for awhile to try to get you to make the payments, and you should just stand firm, and be as brief as possible. Eventually, they will foreclose and take it back. It may take a year, and they may ding your credit, but if you are a college student, that won't have much impact on you now.

    ***You are likely to be contacted by companies who promise to get you out of your contract for a fat fee - don't get sucked in - they are all scammers. You signed a legal contract and there is no magic way to break it by throwing money at it.
     
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  4. sandibelm96

    sandibelm96 Guest

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    Thank you Denise... will that foreclosure affect my ability to purchase a home in the future?

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  5. DeniseM

    DeniseM Moderator

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    It may or may not impact your credit rating, but a ding on your credit only lasts 7 years, and I'm guessing that you aren't close to buying a house right now.

    Also, defaulting on a timeshare, is nothing like defaulting on a home mortgage. If the rest of your credit is good, mortgage companies will take that into consideration.

    Unfortunately, you don't have any other options.
     
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  6. Iggyearl

    Iggyearl TUG Member

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    Shame on Hilton for even inviting you and then selling you a program. It would be interesting to see what income parameters ended up on your application. They are supposed to do a minimum of income verification and suitability before you sign a contract. Look inside your packet of papers and see what they claim your income is. If it is "made-up" I would contact the corporate offices and tell them you want to rescind and get a full refund, otherwise you will file a complaint with the Nevada Attorney General for absolute fraud. This situation is maddening. I remember being 22, and I did some things that I would not do again. Selling a college student with a minimal income is INSANE. I would not be sorrowful in these circumstances. I would be over-the-top enraged!! General rule of thumb is 25-65 for prospecting. Most Tuggers claim that "a contract is a contract," but in these circumstances - I think not........
     
  7. sandibelm96

    sandibelm96 Guest

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    I agree and I can't believe I fell for it I absolutely regret it. I will look for what they set as my income, and I will post an update. Thanks!!

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  8. jpc763

    jpc763 TUG Member

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    I assume HH Amex means "Hilton Honors Amex". I would cancel that Amex card ASAP.
     
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  9. LannyPC

    LannyPC TUG Member

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    Don't beat yourself up over this. This has happened to many here on TUG. And I wouldn't say you "fell for it". You were likely under a lot of duress after hours of browbeating and you were happy to sign the papers just to get out of there. Sadly, that's the way many of these TS sales presentations transpire.
     
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  10. sandibelm96

    sandibelm96 Guest

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    Glad to know I'm not alone. Sadly, I found TUG a bit too late.

    Sent from my SM-G960U using Tapatalk
     
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  11. DrQ

    DrQ TUG Member

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    Even if they trash your credit, you need to get get your credit report regularly to make sure the debt is not sold to a dedt collector. You can get a free credit report here, if you stagger between the three agencies, you can get one every four months. You can also regularly check with your county clerk online to see if someone files a lawsuit against you. Know your state's Statute of Limitation, it is your friend. Don't let any legal action go unanswered, many times debt collectors will file in the hopes of getting a default judgement. Judgments are tough to get rid of short of bankruptcy. Many will fold at the sign of resistance, so answer any lawsuits.

    This is not legal advice, just my experience. Do your own research.
     
  12. DrQ

    DrQ TUG Member

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    Also, keep in mind, most companies will do a background check as part of the employment process. If the interview is going well, be upfront that your credit is hosed and why. If they know going in, you will come off as honest. If it's a deal breaker, you will find out fast. If they discover it, you will appear deceptive.
     
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  13. DrQ

    DrQ TUG Member

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    The last time we did a developer financed deal, we were not asked income questions. They just pull a credit report and if you are above a certain Fair Isaac's score, they load and go. At the interest rates they are charging, I would imagine that cutoff score is pretty low.

    I imagine a "Tote the Note" car dealer or the Worst volume dealer (Look up Bill Heard dealerships, they are now defunct but there are plenty of stories on the net)
     
    Last edited: Nov 10, 2018
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  14. sandibelm96

    sandibelm96 Guest

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    Update... I contacted HGV about the timeshare and they said they can't help me at all. They told me to go online and look for a professional who can try to sell my timeshare. Which will obviously not happen. So I have decided to pay it off and then try to get rid of it. Very disappointed how they treat you like royalty to take your money, but give you their backs when you need them.

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  15. LannyPC

    LannyPC TUG Member

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    Fair enough. But just consider the figures. I don't know how much you have left to pay on the mortgage but let's say it's about $5000. Are you going to pay $5000 to salvage something that is worth less than $1000? Remember, the money you've sunk into this so far is gone, gone, gone whether you choose to keep your TS or not.

    But if you do "[decide] to pay it off and then try to get rid of it", then remember not to contact any of these so-called cancel/exit/relief/salvation companies who promise to get you out of your timeshare. Also, keep in mind the realistic, resale value of what you own so that if a company contacts you claiming it can sell your TS for huge bucks, you'll know it's a scam.
     
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  16. DrQ

    DrQ TUG Member

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    This is LifeLesson 101. Hopefully you don't sign up for a graduate course.;)

    You have said that you are going to tough it out and pay it off. I know it stings right now:wall:, but have you looked into if you can use the purchase while you have it? You might as well as try as get some use from what you bought. There are smart people on here that may be able to be able to give advice on how to get some return.

    True 'dat
     

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