• 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!

[2008] What happens if I don't pay MF ever again?

TSNotSure

newbie
Joined
Oct 4, 2007
Messages
34
Reaction score
0
Points
6
I don't want to be with Wyndham now that they changed the transfer of points rules. If I don't pay them a red cent again, can I just forfeit my unit/points to them?

They are worthless on the re-sale market, why not just forfieit to Wynham?

What is the down-side of doing this?
 

AwayWeGo

TUG Review Crew: Expert
TUG Member
Joined
Jun 6, 2005
Messages
15,686
Reaction score
1,630
Points
699
Location
McLean (Fairfax County), Virginia, USA.
Resorts Owned
Grandview At Las Vegas

[triennial - points]
You Can Walk Away From A Timeshare But You Can't Walk Away From Trouble.

What is the down-side of doing this?
Bill collectors. Bad credit reports. Hits against your credit scores. Lawsuits. Collection fees & attorney fees & interest charges tacked onto the unpaid amounts you owe. All sorts of unpleasantness that would make you wish you had just swallowed hard & paid up on time.

I agree that it's a bad deal for the timeshare company to treat its owners in such a shabby way. But once you own it, you own it -- meaning paying what's owed every year remains your responsibility till you sell it or give it away.

Returning it to the timeshare company might be a possibility, but only if the timeshare company agrees -- & not all of'm do. (Maybe most of'm don't, I don't know.)

Plus, if you just quit paying, all the other owners' annual fees go up because of your unpaid timeshare bills.

Not a good situation.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​



 

TSNotSure

newbie
Joined
Oct 4, 2007
Messages
34
Reaction score
0
Points
6
Can they be given away to charities, and if so, what charities accept them?
 

FlyerBobcat

TUG Review Crew
TUG Member
Joined
Nov 3, 2008
Messages
1,486
Reaction score
3
Points
398
Location
Central Ohio
donating...

Make sure you read over the "Donating your Timeshare To Charity" section of:

http://www.tug2.net/advice/TUG_Taxes_and_Timeshares.htm

Not sure of the charities that accept them, but I know from reading this forum that they have to have a certain value in order for the organization to accept them.

Also look at:

http://www.tug2.net/advice/TS_abandon.htm

http://www.tugbbs.com/forums/showthread.php?t=43929




Can they be given away to charities, and if so, what charities accept them?
 
Last edited:

theo

TUG Review Crew: Veteran
TUG Member
Joined
Mar 21, 2007
Messages
9,032
Reaction score
2,268
Points
648
Location
New England Coast
My $0.02 worth...

Can they be given away to charities, and if so, what charities accept them?

Any and all charities make the decision as to whether or not to accept a timeshare donation solely upon whether they believe that they can promptly and inexpensively sell it for some cash for their cause.

A general rule of thumb is that if it's a week you couldn't easily sell on eBay for $100, then it's also a week which no charity is likely to accept. They don't want the annual mf burden any more than you do.
Good luck -- but just walking away is not a particularly wise or prudent course of action to seriously consider.
 

bnoble

TUG Member
Joined
Nov 14, 2006
Messages
11,627
Reaction score
5,364
Points
798
Location
The People's Republic of Ann Arbor
As long as you have a reasonable MF/K ratio (anything under $5, or maybe a bit more), I would

(a) credit pool your 2009 points, then
(b) hold onto it until late March or maybe April, and try to sell it then.

You can advertise the full use of 2009 points, in credit pool with an extra 2 years to use them, and catch any dead-cat-bounce that the market is likely to see on the value of WynFSP, after the 4Q timeshare glut that happens every year.
 

TSNotSure

newbie
Joined
Oct 4, 2007
Messages
34
Reaction score
0
Points
6
I'm not planning to walk away from it, was just curious of the consequences. Thanks for the advice on timing to sell also.

My MF are about 3.5cents per K, a good price. How does this credit pool thing work? Any link?

It does infuriate me about the transfer thing though. I just can't see how they can continue to operate taking so many things away.
 

lprstn

TUG Review Crew: Veteran
TUG Member
Joined
Sep 14, 2007
Messages
2,655
Reaction score
22
Points
423
I'm not planning to walk away from it, was just curious of the consequences. Thanks for the advice on timing to sell also.

My MF are about 3.5cents per K, a good price. How does this credit pool thing work? Any link?


It does infuriate me about the transfer thing though. I just can't see how they can continue to operate taking so many things away.

Its not a bad product at all. Just being able to use your points with the large internal trading system is enough to keep most owners happy, and being able to multiply your points into many weeks when depositing in RCI was all it took to get me to purchase and use my Wyndham every year. The other perks I rarely even used. So for me, a basic owner, I am still happy and still get more use from my Wyndham than I do from my Sheraton Vistana of which I pay higher mf's and only get at most 1 week a year of travel.
 

TSNotSure

newbie
Joined
Oct 4, 2007
Messages
34
Reaction score
0
Points
6
RCI is a joke as far as I'm concerned. I've had searches there 1-2 years in advanced, for regions of the US, not specific resorts, and nothing ever comes through. The only thing I like RCI for is last minute rentals.
 

rickandcindy23

TUG Review Crew: Elite
TUG Member
Joined
Jun 6, 2005
Messages
31,892
Reaction score
8,997
Points
1,049
Location
The Centennial State
Resorts Owned
Wyndham Founder; Disney OKW & SSR; Marriott's Willow Ridge,Shadow Ridge,Grand Chateau;Val Chatelle; Hono Koa OF (3); SBR(LOTS), SDO a few; Grand Palms; WKORV-OF (2),Westin Desert Willow.
You had better check your numbers. Nobody at Wyndam pays only 3.5 cents per K.
More like $4.00 or more per K

Merlyn

In 2008, I had several resorts with fees that reasonable. Not happening in 2009.
 

TSNotSure

newbie
Joined
Oct 4, 2007
Messages
34
Reaction score
0
Points
6
Yeah, I was looking at 2008. $761/203=.0375. I see 2009 MF were jacked up almost 17% though.
 

Sandy VDH

TUG Review Crew: Elite
TUG Member
Joined
Jun 6, 2005
Messages
9,848
Reaction score
4,227
Points
648
Location
Houston, TX
Resorts Owned
Wynd VIP Plat GF, HGVC Elite, WM, HICV, +
How does this credit pool thing work? Any link?

See http://tinyurl.com/Wyndham2008MemberGuide

It is on page 278, which explains the Points Credit Pool. I tried to cut and paste the text but you can grab text from the Member Guide. I think the link should bring you to the correct page though.

Note fee is now $30 not $25 as listed in the Guide.
 

TSNotSure

newbie
Joined
Oct 4, 2007
Messages
34
Reaction score
0
Points
6
Thanks for the link. Apparently that is only good for VIP? Not about to sink any real money into Wyndham considering the short time I've been with them and the changes I've seen.
 

timeos2

Tug Review Crew: Rookie
TUG Lifetime Member
Joined
Apr 11, 2005
Messages
11,183
Reaction score
5
Points
36
Location
Rochester, NY

Perrygirl

TUG Member
Joined
Jun 7, 2008
Messages
61
Reaction score
1
Points
368
Location
California
Changed transfer of points rule

I don't want to be with Wyndham now that they changed the transfer of points rules. If I don't pay them a red cent again, can I just forfeit my unit/points to them?

They are worthless on the re-sale market, why not just forfieit to Wynham?

What is the down-side of doing this?

I was wondering what you are talking about. I was thinking of buying a Wyndham on ebay looking for about 315000 pts and they are so cheap on ebay but what is wrong that you are talking about?
 

Caius

TUG Member
Joined
Aug 31, 2007
Messages
110
Reaction score
0
Points
16
I was wondering what you are talking about. I was thinking of buying a Wyndham on ebay looking for about 315000 pts and they are so cheap on ebay but what is wrong that you are talking about?

Briefly, Wyndham has been taking away owner benefits and raising fees quite drastically over the past 4-5 years. If you are planning a purchase for your own personal use, Wyndham points bought resale are still a bargain.

Take your time, and do lots of reading to find out if the Wyndham system is right for you. There are no shortage of resale deeds, especially now, so you can afford to be patient.

Good luck!
 

TSNotSure

newbie
Joined
Oct 4, 2007
Messages
34
Reaction score
0
Points
6
I was wondering what you are talking about. I was thinking of buying a Wyndham on ebay looking for about 315000 pts and they are so cheap on ebay but what is wrong that you are talking about?

It was mainly answered above, but one of the nice things I liked was being able to sell my unused points, or buy some if I needed them. As said above, in only two years I've seen alot of unfriendly changes and this one upsets me the most. I'll keep what I have for a while, but definitely will not buy anymore nor would I recommend any to others. IMO, use www.vrbo, go when you want and overall it isn't much more expensive considering there is no market value for your unused points now.

Add a nice increase of 17% in my case to MF this year, and this whole Wyndham thing reminds me alot of fools gold. Timeshares aren't a very good value unless you are very flexible, etc. I do like some aspects, but it is something I could live without too.
 
Top