By way of clarification, I have already paid for 105,000 points with Club Wyndham and have $89/month maintenance fees. I do not owe them anything on the loan, just on the MF. It would seem when you default on a timeshare that is a brick and mortar location, you can deed it back or they foreclose when you default on the MF. They usually don't come after you with a debt collection service. (That's what happened when I got rid of the Vistana one in Palm Springs - didn't pay the YEARLY MF in January for a couple of years and then they foreclosed and it never showed up on my credit report). However, when you have just purchased "points" that are not tied to a location, and you are paid in full, but default on the MF, do they eventually foreclose? I don't think it would be a foreclosure - it would be a rescission of the contract. But if they don't rescind it, then your MF obligation just gets bigger and bigger FOREVER. So do they eventually stop the clock and sue you for the balance, and at what point? I can screen and ignore bill collectors but I am worried they could get a judgment for some amount of MF and then try to execute on the judgment and garnish my bank account. Is this out of the question?
Silverdollar gave me the name of a contact in the Certified Exit program and I am going to contact her. I am only 3 months behind. If I could get assurance that they will rescind the contract by a certain date, I would bring the MF current to that date, just to get this over with but I would have to have it in writing as to when it would be rescinded. If they refuse, then I'll just do nothing and wait and see what happens.
YOU WOULD NOT BELIEVE WHAT THEY DID at the sales presentation - a detailed description is attached - I sent it to an Owner Resolutions Specialist a year ago but nothing came of it. She just said she looked at my contract and we signed for a PIC Express, not a PIC Plus, and there was nothing she could do. So I paid the dues for a year, and I'm still LIVID and I want out. See attached.