Cancelling Wyndham Contract

[rickandcindy23]

You will never get a dime back from Wyndham. I would stop paying, if your intention is to get out of the contract. That is the surefire way to end it, but of course you will take a hit on your credit. It's only temporary, and you can write a letter to the credit reporting agency that Wyndham uses.

The salespeople lie, that's what they do, and Wyndham corporate knows it and doesn't do a thing to stop it.

I have been to many presentations in my life, and I have caught even Westin/ Marriott in lies. But they lie less and the value of their resale value isn't -$0.

Timeshares are wonderful, and most of us bought developer at some point, yet we still love what we own. We still own at the first resorts we ever purchased. We own better weeks now, as weeks were being given away, but in 1982, we were pretty naive at 27 years old.

 

[HitchHiker71]

Do you think it is likely that the credit bureaus would revise my credit history because it is a time share? Have you heard of such a thing?

If I do not own a deed, how could they foreclose on me? I purchased the access package

In your case they will forelose on the loan you have with Wyndham - not the CWA ownership itself - since it is not a deeded ownership - there's no need to foreclose on the deed itself to have the deed transferred back to Wyndham. Since you see Wyndham reporting on one of your credit bureaus for the loan itself - then you'll likely take a credit hit as Wyndham will start reporting past due status on the loan itself. How much do you have left to pay on the timeshare loan?

Oftentimes when people post about stopping payment, they actually don't have a loan against the timeshare purchase itself like you do, they mean they are simply going to stop paying their MFs as opposed to the actual timeshare loan balance. MF payments aren't typically reported to credit bureaus, whereas a loan balance for the actual timeshare purchase is typically reported to credit bureaus - whether via Wyndham or via another financing company that is holding the loan balance. Since you already see Wyndham reporting your loan payments, if you stop paying on this loan, you'll see a credit hit of some kind as others have already indicated on this thread - but you can always try to post a letter/notification on your credit report explaining the reasoning which can help offset the credit score hit.

 

[HitchHiker71]

Wyndham does have a ‘hardship’ form available. There are certain instances where people said the right thing and got out of their contract. Very slim chance but still possible. I am looking for those stories and advice on how to go about that. Trying to stay positive over here

If you're truly experiencing hardship and there's an option to submit a hardship request - then I would do so. If you're not truly experiencing hardship, and are just more upset with being duped by Wyndham and no longer want your ownership because of how you feel, I wouldn't submit a hardship request as Wyndham is going to validate your hardship status undoubtedly and in the end they will realize you have the ability to pay, you just don't want to pay, which is obviously not a hardship situation.

 

[april0402]

An important detail here that I think you haven't mentioned yet is how much you owe on this. If it's like $30,000 (assuming you paid full retail for those 200,000 points and still owe most of the note), then a 100 point credit hit to get rid of it seems like a fair trade to me. If we're talking more like 5k-10k, then maybe trying to refinance and get into a payment plan you can afford makes more sense.

We owe $16,000, only 1 contract, up to date on payments, never late. No upgrades. No future reservations made. I want to try everything I can to negotiate the contract down or maybe get some kind of resolution to avoid a credit hit. I will look into the refinance option to see if there are some options for us. Thank you

 

[april0402]

How much do you have left to pay on the timeshare loan?

We owe $16,000, only 1 contract, up to date on payments, never late. No upgrades. No future reservations made.

 

[april0402]

If you're truly experiencing hardship and there's an option to submit a hardship request - then I would do so. If you're not truly experiencing hardship, and are just more upset with being duped by Wyndham and no longer want your ownership because of how you feel, I wouldn't submit a hardship request as Wyndham is going to validate your hardship status undoubtedly and in the end they will realize you have the ability to pay, you just don't want to pay, which is obviously not a hardship situation.

What constitutes as a hardship? When my fiancé made the decision and talked me into signing for this timeshare, I was 8 months pregnant and he had a great paying job. 2 months later, he lost his job and hasn’t been able to find comparable compensation since then. I am a stay at home mother to our 1 y/o daughter and 2 teenage boys.

They made it seem like the timeshare could pay for itself by us renting out our points. If we just pay our bills on the Barclays card, our maintenance fee will be non existent. Turns out that’s not the case, you barely get any points for using the card. And there’s a 60/40 split for going through Extra Holidays which really amounts to not much money. We were verbally told many lies and unfortunately my fiancé was swindled. I said NO from the start and didn’t even think my name was going on the contract! Only the Barclays card for the down payment.

So I think it is a bit of both. I can swallow my pride and would rather just pay the thing off and save my credit I’ve worked really hard on. Unfortunately my fiancé just wants to stop payment. So I’m trying every avenue possible before stopping payment (except for the exit scams ofcourse)

 

[april0402]

hey probably have more patience than you do. They certainly have more money. At some point, it would be cheaper to just pay for the thing and give it away than to pay some lawyer the hourly rate you'd need to pay to make any progress.

I am persistent and have a ton of patience. But definitely not as much money! I’m not going to pay a lawyer. My plan is to do it myself. First, send a certified letter requesting cancellation. Asking for a timely response…then go from there..? Contact the attorney general and BBB if I need to, to help push the action. I realize this is a long shot. But I got to start somewhere, maybe they will negotiate with me….maybe not

 

[april0402]

Maybe, just maybe, you can negotiate an exit with them. Maybe if you offer to pay some of the balance in exchange for them accepting a deed in lieu (or whatever the equivalent is for CWA), then you can get away without a significant credit hit.

Excellent advice, I will try asking them that!

 

[VacationForever]

I am persistent and have a ton of patience. But definitely not as much money! I’m not going to pay a lawyer. My plan is to do it myself. First, send a certified letter requesting cancellation. Asking for a timely response…then go from there..? Contact the attorney general and BBB if I need to, to help push the action. I realize this is a long shot. But I got to start somewhere, maybe they will negotiate with me….maybe not

Again, a lawyer can't do a damn thing that you can't do yourself. Also, if you cannot get yourself out of it, neither can that lawyer. The bottom line is that you need to expect not to get out of the contract. Stop payment and walk away is the exit.

 

[april0402]

If you're truly experiencing hardship and there's an option to submit a hardship request - then I would do so.

I have heard some horror stories about this. That it basically streamlines your accounts to them so they can garnish your earnings easier if you decide to stop payment. I don’t trust Wyndham with that information. I haven’t heard many, if any success stories with that…I am not ‘in the hole’ financially yet, but will be if things continue how they are. I just need to be proactive at trying to get out of this now before that happens.

 

[april0402]

Again, a lawyer can't do a damn thing that you can't do yourself. Also, if you cannot get yourself out of it, neither can that lawyer. The bottom line is that you need to expect not to get out of the contract. Stop payment and walk away is the exit.

I agree. I learned this when I paid thousands for my divorce and realized my lawyer was dragging it out to line his own pocket. I started representing myself and got way farther in the process than he ever did. It’s amazing to have so many resources available with the internet. I know if I try third party help, Wyndham will not negotiate with me. I am going to try sending a series of letters first and see how that goes. Right now I am up to date on payments, 1 contract, never been late, no future reservations and only owe $16,000. We shall see.

 

[april0402]

Yes
fyi - Foreclosure is an exit.

Sorry to hear you have this problem.

There is a legacy Wyndham thread from an owner going through the collection / foreclosure process The member posted regularly
about their Wyndham interactions over a 2+ year period. The thread start date was probably 2015 /16.

Perhaps someone can recall the thread name and post a link

Thank you I will look into that!

 

[Fido Chuckwagon]

We owe $16,000, only 1 contract, up to date on payments, never late. No upgrades. No future reservations made. I want to try everything I can to negotiate the contract down or maybe get some kind of resolution to avoid a credit hit. I will look into the refinance option to see if there are some options for us. Thank you

How important is your credit? Do you own a house / are you plannign on purchasing a house in the near future? $16,000 is a lot of money. Taking the credit hit may be the logical / game-theory correct decision.

 

[Fido Chuckwagon]

o they can garnish your earnings easier if you decide to stop payment. I d

This is extraordinarily unlikely to basically impossible depending on where you live and where the contract was executed. I'll yield to others who have been on these boards longer than I, but I don't believe there are any documented cases of Wyndham ever garnishing someone's wages after a default, or putting a lien on property, etc. Your worst case scenario is almost certainly just the credit hit. Some states don't even allow deficiency judgments in foreclosure proceedings.

 

[VacationForever]

Yeah, never heard of wage garnishment with any timeshare money owed. No one reported ever.

 

[chapjim]

CANX - bad post

 

[april0402]

This is extraordinarily unlikely to basically impossible depending on where you live and where the contract was executed. I'll yield to others who have been on these boards longer than I, but I don't believe there are any documented cases of Wyndham ever garnishing someone's wages after a default, or putting a lien on property, etc. Your worst case scenario is almost certainly just the credit hit. Some states don't even allow deficiency judgments in foreclosure proceedings.

Thanks for the clarification. There’s a lot of misleading information on the web. Maybe just scare tactics to keep you paying

 

[Passepartout]

IRight now I am up to date on payments, 1 contract, never been late, no future reservations and only owe $16,000. We shall see.

This being the case, you being young, Heck. Put in some overtime, or get a second job, buckle down and pay this thing off in a few months. You'll own it. You saw some value when you bought it. That hasn't changed. A semi-recent poll of TUGgers showed that half of us bought our first TS from the developer, waited too long to rescind, then paid it off and MOST bought other TSs resale to lower the overall cost and are great TUG members.

Don't fall victim to your perceived 'problem. You aren't alone.

Jim

 

[april0402]

How important is your credit? Do you own a house / are you plannign on purchasing a house in the near future? $16,000 is a lot of money. Taking the credit hit may be the logical / game-theory correct decision.

It is pretty important to me. I own a home now but may need to purchase another within a few years. Thanks for the feedback

 

[april0402]

This being the case, you being young, Heck. Put in some overtime, or get a second job, buckle down and pay this thing off in a few months. You'll own it. You saw some value when you bought it. That hasn't changed. A semi-recent poll of TUGgers showed that half of us bought our first TS from the developer, waited too long to rescind, then paid it off and MOST bought other TSs resale to lower the overall cost and are great TUG members.

Don't fall victim to your perceived 'problem. You aren't alone.

Jim

I appreciate the sound advice!

This being the case, you being young, Heck. Put in some overtime, or get a second job, buckle down and pay this thing off in a few months. You'll own it. You saw some value when you bought it. That hasn't changed. A semi-recent poll of TUGgers showed that half of us bought our first TS from the developer, waited too long to rescind, then paid it off and MOST bought other TSs resale to lower the overall cost and are great TUG members.

Don't fall victim to your perceived 'problem. You aren't alone.

Jim

I appreciate the sound advice. I do not want to default. This is what I told my partner also, that we just need to make more money, it’s hard now but it is temporary. He just wants to stop payments. I am gathering all the information, advice and listening to other’s experiences. This has been very helpful

 

[Fido Chuckwagon]

I appreciate the sound advice!

I appreciate the sound advice. I do not want to default. This is what I told my partner also, that we just need to make more money, it’s hard now but it is temporary. He just wants to stop payments. I am gathering all the information, advice and listening to other’s experiences. This has been very helpful

If you definitely decide you don’t want to default another thing you may be able to do is negotiate a new payment plan with lower payments. You’ll end up paying more over the life of the loan as a result of course. You could also try refinancing the debt somewhere else at a lower rate (definitely don’t do this if default is possible though!)

 

[HitchHiker71]

If you definitely decide you don’t want to default another thing you may be able to do is negotiate a new payment plan with lower payments. You’ll end up paying more over the life of the loan as a result of course. You could also try refinancing the debt somewhere else at a lower rate (definitely don’t do this if default is possible though!)

Lightstream comes to mind as a re-fi option, not sure if they are still doing timeshare refi loans but it's worth looking into - especially if your Wyndham loan rate is on the high side - which they typically are.

Timeshare Loans and Refinancing | LightStream

Get timeshare financing with low, fixed-interest rates for those with good credit, from LightStream. Loan amounts from $5,000 to $100,000. Learn more.

www.lightstream.com

Shifting gears a bit - have you ever actually used your ownership to date? If you're going to consider a refi to lower your payments and potentially keep the ownership - then use it. There's nothing worse than paying for something you never use, this leaves a bad taste in any consumer's mouth. While the sales and marketing division of Wyndham makes used car salespeople look good, the operations side of Wyndham is actually good, and the resorts themselves, while not as high end as Marriott or Hilton for example, are still pretty nice overall, well kept up, well managed and worthwhile for vacations without a doubt. We are very happy Wyndham owners overall. I'm a VIP Gold owner who bought in back in 2018 using the PIC process, so we went in with eyes wide open so to speak, largely due to the good folks here on TUG that steered me right early on. We initially bought into Wyndham at a local sales resort down in Myrtle Beach, then rescinded quickly, again thanks for folks here on TUG which I found the day after we signed. We then decided we wanted to buy in using PIC and become VIP owners from the outset, we then bought resales after the fact to add more points as we were consuming more points every year than we owned - thanks to a larger bonus points contract that made up the difference for the first two years. If there's any chance you think you'd actually use and enjoy the product to enjoy vacations, that's a path worth investigating as well.

 

[Jaz92]

Hello, my gf and I in late October 2023 bought a credits or points timeshare through worldmark in vegas. For various reasons we want to get out of it. I've made the few payments since we've signed up so are in good standing. Through reading on a few posts and sites, still owing money on the "mortage" makes it very difficult to get out of. Have you made any headway yet? I'm considering just putting a stop on payments and defaulting. We're from Canada FYI.

 

[Fido Chuckwagon]

I'm considering just putting a stop on payments and defaulting. We're from Canada FYI.

Likely your only way out.

 

[Jaz92]

Likely your only way out.

Do you have any ideas on consequences for doing so? Would we be flagged at all going into the States? Or our credit affected (I've read they don't or rarely report to the Canadian credit bureau)? Or possibly taken to court?