How to Exit Wyndham Timeshare

[saltt..]

I bought a timeshare with Wyndham around July 2022 and since then, the maintenance fees and overall payments have just gone up. I was sold it in Las Vegas and we agreed that all I could pay a month was $500 but then the payments ended up being around $700 and from there it went up. Recently we went to Indio and there we had a meeting where they told us we had no choice but to upgrade because there was an error on THEIR PART. After that the payments went up again due to the upgrade. Then I had to switch credit cards bc someone got my info, even though Wyndham continued charging the maintenance fees they stopped charging the main payment, I was unaware of this until they sent me a letter saying I was around 3 months behind and they said I needed pay all the missing payments upfront which was around $4,000. I said I couldn’t and recently I was sent to collections. As of now I still owe around $47,600 until it’s all paid off. I’m unsure of what to do next as I have been considering going to National Debt Relief but I don’t want to end up in a worser spot. If anyone knows how to get out of this timeshare please lmk!!!


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[Mongoose]

I bought a timeshare with Wyndham around July 2022 and since then, the maintenance fees and overall payments have just gone up. I was sold it in Las Vegas and we agreed that all I could pay a month was $500 but then the payments ended up being around $700 and from there it went up. Recently we went to Indio and there we had a meeting where they told us we had no choice but to upgrade because there was an error on THEIR PART. After that the payments went up again due to the upgrade. Then I had to switch credit cards bc someone got my info, even though Wyndham continued charging the maintenance fees they stopped charging the main payment, I was unaware of this until they sent me a letter saying I was around 3 months behind and they said I needed pay all the missing payments upfront which was around $4,000. I said I couldn’t and recently I was sent to collections. As of now I still owe around $47,600 until it’s all paid off. I’m unsure of what to do next as I have been considering going to National Debt Relief but I don’t want to end up in a worser spot. If anyone knows how to get out of this timeshare please lmk!!!


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So sorry to hear that. Is this your only major debt? Can you refinance to better rates And terms? Default will set your credit back for years to come, but may be your only option.

 

[Fido Chuckwagon]

as I have been considering going to National Debt Relief

Definitely don’t do this.

 

[LannyPC]

Definitely don’t do this.

I'm not disagreeing with or challenging your suggestion, I'm just wondering why you say this.

 

[LannyPC]

If anyone knows how to get out of this timeshare please lmk!!!

We're glad you came here for suggestions first before going to any of these law firms or other companies that claim they can get you out of your plight. These companies can't help you, just scam you. I know this suggestion doesn't help you with your plight but it will save you from getting into further financial problems.

 

[Mongoose]

We're glad you came here for suggestions first before going to any of these law firms or other companies that claim they can get you out of your plight. These companies can't help you, just scam you. I know this suggestion doesn't help you with your plight but it will save you from getting into further financial problems.

National Debt Relief is different than a timeshare exit company. They negotiate down your debt, not canceling it and only take a % of what they save you. Nothing upfront.

 

[Fido Chuckwagon]

I'm not disagreeing with or challenging your suggestion, I'm just wondering why you say this.

Companies like National Debt Relief, while not as awful/evil as timeshare exit companies, are definitely in the same ballpark. They take your money to do things that you can easily do yourself with regards to credit card debt (things like writing/contacting the company after default, etc.). Like a timeshare exit company, you’re also going to take that credit hit since this activity by them is only happening after default. Their fees are also very high, in the range of 15 to 25 percent of the total enrolled debt. Finally, they’re not going to be able to do anything for timeshare debt. Their specialty is unsecured credit card debt. They can’t magically get rid of /negotiate down your timeshare debt any more than anyone else can. The only thing that sets them apart from an exit company is that they don’t literally do nothing after taking your money, they do engage in some negotiation, but again, almost certainly nothing you couldn’t do yourself without paying their large fee.

 

[Mongoose]

The only thing that sets them apart from an exit company is that they don’t literally do nothing after taking your money, they do engage in some negotiation, but again, almost certainly nothing you couldn’t do yourself without paying their large fee.

My understanding is they do nothing after they take your money because they will be done. They charge no up front fees. They take a percentage of the reduction and charge you once it’s done. It’s an option for some that don’t or can’t do it themselves.

 

[Fido Chuckwagon]

My understanding is they do nothing after they take your money because they will be done. They charge no up front fees. They take a percentage of the reduction and charge you once it’s done. It’s an option for some that don’t or can’t do it themselves.

They don’t take a percentage of the reduction they take a percentage of the total. They are a bad option, just not as predatory or outright criminal as timeshare exit companies. Nerd Wallet has a pretty good write up: https://www.nerdwallet.com/article/finance/national-debt-relief-debt-settlement

In any event they are not going to be useful for timeshare mortgage debt. Their specialty is unsecured credit card debt.

 

[Mongoose]

They don’t take a percentage of the reduction they take a percentage of the total.

Ok, that puts them in scammy territory.

 

[dioxide45]

I thought debt relief companies take a percentage of the payment you send to the creditors through them. They collect the payment from you and they pay the creditor. In many cases they have arrangements with the card companies to help settle debt. So they may have a little more negotiating power than the average consumer.

That said, I automatically question any company I hear advertised on talk radio and podcasts.

 

[Fido Chuckwagon]

I thought debt relief companies take a percentage of the payment you send to the creditors through them. They collect the payment from you and they pay the creditor. In many cases they have arrangements with the card companies to help settle debt. So they may have a little more negotiating power than the average consumer.

That said, I automatically question any company I hear advertised on talk radio and podcasts.

I’m just going off of the description on nerdwallet. It’s possible that’s inaccurate I suppose.

 

[bnoble]

In any event they are not going to be useful for timeshare mortgage debt. Their specialty is unsecured credit card debt.

This strikes me as the important part. Why would a developer accept a non-trivial reduction in the sales price when the alternative is to foreclose and re-sell at (or above) the original price, keeping the payments to date? What’s more, the developer has a disincentive to accept such compromises because others might start to consider it a strategy.

 

[Mongoose]

This strikes me as the important part. Why would a developer accept a non-trivial reduction in the sales price when the alternative is to foreclose and re-sell at (or above) the original price, keeping the payments to date? What’s more, the developer has a disincentive to accept such compromises because others might start to consider it a strategy.

Financing is a different department than sales, maybe even a subsidiary. If its a low season week they would rather have someone pay the MFs than risk losing it. If they just wanted to resell everything they would pick up the majority of ROFR, if fact most often they don't.

 

[dioxide45]

Financing is a different department than sales, maybe even a subsidiary. If its a low season week they would rather have someone pay the MFs than risk losing it. If they just wanted to resell everything they would pick up the majority of ROFR, if fact most often they don't.

I would suspect a timeshare company to perhaps only provide modification options to bring a loan current and roll in back interest and payments into a new payment term. Much like on the residential mortgage industry. I doubt they would forgive any principal.

 

[montygz]

I bought a timeshare with Wyndham around July 2022 and since then, the maintenance fees and overall payments have just gone up. I was sold it in Las Vegas and we agreed that all I could pay a month was $500 but then the payments ended up being around $700 and from there it went up. Recently we went to Indio and there we had a meeting where they told us we had no choice but to upgrade because there was an error on THEIR PART. After that the payments went up again due to the upgrade. Then I had to switch credit cards bc someone got my info, even though Wyndham continued charging the maintenance fees they stopped charging the main payment, I was unaware of this until they sent me a letter saying I was around 3 months behind and they said I needed pay all the missing payments upfront which was around $4,000. I said I couldn’t and recently I was sent to collections. As of now I still owe around $47,600 until it’s all paid off. I’m unsure of what to do next as I have been considering going to National Debt Relief but I don’t want to end up in a worser spot. If anyone knows how to get out of this timeshare please lmk!!!


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What you should do depends on your financial situation.

It appears you have two paths ... pay it off or default.

If you have money and just don't like how you were treated by Wyndham, in the end, you agreed to buy a $50K timeshare and owe the money. If you don't pay you are going to be in default, no matter if there is a problem with switched credit cards. You bought the timeshare for a reason and while it may be a bitter pill that you overpaid, many people have done the same.

If you are broke and never should have bought a timeshare in the first place, my 2 cents is the best strategy is to default and take a hit on your credit rating. The quicker you default, the faster you will be able to rebuild your credit.

 

[Tia]

Sorry about this situation, take away is ' never ever believe anything a timeshare sales person has to say' . Best advice so far I've read above is from montygz above.

 

[WManning]

I bought a timeshare with Wyndham around July 2022 and since then, the maintenance fees and overall payments have just gone up. I was sold it in Las Vegas and we agreed that all I could pay a month was $500 but then the payments ended up being around $700 and from there it went up. Recently we went to Indio and there we had a meeting where they told us we had no choice but to upgrade because there was an error on THEIR PART. After that the payments went up again due to the upgrade. Then I had to switch credit cards bc someone got my info, even though Wyndham continued charging the maintenance fees they stopped charging the main payment, I was unaware of this until they sent me a letter saying I was around 3 months behind and they said I needed pay all the missing payments upfront which was around $4,000. I said I couldn’t and recently I was sent to collections. As of now I still owe around $47,600 until it’s all paid off. I’m unsure of what to do next as I have been considering going to National Debt Relief but I don’t want to end up in a worser spot. If anyone knows how to get out of this timeshare please lmk!!!


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@Grammarhero may have some info