Help! opinion on holiday inn exit

[ThenameAsh]

Hey guys! My husband and I bought a Holiday Inn timeshare in Florida back in 2018 for around 25k. I had just graduated from college and thought it was a great investment... I was 21 years old. Used it once in Arizona in 2019, immediately regretted it. Contacted an exit company but they haven't really done much of "helping us get out" except blocking the credit report on two of the credit bureau. Fine. We recently bought a house in NJ and paid off the outstanding balance of what we owe for the timeshare- Which was 7k. I feel like it's going nowhere with the exit company. We are at an age where we are trying to invest in property or buy a car. However, one of the credit bureaus is screwing us over. I am literally so lost and I almost feel like my life's ruin because of my impulsive decision. I swear there are days where I couldn't sleep because I feel like we can never exit and be in debt forever lol. Can anyone help? What can we do? How long do we wait for a foreclosure? PLEASE HELP lol I'm going delusional!

 

[TUGBrian]

very sorry you contacted an exit company, chances are you paid them a fortune and are now in a situation where you cant use the completely free program offered by holiday inn to simply give your ownership back to them.

rest assured that exit company was fully aware of this program when they took your money, but telling you that you could have simply given your timeshare back to holiday inn for free would not have resulted in you paying them.

Horizons a Holiday Inn Club Vacations Deedback information - give your HICV timeshare back

Oct 2023 edit: Users have been reporting that HICV is now assessing a $1200 fee per ownership to surrender back starting in late 2023. Jan 2022 edit: Users have been reporting that HICV is now assessing a $500 fee per ownership to surrender back starting in late 2022. This program was...

tugbbs.com

can contact them to inquire what you would need to do to give it back now, but if you have already stopped paying your maintenance fees you might just be stuck.

 

[ThenameAsh]

I saw this program. It only works if you paid off everything. In my case, we have not.

 

[TUGBrian]

sorry, in your post it mentions that you paid off the balance owed?

but you are correct, the giveback programs only work if you have no delinquent balance or fees on the account.

unfortunately you can see from your experience why we suggest avoiding any sort of cancellation or exit company...despite promises they accomplish nothing more than you could have done yourself.

 

[bnoble]

I am confused. Have you paid the balance of the purchase loan, or do you still owe on it? Have you been paying the annual fees, or are those in arrears?

I am literally so lost and I almost feel like my life's ruin because of my impulsive decision. I swear there are days where I couldn't sleep because I feel like we can never exit and be in debt forever lol.

$25K isn't a cheap mistake, but it isn't necessarily life-changing, either. That's probably hard to see from where you are, but it is also probably true.

 

[silentg]

Hey guys! My husband and I bought a Holiday Inn timeshare in Florida back in 2018 for around 25k. I had just graduated from college and thought it was a great investment... I was 21 years old. Used it once in Arizona in 2019, immediately regretted it. Contacted an exit company but they haven't really done much of "helping us get out" except blocking the credit report on two of the credit bureau. Fine. We recently bought a house in NJ and paid off the outstanding balance of what we owe for the timeshare- Which was 7k. I feel like it's going nowhere with the exit company. We are at an age where we are trying to invest in property or buy a car. However, one of the credit bureaus is screwing us over. I am literally so lost and I almost feel like my life's ruin because of my impulsive decision. I swear there are days where I couldn't sleep because I feel like we can never exit and be in debt forever lol. Can anyone help? What can we do? How long do we wait for a foreclosure? PLEASE HELP lol I'm going delusional!

Did you pay off the timeshare? If so they have a buy back program. Read the post above.

 

[Bmatrose]

Did you pay off the timeshare? If so they have a buy back program. Read the post above.

Not really a buy back rather a take back

 

[LannyPC]

I saw this program. It only works if you paid off everything. In my case, we have not.

I'm a little confused. In your OP you said "We recently bought a house in NJ and paid off the outstanding balance of what we owe for the timeshare- Which was 7k." Now in your second post that I quoted, you said you have not paid off everything? Can you please clarify?

 

[Bmatrose]

I'm a little confused. In your OP you said "We recently bought a house in NJ and paid off the outstanding balance of what we owe for the timeshare- Which was 7k." Now in your second post that I quoted, you said you have not paid off everything? Can you please clarify?

Maybe they owed 7K to the exit company to get them out and they paid that off?

 

[simpsontruckdriver]

That's what I see, they paid (aka threw away) $7000 to a scammer known as a Timeshare Exit company, and they did nothing for their $25000 timeshare.

TS

 

[travelplus]

We own Resale at the Ridge Tahoe in a 2 bedroom 2 bath for around $900 plus MF. We don't regret it one bit.and piggyback our Marriott Week here. Figure you get 25 years or so of useafseagee for $25000 depending on MFs plus Bonus Time nights for $80-$100 in a 2 bedroom.