How to exit a contract.

[tabowers215]

Glad to be here!
I am embarrassed to even ask this question. But how can I get out of a contract with a time share?
I have let myself become a victim of high-pressure sales and predatory lending.
I signed a contract for a Time share back in the summer with Wyndham. I thought I was aware of what I was doing and thought the deal was decent. Well, a couple of weeks ago I went to a resort in South Carolina. When I checked in, I was told I needed to be an owners meeting the next morning. I went, and someone went over my plan, and told me they could improve it. They told me how much better it would be, more benefits, etc, etc.
I was wanting to get on with my vacation, so I, foolishly, gave in. It wasn’t until I got home several days later that I realized what I had done! Looking over the contract I saw that I had signed a contract for over $79,000, with monthly payments nearly $1,600!!
There is no way I can afford this! I immediately emailed the person that had me sign, and the rep that actually was selling me on it. Neither replied by email, but the sales rep phoned me. I told him I needed out of this. All he tried to do was to refinance the loan at a lower interest rate. I realized he is of no help. I have tried contacting someone ay Wyndham, but no one has gotten back to me.
What can I do to get out of this without trashing my credit?
I'm not wanting out of the timeshare, but the $40,000 "upgrade' I foolishly agreed to.
Thanks for any advice.
Thomas Bowers

 

[lotus921v]

Get the info to rescind from the contract and send it out return receipt requested. Also print copies of the email you sent and enclose it in there. It may be too late but you need to get on this immediately

 

[steve_solo]

I have rescinded a contract in South Carolina before.
But the law stated that I had 5 days - 6 if a Sunday was in the run.
After that, very difficult to get Wyndham to help you.
Sorry

 

[Passepartout]

Tom, you might be SOL. You only have about a week to rescind a purchase without consequences. I'd sure send a rescission letter anyway, but truth told, you had to at least initial that you understood that after the rescission period, you were on the hook. I'm sure these salesweasels are enjoying their fat commission checks, but there might not be anything to be done about this. DO NOT sign up with ANY of those 'get you out of your timeshare' outfits. They are scams designed to get more of your money.

Under the circumstances, I would default. Stop paying. Let the consequences fall where they will. It may result in a credit hit eventually- after they foreclose-, and if they do hit your credit, you are allowed to write a mitigating letter explaining that predatory lenders and salespeople teamed up to wreck your vacation if you didn't sign. Use your words, not mine, but this is a kinda big deal.

Odds are they will NOT just tear up the contract and brush it off like you just got away. This is serious enough change that they can come after you.

I would consult with legal representation in your area who is familiar with credit issues.

I wish we'd heard from you 'last Summer' when the original purchase was made- and we could help you deal with it.

Welcome to TUG!

Jim

 

[tabowers215]

Tom, you might be SOL. You only have about a week to rescind a purchase without consequences. I'd sure send a rescission letter anyway, but truth told, you had to at least initial that you understood that after the rescission period, you were on the hook. I'm sure these salesweasels are enjoying their fat commission checks, but there might not be anything to be done about this. DO NOT sign up with ANY of those 'get you out of your timeshare' outfits. They are scams designed to get more of your money.

Under the circumstances, I would default. Stop paying. Let the consequences fall where they will. It may result in a credit hit eventually- after they foreclose-, and if they do hit your credit, you are allowed to write a mitigating letter explaining that predatory lenders and salespeople teamed up to wreck your vacation if you didn't sign. Use your words, not mine, but this is a kinda big deal.

Odds are they will NOT just tear up the contract and brush it off like you just got away. This is serious enough change that they can come after you.

I would consult with legal representation in your area who is familiar with credit issues.

I wish we'd heard from you 'last Summer' when the original purchase was made- and we could help you deal with it.

Welcome to TUG!

Jim

Thanks Jim. I will sent the letter and documentation in and go from there. I have Shut down my credit card the payments were made with. I hope I can keep some kind of resolution. The bottom line is there is no way I can make a monthly payment double my house payment! I am not asking totally exit the time Share, just this new "Improvement"! I was content with what I had. Hard lesson learned here.

 

[Luvsbears4]

@tabowers215
Any update? My mom and I are in the same position. I foolishly let her add my name to the contract, since she was leaving it to me, so now (2 years later) they have added it to my credit report.

 

[tabowers215]

@tabowers215
Any update? My mom and I are in the same position. I foolishly let her add my name to the contract, since she was leaving it to me, so now (2 years later) they have added it to my credit report.

I FINALLY got through to someone that I explained my case to. She asked me to write up what happened to me in as much detail as I could. I also made copies of any correspondence by email, text, etc. I just sent it off Friday. so we shall see.
I noted that no one ever replied to my emails, which I'm sure is a tactic to avoid a paper trail, but I did make copies to the emails I sent.

Are you with Wyndham? If so, send me a private message and I'll provide the contact info I have.

 

[tabowers215]

I'm still waiting to hear from the POC I submitted my documents to. But I have cut off payments. So I expect I'll hear something soon!

 

[cbyrne1174]

I'm still waiting to hear from the POC I submitted my documents to. But I have cut off payments. So I expect I'll hear something soon!

If you submitted after your recission date, there's no way out unless you default and take the credit hit. Also, "POC" is now used as"Person of Color" (not white), not "Person of Contact" btw.

 

[tabowers215]

If you submitted after your recission date, there's no way out unless you default and take the credit hit. Also, "POC" is now used as"Person of Color" (not white), not "Person of Contact" btw.

Didn't get the memo on POC! still means Person of Contact in my job. Person of Color is just stupid! Because everyone is "Of Color". I held up a sheet of paper next to my hand, I'm sure not "white"

the POC (I don't know her ethnicity) had me write up an affidavit and submit all pertinent documents. We'll see! But as I told her, the amount they are charging me is an amount I am not capable of paying! So either way, I'll take a credit hit! But I'm not putting Timeshare payment ahead of my mortgage, utilities, etc!

 

[tabowers215]

UPDATE!
After weeks of submitting documents, statements, etc., I am pleased to announce that Wyndham made an offer to me to completely restructure the contracts I had into a single contract that I could afford! It was presented to me, I found it to be a contract that both fit my budget and my travel plans, so I accepted it! So I am very happy to say that I am no longer saddled with a debt I was unable to pay.
I told the lady I felt the sales team was far more concerned about their commission than Customer satisfaction. She agreed.
They say if a business does something bad, people will talk about it, which I have.
But in my case they have done something good, and I want to talk about that!
Thank everyone here that offered me help and advice!

 

[Rolltydr]

Congratulations! I’m glad you were able to restructure the deal so that it works for you. We’ve been Wyndham owners for about ten years and we love it. I would suggest that you don’t go to any sales updates, educational sessions, or whatever they call them. You will probably be hounded at check-in but if you give them a stern no a couple of times, they usually will give you what you need and send you on your way. However, if you engage with them and make excuses why you can’t go, they will take it as a challenge and continue until they beat you down, or you’re angry and/or confused and your vacation will be off to a bad start. Just say NO! It works and you are not obligated to go to anything. If you need to know something, Wyndham will notify you by snail mail or email, not by sending a salesperson to tell you.

Now, that’s a very interesting avatar you have. I lived most of my life in the Birmingham area before moving to northeast Florida in late 2021. I was also a big fan of the original Birmingham Stallions from the 1970’s.

 

[TUGBrian]

very glad to hear you were able to work with wyndham on an agreeable outcome for both sides!

absolutely never hurts to ask!