how to get out of my timeshare?

[skinney27]

We purchased this Wyndham timeshare via Pigeon Forge--promised a free cruise and free 7/8 vacation to anywhere--we have yet to use either of these freebies because we never have received the information for them and i have requested them several times--doesn't really matter now. I tried to rescind about 1 week after purchasing and was told i had to pay $2000 to cancel. I then spoke to the man that sold us the timeshare, he goes on this long spill about keeping the time share and "renting" out my points. Then they upsell us to have more points to sale--become VIP, because this is how you make money off your timeshare and how to use KOA website to rent out to the highest renters...a lot of blah blah blah. We have not been able to use the timeshare but once--every time we want to take a family vacation, the places we want to stay are booked and for months out. I just want out--the monthly payment with maintenance fees is like a house payment. Is bankruptcy my only option??? I found this website looking at the "Timeshare Exit" companies.

 

[silentg]

How much is your maintenance fee? If it’s more than $2,000 I would pay that fee just to get rid of it!

 

[geist1223]

No matter what else you do DO NOT PAY anyone to help you get rid of your Timeshare. Those Companies are all scams. You will pay money and you will still own the timeshare.

 

[Tia]

Glad you found TUG here, helpful information by those who have been there done that.

 

[skinney27]

How much is your maintenance fee? If it’s more than $2,000 I would pay that fee just to get rid of it!

Its ranges every month so it seems, but it $200 a month on top of the $400 payment.

 

[cbyrne1174]

You have to either default or pay off the loan to get out of it

 

[Fido Chuckwagon]

You have to either default or pay off the loan to get out of it

This! These are the only two ways out of this. Anyone who tells you any different is trying to scam you out of even more money.

 

[Fido Chuckwagon]

There is a third option which is to learn how to use what you purchased. Wyndham isn’t particularly difficult to book in the Standard Reservation period. You just need to make your reservations at the 10 months mark to get what you want. I suspect you are trying to make “last minute” reservations, which are rarely successful with any timeshare.

 

[SteveinHNL]

There is a third option which is to learn how to use what you purchased. Wyndham isn’t particularly difficult to book in the Standard Reservation period. You just need to make your reservations at the 10 months mark to get what you want. I suspect you are trying to make “last minute” reservations, which are rarely successful with any timeshare.

Respectfully disagree with the 3rd option. These poor folks are paying $600/month, $7200/year if I am reading it right. That just doesn't seem worth keeping to figure out how to use it, unless they are relatively close to paying off the debt. They are stuck (sorry, suckered) into a developer's purchase and depending on their means and amount owed on the purchase price, they have to consider whether it's worth it to just stop paying. Eventually the TS will get foreclosed, but I haven't really heard of any situations where the developer actually sues people to try to collect past due amounts. It's a very sad situation.

A note to the original posters - many/most on this board love timeshare but have been taught how to purchase their TS on the resale/secondary market for a fraction of what the developer is asking. Many times, very good timeshares are given away for free, meaning you just pay any transfer costs and take over the MFs. Once you get into a good TS with fair MFs and learn how to use them, they are fantastic vacation vehicles.