Deadback [Festiva]

[Jledralin]

My timeshare with Festiva which is payed for agreed to do a Deedback for 500.00 which I accepted. They state the paperwork will come in 1-4 months. They have stated to ignore all maintenance bill including late fee etc, and they will all be cleared once paperwork is complete. Any one have experience with this? The last thing I want is for it to go to collections and hit my credit report.

 

[DRIless]

"BELIEVE"

obtw my back is dead, too.

 

[AJCts411]

The delinquency would need to be reported to the credit agency by Festiva. If they are processing a deedback, they why would they?

 

[LannyPC]

If it's directly from Festiva, then I would believe it and go ahead with it. The thing you do not want to do right now is to somehow involve a third party that claims it can "cancel" or get you out of your timeshare. And if you are indeed dealing directly with Festiva, then there should be no issues regarding collection agencies or credit score hits.

 

[Jledralin]

If it's directly from Festiva, then I would believe it and go ahead with it. The thing you do not want to do right now is to somehow involve a third party that claims it can "cancel" or get you out of your timeshare. And if you are indeed dealing directly with Festiva, then there should be no issues regarding collection agencies or credit score hits.

It’s definitely Festiva. Only response I can get from them is that fees, interest and possible collections are possible until paperwork is processed in our system. They state I can disregard all bills. Once paperwork is processed all will clear. They state paperwork will take 90-120 days to arrive. Last thing I want is this going to collections and ruining my perfect credit.

 

[Jledralin]

The delinquency would need to be reported to the credit agency by Festiva. If they are processing a deedback, they why would they?

Exactly, is exit agent can’t seem to give me an answer except this
“You may continue to receive bills, invoices, and notices until we receive executed release paperwork and have processed the same in our systems. However, you are only responsible for the agreed upon fee and can disregard the invoices.

Unpaid balances will continue to accrue late fees, interest, and possible collections. Once the account has closed, the balance will be removed from your account.”

If my credit gets dinged over this I’m going to be so it rated.

 

[TheTimeTraveler]

Doesn't sound too positive to me. Also sounds like an exit company and not a deed back to Festiva (just my opinion).

Maybe you want to consider giving it away on TUG or selling it for $1 on eBay and just be done with it.





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[bnoble]

It sounds legitimate to me, if only because an exit company wouldn't stop at $500. It's definitely legitimate if @Jledralin contacted them first about this. On the other hand, if someone contacted @Jledralin first, then I would worry.

It’s definitely Festiva. Only response I can get from them is that fees, interest and possible collections are possible until paperwork is processed in our system. They state I can disregard all bills. Once paperwork is processed all will clear. They state paperwork will take 90-120 days to arrive. Last thing I want is this going to collections and ruining my perfect credit.

If this is what they are telling you, then I see no reason not to believe them. Have you been taking dated notes for each call? Is there anything in writing you have from them yet? If the answer to either of those is yes, I would not worry about it.

 

[Patri]

Keep all documentation. You can challenge any credit hits. But if you started the process, I think you are safe. Did you call them, or someone call you first?

 

[Jledralin]

Doesn't sound too positive to me. Also sounds like an exit company and not a deed back to Festiva (just my opinion).

Maybe you want to consider giving it away on TUG or selling it for $1 on eBay and just be done with it.





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I reached out to festiva first and they emailed me. I even called festiva directly and they had in their notes about the Deedback being offered. I’m was highly surprised they offered this to me.

 

[Jledralin]

Keep all documentation. You can challenge any credit hits. But if you started the process, I think you are safe. Did you call them, or someone call you first?

There is something on their website you can fill out to see if you’re eligible for an exit. I filled it out and they emailed me. Everything seems to check out. Even the address to send my exit payment is Festivas mailing address. They are supposed to mail me exit paperwork to be notarized and I’ll send it back with my payment. Best news I’ve heard all year.

 

[Jledralin]

The delinquency would need to be reported to the credit agency by Festiva. If they are processing a deedback, they why would they?

Very True. Festiva is owned by a collections company and I don’t completely trust them.

 

[Jledralin]

It sounds legitimate to me, if only because an exit company wouldn't stop at $500. It's definitely legitimate if @Jledralin contacted them first about this. On the other hand, if someone contacted @Jledralin first, then I would worry.

If this is what they are telling you, then I see no reason not to believe them. Have you been taking dated notes for each call? Is there anything in writing you have from them yet? If the answer to either of those is yes, I would not worry about it.

I only have emails from them.

 

[Jledralin]

Doesn't sound too positive to me. Also sounds like an exit company and not a deed back to Festiva (just my opinion).

Maybe you want to consider giving it away on TUG or selling it for $1 on eBay and just be done with it.





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This is the form I filled out to get the offer. It seems legit to me.

 

[Jledralin]

This is the form I filled out to get the offer. It seems legit to me.

Festiva | Hotels & Resorts | Exit Program

 

[bnoble]

I only have emails from them.

Do any of them speak to the question of ongoing fees?

 

[Jledralin]

Do any of them speak to the question of ongoing fees?

I’m not currently behind. A special assessment fee of 700 is due July 1. The fees including late , interest , and possible collections will continue to be billed, but I can ignore them is what they say. They claim it will be deleted from my account when paperwork is processed.

 

[LannyPC]

I was highly surprised they offered this to me.

Lately, it hasn't been uncommon for TS companies and resorts to offer this to owners. Wyndham and Westgate (among others) have deedback programs. One reason why these companies are offering this is because it's cheaper and easier for these companies and resorts to offer it than for owners to default or go through these questionable (if not, scam) "exit" companies.

 

[bnoble]

what they say.

In one of the emails or only verbally?

 

[Jledralin]

In one of the emails or only verbally?

Email

 

[bnoble]

Then don’t worry about it. You have it in writing.

 

[SuziSG]

What was the result of your getting out? We are trying to get out--all of our accounts are paid in full--and they are asking us to pay $3,019 with no explanation on where that amount came from. I wonder why they offered your payment to be $500 and ours is over $3,000!

 

[bnoble]

That was over a year ago. These programs change all the time. You can ask them for an accounting, but it's not like you are going to suddenly get them to change their minds. This is a take it or leave it situation.