Defaulting on timeshare [American Resorts International/Australia]

[jamcclure1044]

I am considering defaulting on maintenance fees for a timeshare with American Resorts International. The timeshare property in in Austria but the company is headquartered in Illinois. I purchased the timeshare in 1988. Instead of the usual timeshare contract, I own shares of stock in the timeshare corporation. Last year I contacted the company and was offered a "deal" to exit by paying $5,000: roughly five years of maintenance fees. I am considering just stopping payments. Does anyone else have any exp[erience with this company? Should I tell them I am stopping payment or just stop paying? Damage to my credit rating is not a problem: I have no debt other than my mortgage and, at age 81, am unlikely to need another mortgage or car loan. Any advice?

 

[Luanne]

This thread might be of interest to you.

[ 2022 ] Timeshare Default Credit Report/Collection Tracking

Some of you know I have been tracking this. Out of four (4) more TS defaults reported on TUG Facebook, one (1) got his credit affected. I have tabbed the following stats(updated 5/2022): TS defaults w credit drops: 47 out of 107 TS defaults w collections: 12 out of 107 TS defaults w...

tugbbs.com

 

[Patri]

Just let it go. Tell them you are selling your shares. They should pay you!

 

[CalGalTraveler]

5 years without use seems excessive. Many European timeshares are RTU like a golf club and not a deed. Look at the charter and see if there are any clauses for abandonment. Many European timeshares have clauses (perhaps by EU law) that state that if Maintenance fees are not paid (for 6 - 18 months depending on the charter) then the HOA has the right to take back the stock and resell to someone else. If such a clause exists then that is what you want. Having an office in Illinois may affect your credit record if you walk but perhaps you don't care at this point of your life. YMMV. Check with a lawyer.

 

[vacation911]

If you own stock, shouldn't they pay you? I guess it's just another way of selling them overseas. What are there stocks worth? But yeah since they offered for you to pay them 5000 to sell them back stock, I think its safe to stop paying them! I wonder if that will work its way here to the US. Your not buying a week, your not buying points or credits, but stock, which then we will buy back from you if you pay us money of x amount.... I guess its the same speal with a different dress, but that one I had never heard of before.