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Question about cancelling a timeshare

John Ray Fei

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Sorry, I'm not sure where this was supposed to go so I'll just ask here. My parents bought a timeshare a couple years ago and it's been heavily draining their funds and now they wanna get out of it I dont know much about timeshares beyond the basics so I was curious what are some ways to get out of a timeshare when you've gone beyond the rescind period.

They both are looking into the Wesley Financial Group, LLC but I thought it would be prudent to ask around other places where people have been doing it longer. Also has anyone done business with wesley financial group? I'm worried about legitimacy and all that.

Thanks in advanced.
 

rickandcindy23

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Do not use a company like that to get out of the contract. If they owe money on it, they need to consider walking away, rather than paying a company.

I say that because if they are older, perhaps their credit score is not something they care about. If they still get credit cards regularly or plan to get a mortgage, this is not a good way to get out of the timeshare. Only they can decide.

If they don't owe money, they should give it away. I just don't understand buying a timeshare and then regretting it shortly after, but not in time to rescind. The laws do protect people from impulsive decisions.
 

John Ray Fei

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Can you elaborate on walking away, and unfortunately they were convinced and I cant say they had much sense when they left, they didn't even consider rescinding or anything like that, hell I didn't even know you could rescind until I bothered looking it up.
 

DeniseM

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Walking away means to stop making the payments and let it go into foreclosure. Your parents may get some calls from a collection company and a ding on their credit, but it's better than continuing to pay for something they can't afford.

You will have to psych them up to pay hardball, but if they stop paying, and stand firm, eventually the management company will take the deed back and they will be free and clear. *You may want to help them change their phone number first, to lessen the pressure on them.

There are no reputable timeshare rescue companies - it's a waste of money, and they may get scammed.
 

Passepartout

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Maybe you could flesh out your parents' ownership. What do they own? Is it paid off, and current with annual fees?

There is a good chance they can list it in the TUG Bargain Deals and give it away. They may possibly be able to convince the TS company to take it back.

PLEASE, PLEASE do not have them sign up for ANY 'get you out of your timeshare' outfit. They cost thou$and$ and once they have the money, they have no incentive to do anything to market the timeshare. There are NO magic words anyone can say that will make it 'go away. Many TUGgers have deeded them back, but it has to be done in writing with the HOA or Board. No desk clerk that answers the phone will have the authority.

Good Luck!

Jim
 

T-Dot-Traveller

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Sorry, I'm not sure where this was supposed to go so I'll just ask here. My parents bought a timeshare a couple years ago and it's been heavily draining their funds and now they wanna get out of it ......
Thanks in advanced.

How is it draining them financially ?

1) Annual dues / MF/ Maintainence Fee should be $ 100 a month or less .
Have they actually used it or used it to exchange ?

2) Did they finance it / and still owe a loan balance ?

3) Where do they own / what size / season / points value etc ?

If they bought and have not figured out how to use - then TUG members can help .

If they are truly broke - then paying Wesley or anyone else IS A TOTAL WASTE OF MONEY - money that they need to eat or keep a roof over their heads .

Please add some details .
TUG is the right place to learn and get options - FREE OF CHARGE / from folks who have some knowledge about timeshare specifics .
 
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DeniseM

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My parents bought a timeshare a couple years ago

It's unlikely to be paid off, so giving it away is not an option.

Annual dues / MF/ Maintainence Fee should be $ 100 a month or less

"Should be," based on what? Many top resorts are twice that much or more.
 

John Ray Fei

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As Denise said it's most definitely not paid off and they pay approximately 1100 a month, approximately 590 every four months for Maintenance Fees. The situation has changed because my father went through a 5 vessel bypass heart surgery and is no longer able to work. With my mom being the only one working in their house as a Nurse, money got tight really fast.

I'm on the phone with my dad, he says it was financed by Welks resort and they own it and are just paying it off, they were convinced to upgrade and it went out of control going from 28,000 to 77,0000

Also apparently it has a 14% annual interest increase
 

DeniseM

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If they aren't applying for credit in the foreseeable future, I would advise them to let it go into foreclosure. But they will need your assistance to stand up to the pressure. That's why I suggested changing their phone number first. Or if they have cell phones and Welk has their landline number, it would be a good time to cancel the landline.

Then you can ask them to set aside any mail they receive from Welk, for you to deal with. Once they get the first late notice, help them write a brief and firm "we're destitute and we aren't paying another cent letter," and mail it to Welk.

For this to work, your parents will have to resist the impulse to talk to Welk, and just let the foreclosure run it's course. Since they seem to be suseptible to the "charm," of timeshare fast talk, they should have absolutely no contact with Welk, going forward.
 
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John Ray Fei

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I appreciate the answers, they're really stressed and at a loss of what to do but I know about all this as much as they do, but when they came to me about a group claiming that they could get them out within the month, I was real skeptical about it

I can see the way forward will probably hard on them but my sisters and I will probably try to help them as best as we can in the mean time.
 

T-Dot-Traveller

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As Denise said........."With my mom being the only one working in their house as a Nurse, money got tight really fast.

Denise is giving excellent advise .
- and given the circumstances you list - necessary advice .

Have your parents ask themselves - “what is the worst thing that can happen “- if
we let Welk go into forclosure .
(dunning letters & a credit score hit etc. / saving them approx .$15,000 in the 12 months)
 
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T-Dot-Traveller

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Walking away means to stop making the payments and let it go into foreclosure. .....

There are no reputable timeshare rescue companies - it's a waste of money, and they may get scammed.

“ There are no reputable timeshare rescue companies “........
- please make sure your parents understand what Denise is saying .

..... when they came to me about a group claiming that they could get them out within the month, I was really skeptical......

your instincts were correct .

glad you are helping your parents work through this stressful time .
 

Passepartout

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The parents might discuss their overall financial health with an attorney who specializes in these things. A bankruptcy might give them some relief from medical bills and the timeshare and it's 14% note can be 'crammed down' in the process.

I wish you, and them, well.

Jim
 
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