Can they hurt your credit score if they don’t have your SSN?

[Slowlo]

My husband and I purchased a timeshare in Mexico (which the resort said wasn’t a timeshare but a ‘vacation club package’) on a vacation back in July of 2022. I had buyers remorse the next day but we wanted to continue enjoying our vacation while we could so we didn’t get it canceled in the rescission time frame. We did a down payment and are in the early stages of paying for the loan so it is far from paid off. It is not deeded and they said if we want out we have to take care of it ourselves. They also said we have to pay off the entire loan before we can even try selling it. Our financial situation has changed and we can’t afford to spend anymore on what has become a nightmare. My husband wants to stop anymore payments to them and just walk away. He thinks that they cannot effect our credit scores because they don’t have our social security numbers. Is there anyone that can give any advice on this and if it’s true about the SSN? I’ve searched everywhere for an answer to this and haven’t found one. It would be much appreciated if anyone can help with this question. Thank you!

 

[simpsontruckdriver]

I think they can't hurt your credit since they are based in Mexico. But you are correct, the only way to get out is simply stop paying. You can't sell it because it's worth nothing. Timeshare Exit companies will take thousands of your $ but will do nothing, so save your money.

TS

 

[callwill]

Its a club, not so much a timeshare. Walk away.

 

[bnoble]

Even if your credit is dinged, that might be a fair trade for not paying this off.

 

[Passepartout]

As others have said, just stop paying and chalk this up to experience of not making large impulse purchases on vacation. You may get letters, vaguely threatening credit damage. Ignore them. You might get phone calls. Block them. Cancel any credit cards that they have the ability to debit.

Unfortunately, what money you've already spent on this is gone, but it would have been gone anyway even if you'd payed it off, so you're money ahead to quit the bleeding.

Sorry for your reversal of fortune. And don't worry about taking another Mexican vacation sometime down the road. I'd wager this same resort would make another run at selling you a membership again.

Jim

 

[pedro47]

Stop paying and "Do Not Give Them your SSN or your Driver License Number." IMHO

 

[easyrider]

My husband and I purchased a timeshare in Mexico (which the resort said wasn’t a timeshare but a ‘vacation club package’) on a vacation back in July of 2022. I had buyers remorse the next day but we wanted to continue enjoying our vacation while we could so we didn’t get it canceled in the rescission time frame. We did a down payment and are in the early stages of paying for the loan so it is far from paid off. It is not deeded and they said if we want out we have to take care of it ourselves. They also said we have to pay off the entire loan before we can even try selling it. Our financial situation has changed and we can’t afford to spend anymore on what has become a nightmare. My husband wants to stop anymore payments to them and just walk away. He thinks that they cannot effect our credit scores because they don’t have our social security numbers. Is there anyone that can give any advice on this and if it’s true about the SSN? I’ve searched everywhere for an answer to this and haven’t found one. It would be much appreciated if anyone can help with this question. Thank you!

It depends on where the membership is financed. If it is financed through a line of credit like Barclays it would be just like defaulting on any credit card. If it is financed through a Mexican developer then walking away has little to no repercussions unless you live in Mexico.

Bill

 

[Slowlo]

Thank you for everyone’s reply! It has been a big help for our decision.

 

[Slowlo]

As others have said, just stop paying and chalk this up to experience of not making large impulse purchases on vacation. You may get letters, vaguely threatening credit damage. Ignore them. You might get phone calls. Block them. Cancel any credit cards that they have the ability to debit.

Unfortunately, what money you've already spent on this is gone, but it would have been gone anyway even if you'd payed it off, so you're money ahead to quit the bleeding.

Sorry for your reversal of fortune. And don't worry about taking another Mexican vacation sometime down the road. I'd wager this same resort would make another run at selling you a membership again.

Jim

I actually had a thought if we did ever go there again I’m sure they would still try selling to us. We don’t travel a lot so it was an experience and definitely learned from it. Unfortunately the hard way. Thanks again for your advice!

 

[Slowlo]

It depends on where the membership is financed. If it is financed through a line of credit like Barclays it would be just like defaulting on any credit card. If it is financed through a Mexican developer then walking away has little to no repercussions unless you live in Mexico.

Bill

It is financed through the developer. They said we could get the loan switched to a bank when we got back to the U.S. to have less of an interest rate. We have not done that so it’s still through the developer.

 

[rpennisi]

It is financed through the developer. They said we could get the loan switched to a bank when we got back to the U.S. to have less of an interest rate. We have not done that so it’s still through the developer.

If they don’t have a business/bank connection in the US/Canada you may be able to not get a hit on your credit score by not continuing payments(?)

 

[easyrider]

If they don’t have a business/bank connection in the US/Canada you may be able to not get a hit on your credit score by not continuing payments(?)

That is right. A loan from a Mexican developer is International debt and doesn't show up on a credit score to those not living in Mexico without due process which takes time and money. Even if the debt goes through the process and they win it doesn't actually mean they can collect. They can sell this debt to a debt collector who will try to negotiate a settlement.

Bill

 

[Rpvc]

As others have said, just stop paying and chalk this up to experience of not making large impulse purchases on vacation. You may get letters, vaguely threatening credit damage. Ignore them. You might get phone calls. Block them. Cancel any credit cards that they have the ability to debit.

Unfortunately, what money you've already spent on this is gone, but it would have been gone anyway even if you'd payed it off, so you're money ahead to quit the bleeding.

Sorry for your reversal of fortune. And don't worry about taking another Mexican vacation sometime down the road. I'd wager this same resort would make another run at selling you a membership again.

Jim

Hi jim..me and my wife are in this similat situation.im just worried that they might get money from my job or sue me.

 

[Passepartout]

Hi jim..me and my wife are in this similat situation.im just worried that they might get money from my job or sue me.

Very unlikely. They will try telling you they'll cancel your membership and reservations. Then they'll tack on late charges. They might sell the debt to a collection agency. You would then demand to be shown proof that you owe the debt, and demand that any further contact be via USMail.

You very likely will have heard the last from them.

Move on with your life.

In order to attach wages or bank accounts, it takes a court order, and that takes the collector having legal representation licensed where you live, and at best it takes a loooong time.


Jim

 

[dioxide45]

Hi jim..me and my wife are in this similat situation.im just worried that they might get money from my job or sue me.

They won't sue to and garnish your wages.

 

[shameX]

They won't sue to and garnish your wages.

The same thing happened here. My spouse and I were sold an "investment" & "membership" from Tafer Resort in PV, Mex in 2022. We put down a $20K down payment (the worst decision we've ever made together, hence my name), paid several months of the "loan" to ResortCom, and are now we are planning to stop payments. We've exchanged emails with a tafer rep and they tried to sell us a downgraded membership but we knew to NOT signed anything in the US and declined. Also, we didn't take out a US loan to pay the "Mexican loan" - which Tafer highly recommended we do for a lower interest rate (of course). So, like others on this post, I'm anxious about what is going to happen next. I'm assuming and anticipating we'll get harassing phone calls (ResortCom?) for a while. The company on the promissory note is Constuctoria Villa Del Palmer Cancun. Any experience or insights working with this group? What to expect? TIA

 

[Passepartout]

The same thing happened here. My spouse and I were sold an "investment" & "membership" from Tafer Resort in PV, Mex in 2022. We put down a $20K down payment (the worst decision we've ever made together, hence my name), paid several months of the "loan" to ResortCom, and are now we are planning to stop payments. We've exchanged emails with a tafer rep and they tried to sell us a downgraded membership but we knew to NOT signed anything in the US and declined. Also, we didn't take out a US loan to pay the "Mexican loan" - which Tafer highly recommended we do for a lower interest rate (of course). So, like others on this post, I'm anxious about what is going to happen next. I'm assuming and anticipating we'll get harassing phone calls (ResortCom?) for a while. The company on the promissory note is Constuctoria Villa Del Palmer Cancun. Any experience or insights working with this group? What to expect? TIA

I can't tell you what to expect. You will likely get letters reminding you to pay, possible late charges. Then after a while- maybe up to a year, you'll get a new annual bill with more late charges and reinstatement fees added. Then they'll threaten you with inability to make or use your reservations. The letters- or calls/emails might start coming from collectors. You can demand that they only contact you by US Mail per US Fair Credit Act and to provide documentation that you signed up for the debt. Ultimately, they'll tell you that your membership has been terminated. Boo Hoo.

Jim

 

[uchristine28]

It is financed through the developer. They said we could get the loan switched to a bank when we got back to the U.S. to have less of an interest rate. We have not done that so it’s still through the developer.

Hi, I’m in the same boat. I’m just wondering what happened to you guys case? Did you stop paying?
What happened after you stopped paying? My main question is, Did it damage your credit?

Hope to hear back! Thank you.

 

[TheTimeTraveler]

Hi, I’m in the same boat. I’m just wondering what happened to you guys case? Did you stop paying?
What happened after you stopped paying? My main question is, Did it damage your credit?

Hope to hear back! Thank you.

They haven't been back since April 4th of 2023 so I doubt you'll ever hear back......





.

 

[uchristine28]

They haven't been back since April 4th of 2023 so I doubt you'll ever hear back......





.

I just paused my payments 3 months ago so I’ve been getting lots of calls/emails that it’s going to collection if I miss 1 more payment.
They’re telling me if it goes into collections, it will hurt my credit badly and stay there for 7 years. Or possibility of my wages getting garnished in the future. I just don’t know what to do.

Did they turn yours into collection? Did it affect your credit?

 

[TheTimeTraveler]

I just paused my payments 3 months ago so I’ve been getting lots of calls/emails that it’s going to collection if I miss 1 more payment.
They’re telling me if it goes into collections, it will hurt my credit badly and stay there for 7 years. Or possibility of my wages getting garnished in the future. I just don’t know what to do.

Did they turn yours into collection? Did it affect your credit?

Never affected my credit, but I never had anything go to collection.

Remember in Mexico you own nothing -- most everything is a pay as you go vacation type club. You don't pay you don't get to go and your membership is terminated.

Most timeshares anywhere are worth little or nothing on the resale market.

Best of luck!





.

 

[Janann]

possibility of my wages getting garnished in the future.

This is not going to happen. It would require filing a lawsuit, court time, etc. There has never been a report on TUG or anywhere else of wage garnishment related to a timeshare or vacation club.

I think on your other post you said you still owe $7,000. That is a really small amount of money when it comes to hassling with the expense of wage garnishment.

 

[shameX]

Update - We just received an email from a US-based collection agency regarding the balance for the Club Caribe Villa Del Palmar /TaferResidenceClub. The email looks a bit suspect (different fonts, etc). Feeling anxious. Any recommendations?

 

[bnoble]

File it in the circular file.

 

[pedro47]

The same thing happened here. My spouse and I were sold an "investment" & "membership" from Tafer Resort in PV, Mex in 2022. We put down a $20K down payment (the worst decision we've ever made together, hence my name), paid several months of the "loan" to ResortCom, and are now we are planning to stop payments. We've exchanged emails with a tafer rep and they tried to sell us a downgraded membership but we knew to NOT signed anything in the US and declined. Also, we didn't take out a US loan to pay the "Mexican loan" - which Tafer highly recommended we do for a lower interest rate (of course). So, like others on this post, I'm anxious about what is going to happen next. I'm assuming and anticipating we'll get harassing phone calls (ResortCom?) for a while. The company on the promissory note is Constuctoria Villa Del Palmer Cancun. Any experience or insights working with this group? What to expect? TIA

IMO, the developer do not care if you never make another payment.
They got $20,000 dollars plus several loan payments from you.
This is my opinion only.

I want other Tuggers to continue to give their opinions on this thread topic.