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Drowning in Timeshare debt

CC2023

newbie
Joined
Jun 17, 2024
Messages
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Resorts Owned
Club Wyndham points
Hello all, I’m in distress. I’m approaching month 4 of just flat out not being about to afford the almost $1500 in payments … family & I went on vacation last year @ USVI and got swooned into buying 400,000 pts of club Wyndham w/ 700,000 bonus… after using 2 credit accounts to pay the up front fees, the monthly maintenance ~$250 and the “mortgage” sitting around ~$50,000 … I am drowning. Not a single point has been spent in over a year for any vacation and these costs have now dropped me under a 500 credit score from before at ~720. I’ve lurked a few websites reading about horror stories and being stuck with this situation or going into massive default and losing the ability to buy a home for 7 years? I’m a 100% disabled veteran and am looking to buy a home in the next year or so.. I feel like I’ve ruined everything with this decision..
 

MOXJO7282

Tug Review Crew
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There is no way to sugarcoat your situation. It's not good and there isn't anything you can do to sell your ownership. If you didn't have a mortgage I'd say try to sell it for pennies on the dollar, because that is all you could get, if anything at all. Or if you didn't have a mortgage, you could give away your ownership. With a mortgage your only option is to become an expert at using your ownership and try to enjoy some vacations. I'd suggest securing some popular reservations and trying to rent them but I think Wyndham has restricted such renting so only option i think is to use your ownership as much as possible.
 

easyrider

TUG Review Crew: Elite
TUG Member
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Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
Hello all, I’m in distress. I’m approaching month 4 of just flat out not being about to afford the almost $1500 in payments … family & I went on vacation last year @ USVI and got swooned into buying 400,000 pts of club Wyndham w/ 700,000 bonus… after using 2 credit accounts to pay the up front fees, the monthly maintenance ~$250 and the “mortgage” sitting around ~$50,000 … I am drowning. Not a single point has been spent in over a year for any vacation and these costs have now dropped me under a 500 credit score from before at ~720. I’ve lurked a few websites reading about horror stories and being stuck with this situation or going into massive default and losing the ability to buy a home for 7 years? I’m a 100% disabled veteran and am looking to buy a home in the next year or so.. I feel like I’ve ruined everything with this decision..

It is a bad situation but you are not alone. All lines of credit are experiencing a huge rise in delinquencies. Credit cards and car loans were first and now its mortgages. You might ask a person at One Source for Vets what they think. I don't know if they can help but they might know who can.

Bill

 

Passepartout

TUG Review Crew: Veteran
TUG Member
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Feb 10, 2007
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Location
Twin Falls, Eye-Duh-Hoe
Hello all, I’m in distress. I’m approaching month 4 of just flat out not being about to afford the almost $1500 in payments … family & I went on vacation last year @ USVI and got swooned into buying 400,000 pts of club Wyndham w/ 700,000 bonus… after using 2 credit accounts to pay the up front fees, the monthly maintenance ~$250 and the “mortgage” sitting around ~$50,000 … I am drowning. Not a single point has been spent in over a year for any vacation and these costs have now dropped me under a 500 credit score from before at ~720. I’ve lurked a few websites reading about horror stories and being stuck with this situation or going into massive default and losing the ability to buy a home for 7 years? I’m a 100% disabled veteran and am looking to buy a home in the next year or so.. I feel like I’ve ruined everything with this decision..
I am deeply sorry for the situation you've found yourself in. I think you need to seek out counselling from an attorney where you live who has expertise in consumer debt. Frankly I see the only way out is to bankrupt out of this situation. It won't help your credit at this point, but may give you a fresh start.

People like you are who the bankruptcy code is written for.

Thank you for your service, and Good Luck to you.

Jim
 

dioxide45

TUG Review Crew: Expert
TUG Lifetime Member
Joined
May 20, 2006
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48,875
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Location
NE Florida
Resorts Owned
Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
With a credit score in the 500s, it would seem you have other debt which is delinquent. A new home purchase is out of the question unless you can clean that stuff up and save enough for a decent down payment. The timeshare loan is certainly holding you back. I agree with Jim's assessment.
 

Twenty20

Guest
Joined
Jul 23, 2019
Messages
14
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1
Resorts Owned
Wyndham FF Glade
Sorry this happened to you. Timeshare sales people are the lowest form of humanity. No real solution other than to just go into default, and quit paying them. At this point you are just flushing good money after bad. They'll probably sue you at some point. You could try to plead for some kind of hardship exemption via Certified Exit, but doubt they'll do much to help you.
 

Sandy VDH

TUG Review Crew: Elite
TUG Member
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Location
Houston, TX
Resorts Owned
Wynd VIP Plat GF, HGVC Elite, WM, HICV, +
This won't help your situation, but my advice to most people is, "If you want a timeshare, make sure you can pay for it, NO financing allowed". MFs are enough of a payment, let along make loan payments.

Buying resales takes a big whack off that bill. But it will either have to potentially impact your credit, or find a way to pay for it. The TS companies are all publically traing companies, and relying on their benevolence to get you out of a poor decision is likely NOT going to happen.
 
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