Help!

[dgalati]

Is this directed to my questions? If I have done anything inappropriate please let me know via private message?

Pay no attention to the distraction. Listen to others that are tring to help. This is the same guy that rescinded a purchase when it was convenient for him.

 

[dgalati]

I just looked at the papers we signed and the “mortgage” is from the states it looks like directly from Wyhdam Vacation Resorts

Walk away and dont look back. It could not be financed through anyone else. Thats why they push the credit card rewards program its unsecured lending with the 17% + rates.

 

[cman]

We are a Canadian family who very foolishly bought a Wyndham resorts plan in Vegas. Two yrs later we have never used it and can absolutely not afford it. Still owe a chunk on the loan. Wondering if they can sue us here in Canada for non payment? They didn’t take our SIN so not sure if they can affect our credit rating here. Looking for advice on how to get out of this if possible to save my family from financial ruin.

TIA
Michelle

Just stop paying them and walk away. Do not answer their calls or respond to any communication from them, or anyone claiming to represent them. You're not going to get sued.

 

[Mickie2410]

Thank you answering! Would it affect my credit score?

 

[CalGalTraveler]

Possibly. But since you are in Canada, probably not.

 

[cman]

Thank you answering! Would it affect my credit score?

Since you're Canadian, as others have stated, it's high unlikely to affect your credit score. What's important is that you take no action to acknowledge the debt. Even if it did, you'd just see a modest drop to your score for a couple of years, and as long as you don't have any contact with them, it will go back up. In the long run, you'll be better off financially by not paying them.

 

[Passepartout]

Thank you answering! Would it affect my credit score?

Possibly a small drop, but that's preferable to continuing to deprive your family of necessities because you made an ill advised timeshare purchase. There is an even greater likelihood that freeing up this much disposable income will increase your credit score. Just don't go out and sign up for more consumer debt. Pay off any other outstanding notes and high interest credit card debt. Look at this default as a second chance.

Good Luck!

Jim

 

[CalGalTraveler]

Even if you were affected, the TS industry has earned such a bad reputation, that some lenders may view this debt differently than other consumer debt.

 

[Mickie2410]

Thank you all! I am usually so frugal and diligent with our finances, how I fell for this TS idea still boggles my mind. Thank you all so much for the information

 

[Grammarhero]

Thank you all! I am usually so frugal and diligent with our finances, how I fell for this TS idea still boggles my mind. Thank you all so much for the information

Just learn your lesson and move on. TS salespeople are trained, professional manipulators. @SNA27 is another frugal tugger who bit the TS siren song.

 

[cman]

Thank you answering! Would it affect my credit score?

Here's a link to some information that explains in more detail why it's unlikely you'll be sued. Essentially, the USA creditor would have to first get a judgment from a US court, then they'd have to go to a Canadian court to domesticate the debt. It's just not worth it to them.

Can You File Bankruptcy for U.S. Debts in Canada?

We escape the winter, they explore new places, and we support each other's economy. We also partake in cross-border shopping, which racks up our U.S. debt.

www.hoyes.com

 

[LannyPC]

Even if you were affected, the TS industry has earned such a bad reputation, that some lenders may view this debt differently than other consumer debt.

I kind of think that way too. The lender might take the approach to the potential borrower and say "This persons did what he had to do in order to get out of the timeshare contract. This will now free up [insert amount of annual maintenance fees here] for him to pay back the loan."

 

[Grammarhero]

Thank you all! I am usually so frugal and diligent with our finances, how I fell for this TS idea still boggles my mind. Thank you all so much for the information

Good morning @Mickie2410 , if you defaulted on your TS, would you kindly PM me as to whether your credit got affected? It would help tuggers in similar situations moving forward.