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[2018] So I want out. And don’t care about my credit.

BeckySmith

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Before I get into the nitty gritty of it, I have read a lot of threads pertaining to this subject. I also have looked into the laws of the state in which my timeshare is in.

I have a deeded Westgate timeshare in Florida. I want out. I know I won’t get my money back.

I’m a Canadian citizen, I’m young and naive and should’ve trusted my gut instinct when they reeled me into purchasing “this once in a lifetime offer”. I’m sick to my stomach thinking about it, I’m going back to school and literally cannot make the payments .

I understand I can stop payments and try to forclose my timeshare- can I be sued ? Can I still travel to the US if I walk away from this loan?

I have contacted my salesperson and she just kept repeating “we do not buy them back” but my question to her was “what are my options?”

Somebody- please help. I’m losing sleep over this .
 
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RNCollins

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When did you purchase your timeshare? Are you still within the 10 day rescission period?
 

Passepartout

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Defaulting will not effect your ability to travel. To the USA or anywhere else. Keep us posted on how it proceeds. Note that there is not much love for Wastegate here.
 

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Run a “completed listings” search on eBay. It looks like some sold recently. You might have to throw in some incentives like pre-paid dues and all transfer costs.

Of course, the timeshare needs to fully owned for the above to apply.
 

bogey21

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I’m a Canadian citizen, I’m young and naive....I’m going back to school and literally cannot make the payments...

I'm assuming that you have a loan on your TS purchase. Normally I would tell you that you have an obligation, need to honor it and learn to use your TS but you are young, a student and obviously don't have the money so I will deviate from this. So here goes...

If you need anything that requires checking your Credit like a new Credit Card or buying a car, do it now. Then don't pay another penny on your TS and let the chips fall where ever they will. You are young and over time you will be able to rebuild your credit if they ding it.

Understand that you will be hounded to repay. Ignore all the phone calls,etc.

George
 

bbodb1

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I am not comfortable enough to offer advice on how to proceed here BUT what I can tell you that you can recover from bankruptcy in the U.S.. It takes time, but it can be done. I have no idea if the same options are available in Canada though. Have you checked out the info on the Office of Consumer Affairs page at http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/h_ca02207.html
 

icydog

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The worst thing that will happen is bad credit for 7 years, and then the long trip uphill to recover from that. I did it when I was young and didn’t know I had any other recourse other than allowing my car to be reposesssed and then a lien placed against my home for 7 years.

If you don’t own a home, which I’m assuming you don’t, do as Bogey21 suggested. Take out credit cards now, buy your car now, in fact, buy any big ticket items you think you’ll need on Credit now.

You’ll get through this. Westgate is a slimy company and it’s a shame you got suckered in...but in your case I would default.
 

BeckySmith

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Defaulting will not effect your ability to travel. To the USA or anywhere else. Keep us posted on how it proceeds. Note that there is not much love for Wastegate here.

I am noticing the lack of love for Westgate . Thank you for advice and I will keep you posted as everything unravels
 

BeckySmith

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I'm assuming that you have a loan on your TS purchase. Normally I would tell you that you have an obligation, need to honor it and learn to use your TS but you are young, a student and obviously don't have the money so I will deviate from this. So here goes...

If you need anything that requires checking your Credit like a new Credit Card or buying a car, do it now. Then don't pay another penny on your TS and let the chips fall where ever they will. You are young and over time you will be able to rebuild your credit if they ding it.

Understand that you will be hounded to repay. Ignore all the phone calls,etc.

George


I have a credit card and I own my new car out right . I have no concerns about any big loans in the next 7 years. Thank you for the advice .
 

BeckySmith

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So I guess I have one more question continuing into this. Do. I just stop making payments and let Westgate contact me ? Or should I contact Westgate and let them know I can’t make payments and I’ll have to foreclose the timeshare ?
 

Egret1986

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I support what George and Icydog say. Good for you; go back to school. We've all made mistakes that have made us sick to our stomachs (ie. purchasing timeshares from the developer), causing issues and adding stress to our lives. As stated, get the credit that you can see needed for the future and then stop making the payments. This wouldn't necessarily be the first line of advice in many cases. However, now may be the best time to make this move to relieve yourself of this financial obligation. Agree with others that Westgate is a slimy company that uses deceit to lure the unsuspecting into long-term obligations with little to no recourse for getting out (especially when there is an existing loan involved). Good luck and best wishes to you.
 

BeckySmith

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I support what George and Icydog say. Good for you; go back to school. We've all made mistakes that have made us sick to our stomachs (ie. purchasing timeshares from the developer), causing issues and adding stress to our lives. As stated, get the credit that you can see needed for the future and then stop making the payments. This wouldn't necessarily be the first line of advice in many cases. However, now may be the best time to make this move to relieve yourself of this financial obligation. Agree with others that Westgate is a slimy company that uses deceit to lure the unsuspecting into long-term obligations with little to no recourse for getting out (especially when there is an existing loan involved). Good luck and best wishes to you.

Thank you . I agree, I’m not someone to walk away from an obligation. But at the time I thought I had life figured out and financially I could afford and use my timeshare. But in the last couple months I’ve decided I want to pursue nursing , at 25 yrs old , I thought I had it figured out but turns out I’ve changed my mind. So, on top of stressing about this time share and where the payments will come from I just realized I’ll have to take a hit and sometimes that’s just the way life goes.

Also, yes, I will not be recommending any of my family or friends to Westgate. They told me about all the perks of owning a Westgate TS just to find out it’s all memberships that cost an arm and a leg.

I’m not impressed. Even if I could manage the payments and continue on - I still feel lied to and mislead.
 

davidvel

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I would write them a letter stating you are rescinding based on fraud, and cite all the false things that they did and said that induced you into the contract, including the loan. Then stop paying, and don't communicate any further. No they won't take it back, and yes there are plenty of exculpatory clauses in the contract, but this will at least document the basis for your refusal to pay, and could provide ammo if they ever sue you, or you want to sue them for damamging your credit in the future.
 

LannyPC

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So I guess I have one more question continuing into this. Do. I just stop making payments and let Westgate contact me ? Or should I contact Westgate and let them know I can’t make payments and I’ll have to foreclose the timeshare ?

How long ago did you make this purchase?
Are you behind or up-to-date on the maintenance fees?
" " " " " " " loan/mortgage? If so, how much more do you own on the loan?
 

PrairieGirl

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Do not consider what I am about to tell you as advice on what you should do. I am merely going to recount a personal experience of mine.

I am a dual US/Canadian citizen living permanently in Canada and snowbirding in the US during the winter so I have use for a US credit card. When I first went to apply for a credit card from a US domiciled bank for my winter use, I was declined because I had no credit rating in the US (my original one had fallen off because I had been gone for so many years) and they had no access (or couldn't be bothered to get it) to my Canadian credit bureau ratings. Since I had been a banker in the US before I moved to Canada I was finally able to wrangle one out of the bank where I used to work. Long story short, once I had that card, used it for a year and had a FICO score, I was easily able to obtain any CC I wanted. Based on my FICO score alone, because I have no US based employment or income!

So my point is this - unless something has changed, credit bureau reporting does not SEEM to cross borders. Sure you will trash your US credit bureau rating if you default to Westgate, but will any lender in Canada care? I have never heard of a Canadian bank checking or even thinking of checking a US credit bureau (but you might want to check with yours). And having read many, many, Canadian Equifax reports over the years, I have never seem a US entity report on one. Including mine, and I hold a variety of US based credit cards.

Heck, you might even be able to contact Equifax directly and ask them if any US based lenders ever make a report to them. Or get your favourite banker to make the inquiry for you. Of course if you LIVE in the US, none of this will matter to you, you will be (or should be) concerned about a US credit bureau rating. When you said you were a Canadian, I assumed that meant you lived in Canada.
 

BeckySmith

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How long ago did you make this purchase?
Are you behind or up-to-date on the maintenance fees?
" " " " " " " loan/mortgage? If so, how much more do you own on the loan?

Well, I purchased it in December of 2017.
So I haven’t had to pay any MF.
I am up up to date on my mortgage payment.

I still owe 14,000 on it .
 

BeckySmith

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Do not consider what I am about to tell you as advice on what you should do. I am merely going to recount a personal experience of mine.

I am a dual US/Canadian citizen living permanently in Canada and snowbirding in the US during the winter so I have use for a US credit card. When I first went to apply for a credit card from a US domiciled bank for my winter use, I was declined because I had no credit rating in the US (my original one had fallen off because I had been gone for so many years) and they had no access (or couldn't be bothered to get it) to my Canadian credit bureau ratings. Since I had been a banker in the US before I moved to Canada I was finally able to wrangle one out of the bank where I used to work. Long story short, once I had that card, used it for a year and had a FICO score, I was easily able to obtain any CC I wanted. Based on my FICO score alone, because I have no US based employment or income!

So my point is this - unless something has changed, credit bureau reporting does not SEEM to cross borders. Sure you will trash your US credit bureau rating if you default to Westgate, but will any lender in Canada care? I have never heard of a Canadian bank checking or even thinking of checking a US credit bureau (but you might want to check with yours). And having read many, many, Canadian Equifax reports over the years, I have never seem a US entity report on one. Including mine, and I hold a variety of US based credit cards.

Heck, you might even be able to contact Equifax directly and ask them if any US based lenders ever make a report to them. Or get your favourite banker to make the inquiry for you. Of course if you LIVE in the US, none of this will matter to you, you will be (or should be) concerned about a US credit bureau rating. When you said you were a Canadian, I assumed that meant you lived in Canada.

Yes I do live in Canada.

Thank you. This is also something my friend expressed. She works in a bank and said that no credit doesn’t cross borders. (At least at her bank)

Thank you.
 

Passepartout

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Becky, I agree with the tactic in post 13. Write to whomever is getting the loan payments. Inform them that this is the last they'll hear from you, and that they can do what they wish. You may want to include that your life situation has changed and at this time, timeshare ownership is not practical. Include that you would happily sign a quit claim to the interval and surrender what you've already paid to them.

We wish you good luck!

Jim
 

pedro47

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To the OP, are you under the age of twenty one or were you under twenty one when you signed the contract ?
 

PigsDad

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To the OP, are you under the age of twenty one or were you under twenty one when you signed the contract ?
I thought 18 was the age you could legally sign a contract. Is 21 a magic number for something regarding timeshares / contracts? Just curious.

Kurt
 

Passepartout

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Becky, I know that $14,000 seems like a life changing fortune to your young mind, but to be frank, a foreclosure and credit repair could quite easily cost that much or more in increased cost to borrow, possibly missing advancement in employment, increased tuitions, and having to tie up hard money in pre-paid debit cards while your credit builds. I see that your feeling is to throw caution to the wind and take the consequences, but possibly even the slime balls at Wastegate will make you an offer of lower cost or reduced unit if you don't default. Since the TS is worthless anyway, if they'll change your contract to one you can fulfill, it might save you money in the long run.

Just playing Devil's Advocate here to make sure you saw all the angles.

You're among friends here either way.

Jim
 

BeckySmith

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Becky, I know that $14,000 seems like a life changing fortune to your young mind, but to be frank, a foreclosure and credit repair could quite easily cost that much or more in increased cost to borrow, possibly missing advancement in employment, increased tuitions, and having to tie up hard money in pre-paid debit cards while your credit builds. I see that your feeling is to throw caution to the wind and take the consequences, but possibly even the slime balls at Wastegate will make you an offer of lower cost or reduced unit if you don't default. Since the TS is worthless anyway, if they'll change your contract to one you can fulfill, it might save you money in the long run.

Just playing Devil's Advocate here to make sure you saw all the angles.

You're among friends here either way.

Jim


Thank you I truly appreciate the support and advice .

No, in the grand scheme of life 14g is not a lot. But, in my mind it’s something I can’t afford to pay while in school. Do I go hungry just to make the payment ? Not put fuel in my tank so I can get to school ? The money I’ll be paying to Westgate is equivalent to me withdrawing 350 a month and setting it on fire for the next 4-5 years until I graduate and start making money to even consider using my weeks. Also, I’ve been looking into it more , I don’t think credit can cross borders . I’ll be further investigating that , but if it means I just need to unauthorize payments and walk away from the money I have already paid, I’m thinking cutting my losses at 5g (deposit and payments already made) is better than the 14g plus MF and interest that will accumulate from the 14g in the years ahead.

If it means I need to ignore collections agencies and passed due mail for a couple months it’s really not different then the advertising calls and junk mail I have been getting since the moment I purchased.

Once again, I appreciate the support . I’ve been able to “calm down” a bit and gain some reassurance of what I already read into .
 

chapjim

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I can't help noting the how differently BeckySmith and MassanuttenOwner (on the Eastern States Timesharing forum) described their timeshare acquisitions. And how different were the responses.

BeckySmith is much younger and much more mature in her outlook.
 

Marathoner

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I disagree with some of the advice above.

Just stop paying immediately. Do not communicate with them and do not accept any calls from them. The only thing that Westgate cares about is your money full stop. Just stop paying and your credit will be better in 7 years in the States.

Conversing with them wastes your most valuable commodity - your time. Westgate will not care.


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