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More fallout from PCC - Vacation Solutions, LLC

Discussion in 'Buying, Selling, Renting' started by timeos2, Jan 24, 2009.

  1. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    I think this outfit has been mentioned before as one of the many pulling questionable actions with desperate timeshare owners willing to part with $3500+ to "be rid" of their ownership.

    This group has been around taking money since at least 2007 - see a typical complaint here - now it appears they are taking the whole LLC into bankruptcy as yet another way to weasel out of what they promised to those silly enough to PAY $3500 to them to handle their timeshare ownership disposal. Here is a recent communication from Vacation Solutions, LLC to a resort:

    " Continued collection efforts and/or legal proceeding will not be of any benefit to either party. Vacation Solutions, LLC has no assets and the Corporation has been dissolved. ...."

    I'll tell you, these guys make Westgate look good as they are below even that level of sleaze and corruption. I can only hope no TUGGERS or their friends got roped into this ever more deepening scam.

    In another interesting side note if you try to go to the website(s) for Vacation Solutions my Internet Security warnings go nuts stating it is a bad site and a "Serious security risk". Usually those type of warnings are due to serious malware or spyware found on "questionable" foreign or spammer sites. Figures this group would fall into that category.
     
  2. calgarygary

    calgarygary TUG Member

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    Hell of a business model. Make what ever promises that are necessary, take the money and do nothing - almost sounds like politicians. No wonder they are worse than westgate in your books.
     
  3. bnoble

    bnoble TUG Member

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    It sounds as though they didn't do nothing. It sounds as though they did transfer the deeds from the marks. But, they then decided not to pay MFs for the deeds they've been holding, and just Chapter 7'd to avoid the mess, I'm sure after everyone got paid.

    I can't think of any other reason why a resort would be hounding them for mony.
     
  4. jdb0822

    jdb0822 Guest

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    and of course, who are the real losers here? The HOA's, etc that are out of their MF's. I wonder who will be stuck with the bill....
     
  5. Lee B

    Lee B TUG Member

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    Perhaps the HOA's need to (should have) set up a reserve account to cover for unpaid owner fees.
     
  6. timeos2

    timeos2 Tug Review Crew: Rookie TUG Lifetime Member

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    A good budget has provisions and realistic amounts

    They do - it's called allowance for Bad Debt. And if it gets very high the Board/Management rightfully should hear cries from all owners as that is a sign of serious trouble ahead. Remember that is a budget item and gets blended in with utilities, management cost, labor, etc to create the annual fee. It is good accounting to fund it but bad for the bottom line if it gets excessive.
     
  7. BocaBum99

    BocaBum99 TUG Member

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    It seems to me that Bankrupcy was part of the business plan. Makes total sense to me.

    Form a trust to which ownerships will be transferred. Plan to keep it alive for 3 years. In that 3 year period, transfer as many ownerships to the trust as possible from people willing to pay $3000. Try to rent and/or sell any of the ownerships that have value. Those that don't, no worries, BK the trust after 3 years. Gotta pay maintenance fees for about 2-3 years while the trust is alive so that transfers into and out of the trust will be supported. HOAs must foreclose to get back the units.

    This seems to be the PCC business model. If it is, then I've gotta say, if a resort and/or developer has ownerships that won't sell for $1 on eBay, then they deserve to be in a trust that goes BK so that they need to foreclose to get the units back. If all ownerships had value, this wouldn't be necessary. This is partly the resort and/or developers fault.
     

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