[ 2021 ] Lawyer based exit company TFC/Tradebloc *WARNING*

[jasperdog]

WARNING. I recently attended a presentation by a lawyer-based exit company called TFC, a division of Tradebloc. Their schtick is that they claim a high "success rate" for exiting (for our group) Hilton timeshares of 96% by filing class action lawsuits -- for a price. The minimum cost is $3850 if you pay within 3 days or up to twice that for paying over a few months. However, I caught them on a very deceptive assertion about ROFR. They claimed that ROFR allows Hilton to just say NO to a 3rd party sale without buying out the owner at the same price. Another deception is using an 8% annual estimate for increases in maintenance fees, which is more than double what I've experienced. Their estimate of $146,000 of maintenance fees over 30 years does make $3850 look like peanuts.

Come to think of it, maybe there should be a class action lawsuit against Tradebloc for deceptive representation of ROFR.

 

[jmstax]

What is ROFR?

 

[Sandy VDH]

Glossary of terms/acronyms

Even after a year of reading posts, I still run across posts that include acronyms that I don't recognize (today I read a post about SVO, but I have no idea what SVO is). Is there any type of glossary on TUG of frequently used acronyms? I hate to post a reply asking someone to define SVO, HHI...

tugbbs.com

ROFR - Right of First Refusal. TS company and agree to buy the unit at the agreed upon price so instead of selling it to someone the developer buys it back on the cheap. some companies do this frequently, some do not even have the wording in contracts.

 

[Mark w]

I don’t know about Tradebloc I am set to go to a meeting Tuesday with them, but I can tell you Hilton did refuse to let me gift my deed siting ROFR without him meeting credit & income criteria. I’ll post more after I meet with them.

 

[dioxide45]

I don’t know about Tradebloc I am set to go to a meeting Tuesday with them, but I can tell you Hilton did refuse to let me gift my deed siting ROFR without him meeting credit & income criteria. I’ll post more after I meet with them.

Don't waste your time. They won't do anything for you except take your money. I am also not sure what you mean about meeting credit and income requirements. Do you still have a loan on the HGVC timeshare and you were trying to get the buyer to assume the loan? If the timeshare is paid in full, HGVC doesn't ask for credit and income of the buyer.

 

[buzglyd]

I don’t know about Tradebloc I am set to go to a meeting Tuesday with them, but I can tell you Hilton did refuse to let me gift my deed siting ROFR without him meeting credit & income criteria. I’ll post more after I meet with them.

kinda guest trollish

 

[RX8]

I don’t know about Tradebloc I am set to go to a meeting Tuesday with them, but I can tell you Hilton did refuse to let me gift my deed siting ROFR without him meeting credit & income criteria. I’ll post more after I meet with them.

I don’t fully understand your post. So you are saying that Hilton wanted to vet the person you were gifting your timeshare to for free otherwise they would exercise their ROFR? Your response is to pay some company thousands of dollars instead of having the person getting a free timeshare to provide them the information they wanted (reasonable request if you ask me)? Another crazy idea, why not submit it for ROFR and have Hilton take it back? Seems way easier than deciding to pay thousands of dollars to a company that may very well not follow through on their promise.

Edited: I am further confused because in your profile you state that you own Orange Lake and Blue Green. Nothing mentioned about you owning Hilton.

You may be sincere but I will say it isn’t uncommon for these scamming companies to use fake accounts to counter any negative posts about their company. Just the kind of company one should run away from.

 

[jasperdog]

Don't deal with Tradebloc. I went to one of their meetings late last year. I lost all respect when the company claimed that ROFR gave Hilton the right to block a transfer WITHOUT PURCHASING THE PROPERTY at the same price. So I used TUG to advertise my Hilton property at an almost giveaway price of $500, reduced after a few months to $250. Almost nothing compared to the $2000+ Hilton charges to join the program or the $25,000 to buy one. There were some expressions of interest but most buyers balk when they find out about the Hilton fees for activating the deed and joining the club. It hadn't sold by mid-January so I paid the maintenance fees one last time. Someone expressed interest late January who had a friend who owned a Hilton timeshare. I said they had to reimburse me for the maintenance fee to get the 4800 points, but I didn't hide the activation and transfer fees they would have to pay to Hilton. In case the buyer buyer would balk at reimbursing me for the maintenance fee, I had reserved a Christmas week at the home resort, a high demand week with the intention of renting it to recoup the maintenance fee. But the buyer just wanted the points so the price was raised by $1180 and I cancelled the reservation, no fee. I used LT Transfers and paid some of the fees, so, all told, I only netted about $100 more than the maintenance fee I had already paid. First contact with the buyer was late January and I received my payment on March 1.

Tradebloc would have charged over $2,000 for their services upfront. Do a little work and sell it yourself. ROFR is nothing to fear, if Hilton buys it, it is probably less paperwork.

 

[Ax Nelson]

Do you remember the name of the person who gave the presentation? My mother went to one of these Tradebloc presentations that was given by a guy name William Wells.

 

[pedro47]

To everyone thanks for sharing your experiences with this timeshare exit company.

 

[kliffy542]

I went to a presentation from this William Wells guy as well. He kept saying "research us" and even directed me to these forums. Their website is super bare, it says Tradebloc was created in 2018 which doesn't seem to mesh with what he said in the presentation, and he isn't even listed on their site's Our Team page. Does this guy even work for Tradebloc?

Are there any truly legitimate companies out there that can get you out of a timeshare?

 

[theo]

Are there any truly legitimate companies out there that can get you out of a timeshare?

In a word, NO.

Timeshare ownership is a contractual / legal obligation. No lawyer has any secret processes or mystical potions to somehow magically extract you from a valid contract.
They might (... that's might) submit a written request to “deed back” the ownership (which you can just as easily do for yourself in minutes, at no cost whatsoever).
Even more likely is that they will just take your money, do absolutely nothing --- and sit back and wait for foreclosure to inevitably occur if / after you stop paying your timeshare fees. In any case, you certainly don't need any attorney or (so-called) "exit company" to accept foreclosure if you should decide to just stop paying your fees.

You can try to give the timeshare away for free to a new owner, or try to deed it back (which requires the approval and acceptance of the HoA or developer), or just allow foreclosure to occur, but please don’t waste one minute of your time or one penny of your money on ANY of the (far too many) assorted “exit / relief / escape / rescue” parasites out there seeking to take advantage of your plight, accomplishing absolutely nothing that you cannot achieve without them. Many of them seem to crawl out of their little worm holes to advertise on radio at this particular time of year, when people are staring at maintenance fee bill deadlines for timeshares that they no longer want.
Don't let anxiety or frustration or desperation cloud your judgement; understand clearly that all of those so-called "exit company" parasites are costly and utterly useless.

Forewarned is forearmed.

 

[LannyPC]

I went to a presentation from this William Wells guy as well.

Was this presentation for a company that claims it can get you out of your TS?

 

[kliffy542]

@LannyPC yes, it was Tradebloc.

 

[JayDaniels]

I don’t know about Tradebloc I am set to go to a meeting Tuesday with them, but I can tell you Hilton did refuse to let me gift my deed siting ROFR without him meeting credit & income criteria. I’ll post more after I meet with them.

How did that go for you? Did you move forward? Did you pay and then back out? Did the do what they said? Thanks.

 

[Paula Stoneback]

This company Tradebloc is having a lot of meetings in the PA area this week. I did attend one just to find out about what the meeting was about. William Wells was the speaker, and he had other reps who came and met with you after his presentation. William quoted all kinds of laws on timeshares, and I wrote them all down. They also said that timeshare companies are all going to charge large assessments on 1/1/24, and that you need to unload before then. For one of my timeshares, he said the assessment amount would be $900 on top of annual maint fees and the other would be $1200 on top of the annual fees. I called each timeshare today to confirm if this was happening, and they said they were absolutely not doing that. I also looked up the Florida House Bill 7025 and the various other timeshare acts that he mentioned, and I really couldn't find anything related to the matter they were talking about. They said it would be $3950 to get out of my timeshare, but I felt like they were a total scam, and today after researching more, I definitely feel that way. Like I said, I was not trying nor am I trying to get out of my timeshares as I utilize them the best I can, and I have been able to travel extensively. They also mentioned that you could go on different web sites if you were in the military or if you were a firefighter, hospital worker, or a teacher and get weeks for $359/week so no need to own timeshares. I did go on those sites, and it was hard pressed to find anything that good for that amount of money. I was expecting that some of his information would be accurate, but I couldn't really validate anything. I have had a timeshare for over 30 years, and this is the first year that the fees are going up 10%. Good luck to anybody if you end up using them.

 

[4TimeAway]

This industry attracts people who prey on the uneducated.

Spend some time on TUG.
You'll learn what you have and how to use it from people that make $0 on their advice.
It is worth every penny, even if its wrong.

 

[VacationForever]

People, it is a scam. They take your money and that's all there is to it. You still own what you have after paying these scammers.

 

[ScoopKona]

People, it is a scam. They take your money and that's all there is to it. You still own what you have after paying these scammers.

You could take out an ad during the Superbowl. "All timeshare exit companies are scams." You could get the Bureau of Printing and Engraving to put "All timeshare exit companies are scams" right after "In God We Trust" on all of our money.

And still, every other day, someone will join and ask, "I've heard good things about XYZ Totally Legit Timeshare Exit Company. Should I send them $3,000?" Often a shill, of course. But plenty of people who just want out of their contract.

 

[LuciaKen]

Yesterday we met with a rep from TradeBloc. We have a triennial TS with the Grandview in Las Vegas (RCI). We bought it in 2007 and have used it four times. Only because of availability. We paid it off several months after buying it and are current on our maintenance fees. We were told that our maintenance fees are in perpetuity and if we die then RCI will put a lien on our estate for about $50k (30 years worth of maintenance fees.) TradeBloc wants almost $8,000 to get RCI to take the deed back. It's paid off and I don't mind letting it go. I just don't want the maintenance fees to be my children’s responsibility unless they want the TS. Has anyone heard about maintenance fees being in perpetuity? Thank you in advance.

 

[byeloe]

Yesterday we met with a rep from TradeBloc. We have a triennial TS with the Grandview in Las Vegas (RCI). We bought it in 2007 and have used it four times. Only because of availability. We paid it off several months after buying it and are current on our maintenance fees. We were told that our maintenance fees are in perpetuity and if we die then RCI will put a lien on our estate for about $50k (30 years worth of maintenance fees.) TradeBloc wants almost $8,000 to get RCI to take the deed back. It's paid off and I don't mind letting it go. I just don't want the maintenance fees to be my children’s responsibility unless they want the TS. Has anyone heard about maintenance fees being in perpetuity? Thank you in advance.

Your heirs do not have to accept timeshares. don't pay Tradebloc 8000. Call grandview yourself. I don't know but they may have a deed back program.

Or you can try and give it away right here on TUG

 

[TheTimeTraveler]

Yesterday we met with a rep from TradeBloc. We have a triennial TS with the Grandview in Las Vegas (RCI). We bought it in 2007 and have used it four times. Only because of availability. We paid it off several months after buying it and are current on our maintenance fees. We were told that our maintenance fees are in perpetuity and if we die then RCI will put a lien on our estate for about $50k (30 years worth of maintenance fees.) TradeBloc wants almost $8,000 to get RCI to take the deed back. It's paid off and I don't mind letting it go. I just don't want the maintenance fees to be my children’s responsibility unless they want the TS. Has anyone heard about maintenance fees being in perpetuity? Thank you in advance.

Sounds like they want to put their hands into your pocket and "pick you clean". Don't listen to them one bit as no one can make your timeshare just magically disappear. Carefully read post #12 above by @theo .

And, RCI will NOT take your Grandview Villa for an $8,000 payment. That's just BS. RCI is a Timeshare exchange company and they have nothing to do with deed acquisitions. Why would they?

Your heirs won't assume ownership of your timeshare unless they willingly accept it. With that said they will not be "on the hook" for any maintenance fees should they reject it at the time (advise them to reject it when offered).

Bottom line? Don't pay anyone to rid yourself of your timeshare. Give it away here on TUG via the "FREE TIMESHARES" postings or see if Grandview will allow you to Deed it back.

Protect your hard earned assets!






.

 

[callwill]

To those that attended the tradebloc presentation, i hope they bought you dinner (because thats what usually happens before they try and screw you!)!
We attended a similar type of presentation years ago and had an ok dinner. I asked the guy that came to our table to sell us on their program for his full name and wrote it down. When he asked why, i told him i was leaving mine to him in my will.

 

[SmithOp]

Yesterday we met with a rep from TradeBloc. We have a triennial TS with the Grandview in Las Vegas (RCI). We bought it in 2007 and have used it four times. Only because of availability. We paid it off several months after buying it and are current on our maintenance fees. We were told that our maintenance fees are in perpetuity and if we die then RCI will put a lien on our estate for about $50k (30 years worth of maintenance fees.) TradeBloc wants almost $8,000 to get RCI to take the deed back. It's paid off and I don't mind letting it go. I just don't want the maintenance fees to be my children’s responsibility unless they want the TS. Has anyone heard about maintenance fees being in perpetuity? Thank you in advance.

If your Grandview is enrolled in RCI points, then it could easily be given away here on TUG, people want those Grandview RCI Points units.

 

[Fido Chuckwagon]

We were told that our maintenance fees are in perpetuity and if we die then RCI will put a lien on our estate for about $50k (30 years worth of maintenance fees.)

Lol, no, that’s not how that works at all. Nobody can put a lien against hte estate for future maintenance fees. If no heir wants the timeshare, the HOA has no choice but to take it back.