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[ 2018 ] HELP - New owner looking for options to get out of Welk timeshare

GTLINZ

TUG Review Crew: Veteran
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Hi.. im considering option number 2. But i was hoping to find owners to start up a class action. I am not even trying to get my money back i just want out and dont want a ding on my credit. We were lied to when we kept upgrading and finally got fed up. Anyone have suggestions for this??

The issue is that it does not matter what the timeshare sales person told you. What matters is what is in your contract - and you can assume it favors the developer. This message board is full of people like you who have been lied to and swindled.

Good luck trying to organize a class lawsuit - you will likely waste more time and money and the contract almost certainly will hold up for the developer in court.

We all wonder how the timeshare sales people sleep at night - but it is what it is.

So I agree with previous posters - your real choices now are to figure out how to use what you have, or to walk away and accept the consequences. This sounds cold but so many folks on this board will tell you the same thing. And since you still owe a lot of money on a unit that is likely worth little or nothing on the open market, you have a lot of money to save by walking away.

Good luck.
 

Grammarhero

Official TUGBBS Rescission Master
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Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
Hi.. im considering option number 2. But i was hoping to find owners to start up a class action. I am not even trying to get my money back i just want out and dont want a ding on my credit. We were lied to when we kept upgrading and finally got fed up. Anyone have suggestions for this??
@Init2winit If you make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward. Out of 21 mortgage defaults reported on TUG, 12 got their credit affected. Out of 26 MF defaults reported on TUG, 4 got their credit affected.
 
Joined
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Welk Lake Tahoe
OP here, I just wanted to provide an update since my post in Feb 2018. After reviewing the feedback and comments from the TS/TUG veterans here, we've decided it was not worth the credit hit and we decided to pay it off with our credit card, earning some Chase Ultimate Reward points along they way (might as well get something out of this), and then take a small Sofi personal loan with significantly lower interest). Welk had us at 16% interest, and I moved it off to a 7% interest Sofi loan instead (still not ideal, but it was the better option for us at the time). We're still learning how to maximize the value out of this timeshare and we've been able to use it a few times (Welk San Diego, RCI timeshare in Orlando, using Experiences by Welk to book car rentals at a cheaper rate) and would have used it another time this year if not for COVID-19 and travel restrictions. I don't know how this might compare to other TS contracts, but we've enjoyed the option to stay at both Welk properties and use the RCI Platinum membership (the free room upgrade via RCI was super sweet deal last year).

I noticed, as with a few other Welk owners who have found this thread in recent years in my situation, I'm sorry to hear you are/were in the same boat, but hopefully, you're able to find value in the Welk timeshare offerings. Are we going to "get our money" back? No, and I've accepted this; but I am switching my mindset to seek maximum value from my "investment". I don't want to travel and use this timeshare like I'm a victim of something. Sure, I may have made a rushed decision, but no one put a gun to my head to sign the paper and I had every opportunity to walk away from it, but didn't. As another person here mentions, owning a timeshare isn't going to be like an investment property. If anything, it's a luxury and that's how we're treating it. We've stayed at some nicer places and now with a small family, this may be helpful as our family grows and gets older. We were not parents when we bought the timeshare, but now with a kid, and traveling with one in past few years, I now realize how valueable some of the kid-friendly accommodations are at some resorts/timeshares.

It's a long post, but hopefully, my experience may help others as well feel less bitter about their Welk TS. In life, we all make mistakes, but the key thing is to learn from them and make the most of every situation.
 

Grammarhero

Official TUGBBS Rescission Master
TUG Lifetime Member
Joined
Jun 9, 2019
Messages
3,086
Reaction score
2,486
Points
399
Location
Washington, DC Area
Resorts Owned
Wyndham Grand Desert 77k, VV Williamsburg 4L/4 & 2/2
Former: Wyndham 276k, HGVC South Bend 1/1
Hi.. im considering option number 2. But i was hoping to find owners to start up a class action. I am not even trying to get my money back i just want out and dont want a ding on my credit. We were lied to when we kept upgrading and finally got fed up. Anyone have suggestions for this??
@Init2winit we hope you are well and healthy. If you made the difficult decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
 
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