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Getting out of my Villa Del Palmar timeshare. Is this the best option?

Lintycakes

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Hello everyone! After a lot on thinking, calling and researching I have decided to post my conclusion and see what other peoples opinions are.

So basically, in Summer of 2015, me and my fiancé went on a trip to Villa Del Palmar Cancun. We went to their sales pitch, they lied a bit, talked things up, gave us plenty (I mean plenty) of alcohol and we fell for it and caved in. We were young and dumb and had no idea what we were getting into. We bought one of their point plans for Summer, bank points, yada yada yada. Honestly, we were not even in the financial situation to buy this. I guess you live and you learn. I was completely ignorant to timeshares and just hung on every word they said. Anyways, enough about our poor decision making.
We still owe on this, we took a loan from the owner to pay for it (interest is just...ugh). We want out of it now, we've not even used it! I called the company to see if I could surrender, of course we were out of luck. I called a reliable lawyer, out of luck there to, like I figured. Contacted a reliable realtor, won't even get enough back to pay it off. So, this is my plan. I thought that I could take a loan from my bank and pay it off and then sale it for what little money I'd get out of. I have great credit and I don't think I'll have any issues getting the loan. Anddddd, I know I'm getting screwed out of thousands either way, I've come to accept that. I just don't want to deal with it and that maintenance fees anymore..
Any thoughts are appreciated. You guys have a good day and thanks for reading my ramble.
 

Fredflintstone

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Hello everyone! After a lot on thinking, calling and researching I have decided to post my conclusion and see what other peoples opinions are.

So basically, in Summer of 2015, me and my fiancé went on a trip to Villa Del Palmar Cancun. We went to their sales pitch, they lied a bit, talked things up, gave us plenty (I mean plenty) of alcohol and we fell for it and caved in. We were young and dumb and had no idea what we were getting into. We bought one of their point plans for Summer, bank points, yada yada yada. Honestly, we were not even in the financial situation to buy this. I guess you live and you learn. I was completely ignorant to timeshares and just hung on every word they said. Anyways, enough about our poor decision making.
We still owe on this, we took a loan from the owner to pay for it (interest is just...ugh). We want out of it now, we've not even used it! I called the company to see if I could surrender, of course we were out of luck. I called a reliable lawyer, out of luck there to, like I figured. Contacted a reliable realtor, won't even get enough back to pay it off. So, this is my plan. I thought that I could take a loan from my bank and pay it off and then sale it for what little money I'd get out of. I have great credit and I don't think I'll have any issues getting the loan. Anddddd, I know I'm getting screwed out of thousands either way, I've come to accept that. I just don't want to deal with it and that maintenance fees anymore..
Any thoughts are appreciated. You guys have a good day and thanks for reading my ramble.

I am not versed in Mexican Law but typically a contract is not enforceable if it is shown you are not of sound mind at the time of execution. Being drunk out of your minds while executing documents probably (and most likely) voids the agreement. I just can’t see being drunk while signing enforceable in Mexico. Perhaps check out that angle?



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Passepartout

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Mexican timeshares are not worth anything. You can't sell it, as you don't really own anything. You just have a 'right to use'. It's a membership club. If the note is held in Mexico, stop paying. If it's held by an American bank, still consider defaulting. Especially if you don't anticipate needing credit for some time like 5 or so years. Others have reported credit score drops of as much as 50 points, while others have no ill effects at all. If you do get a ding, you can file an explanatory letter. Often, lenders will overlook a timeshare default, as it frees up that much more of your disposable income.

The above is just my opinion, as I have no personal experience with defaulting. Remember, we are Timeshare USER'S Club, not a financial advice agency. We have given the same I formation to many owner/debtors, and seldom have they come back to tell us what happened one way or the other.

if it was me, I'd change banks or credit cards (wherever they're getting your money) not answer unknown phone numbers and throw away any collection letters. Eventually, they'll give up and drop your membership and keep the money you've already paid them.I

Good Luck!

Jim
 

Fredflintstone

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Mexican timeshares are not worth anything. You can't sell it, as you don't really own anything. You just have a 'right to use'. It's a membership club. If the note is held in Mexico, stop paying. If it's held by an American bank, still consider defaulting. Especially if you don't anticipate needing credit for some time like 5 or so years. Others have reported credit score drops of as much as 50 points, while others have no ill effects at all. If you do get a ding, you can file an explanatory letter. Often, lenders will overlook a timeshare default, as it frees up that much more of your disposable income.

The above is just my opinion, as I have no personal experience with defaulting. Remember, we are Timeshare USER'S Club, not a financial advice agency. We have given the same I formation to many owner/debtors, and seldom have they come back to tell us what happened one way or the other.

if it was me, I'd change banks or credit cards (wherever they're getting your money) not answer unknown phone numbers and throw away any collection letters. Eventually, they'll give up and drop your membership and keep the money you've already paid them.I

Good Luck!

Jim

Do whatever you want....but I know Jim is a very smart fella


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Lintycakes

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Who holds the note? Is it a US or Mexican entity...

George
Off the top of my head, I am unsure. I know that I make my payments to a place located in the States.
 

Lintycakes

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Villa Del Palmar
Mexican timeshares are not worth anything. You can't sell it, as you don't really own anything. You just have a 'right to use'. It's a membership club. If the note is held in Mexico, stop paying. If it's held by an American bank, still consider defaulting. Especially if you don't anticipate needing credit for some time like 5 or so years. Others have reported credit score drops of as much as 50 points, while others have no ill effects at all. If you do get a ding, you can file an explanatory letter. Often, lenders will overlook a timeshare default, as it frees up that much more of your disposable income.

The above is just my opinion, as I have no personal experience with defaulting. Remember, we are Timeshare USER'S Club, not a financial advice agency. We have given the same I formation to many owner/debtors, and seldom have they come back to tell us what happened one way or the other.

if it was me, I'd change banks or credit cards (wherever they're getting your money) not answer unknown phone numbers and throw away any collection letters. Eventually, they'll give up and drop your membership and keep the money you've already paid them.I

Good Luck!

Jim
This was my other option I was considering. The idea just scares me because I've never just not paid for anything.
I'm going to do some digging in my contract once I get home from work. I still have all the paperwork in my safe.
 

Passepartout

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Off the top of my head, I am unsure. I know that I make my payments to a place located in the States.
Dig out all those papers you signed. They will tell you. It really doesn't matter because the collateral is an essentially worthless timeshare. They won't come for your house or firstborn child.
 
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easyrider

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The UVCI mf for the contract is paid to resortcom which is a company in the USA that provides reservation and financial services for UVCI to their members. Same thing for the loan if it is resort financed. UVC I . The resort loan and mf would be very difficult to collect from a person living in the USA. The resort in Mexico can't get a judgement of turn this in to your credit report. If you walk away from the contract I think the most that would happen is you would loose access to your resort and maybe some phone calls which you could ignore.

Bill
 
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