i defaulted on my MF on two companies and Nothing happened

[chaparrusa]

i didn't pay MF for 2021 on Club Regina (biggest scam ever) and Vacation Village , the first one didn't even reported me and the second did ,so it is on my credit report but my score didn't get hit , like nothing happened . i though this could be somehow be helpful info for those thinking about it , back in November i posted a thread asking people that had defaulted to share the outcome on their credit , but mostly i got speculators given their personal opinions . i decided to go all in and see what could have happened , it was reported on JUNE but it did not affected my score at all , and i just received an update on my credit score by my Citi Credit Card a month after and it is pretty much the same from 686 to 689 .

i still have Wyndham inventory i would love to download on 2022 , they actually just charged me $139 housekeeping for making a second reservation on 2021 , because i was using points from 2020 and a $19 transaction fee for the same reason , also they reinstated the $8 monthly charge for paper billing which i had cancelled before and i don't need , which i never even got . $96 dollars a year , pretty ridiculous . i am not paying 2022 MF on Wyndham they can go to hell , my question for those who had experienced and those only PLEASE . will that affect my RCI account , my RCI account was opened with a Vacation Village unit years before and it has never been linked to the Wyndham resale unit i got later on , it is an RCI points . i have a Silver lake unit that gives me 106k points per year that i will continue paying MF . once again keep your especulations to yourself and those that can share useful experiences would be appreciated .
thanks

 

[TheHolleys87]

@Grammarhero is tracking defaults in this thread. Thanks for posting!

 

[Free2Roam]

Wyndham may be still taking contracts back... or you might be able to give it away. If successful, no worries about whether it'll affect your credit.

Ditching Club Wyndham shouldn't affect your Vacation Village RCI account. I didn't know you could link Wyndham with a true RCI Points account since they give you an RCI account accessible thru their portal.

 

[SmithOp]

@Grammarhero is tracking defaults in this thread. Thanks for posting!

Its a dubious data point, he has another thread declaring he is filing bankruptcy and his credit score is already low so that is probably why it hardly changed.

 

[dougp26364]

When I was younger, I went through a divorce that put me into bankruptcy. Everyone told me how easy it would be to re-establish my credit because they knew I couldn’t file again for 7 years.

The truth was it ruined my credit. For those 7 years no one would touch me. After the 7 years ended it took a LOT of effort and some high interest loans paid in full before my credit score budged.

So you’ll excuse me if I take what the OP says with a grain of salt. Maybe it worked out for him, but it’s not advice I’d bank on.

 

[TravelTime]

When I was younger, I went through a divorce that put me into bankruptcy. Everyone told me how easy it would be to re-establish my credit because they knew I couldn’t file again for 7 years.

The truth was it ruined my credit. For those 7 years no one would touch me. After the 7 years ended it took a LOT of effort and some high interest loans paid in full before my credit score budged.

So you’ll excuse me if I take what the OP says with a grain of salt. Maybe it worked out for him, but it’s not advice I’d bank on.

Totally agree with you. I find it offensive that people are defaulting on their commitments and bragging about it.

 

[dougp26364]

Totally agree with you. I find it offensive that people are defaulting on their commitments and bragging about it.

Considering most of these management companies offer no easy way out, I don’t blame people for defaulting. But to say it won’t affect your credit without disclosing what your credit rating was before the default is probably a little misleading. If your credit rating is already near the bottom, there’s much less room to fall than if it’s near the top.

These companies set themselves up for this to happen. Advice of, “just give it away”, sounds great, but in reality it’s not always that easy. I have a week that I’ve tried to give away, paying ALL transfer costs, and I still can’t get rid of the week.

However, the notion that defaulting on a commitment won’t affect your credit rating could be misleading. A person who’s credit rating is trashed already is less likely to see a change than someone who’s credit rating is toward the higher end.

DRI offerers a program to give back a week, but they have a big fee that goes along with it. A family that’s struggling might not be able to feasible either. We were able to utilize this program, but it’s not as if DRI made the program well known, and it took a reasonable amount of effort to complete the process.

If these management companies were a little more responsible in their sales practices. If they offered a reasonable way out when it was time to exit a timeshare. Then maybe we wouldn’t see all these timeshare exit scams and there wouldn’t be as many defaults. The industry might even have a more positive image.

 

[bogey21]

Advice of, “just give it away”, sounds great, but in reality it’s not always that easy. I have a week that I’ve tried to give away, paying ALL transfer costs, and I still can’t get rid of the week.

7-10 years ago it took me about 3 years to get rid of 6 Fixed Weeks at 6 different Resorts and that was before the bottom fell out on TS prices. It takes work if you want out without defaulting...

George

 

[pierrepierre]

All investments over a given amount should be taken seriously, especially when you SIGN YOUR NAME! We have made some bad choices in life, and WE PAID FOR THEM IN FULL. Sliding out of a legal document, with your signature on it is NOT something to be proud of in my estimation. When "stiffing someone/organization"....some where that $$$ is made up, and usually other people end up with that responsibility in fees or other increases $$$. Car, home, timeshare, pool, snowmobile,...always think b4 you pull that trigger on a LEGAL DOCUMENT.....Ask yourself...what does my "name mean"?.....would others be proud of me???? "I cannot believe what you say - because I see what you do." (James Baldwin)

 

[dougp26364]

7-10 years ago it took me about 3 years to get rid of 6 Fixed Weeks at 6 different Resorts and that was before the bottom fell out on TS prices. It takes work if you want out without defaulting...

George

You’re right, it takes work. So often I feel as if, just give it away, is tossed out like it’s easy. Sometimes financial circumstances make a three year wait to get rid of a timeshare to long to wait.

 

[Passepartout]

I can understand the feeling. Ever increasing MFs, lower 'usability', too far to travel, not kept up properties, decreased perceived value, and 'nobody' wants your old TS. Couple that to no real need of a high credit score, makes default seem a logical solution. Of course that only increases the MFs on the remaining owners. It's a viscous circle. Forward thinking boards will make it possible for owners to give back their unwanted TSs without resorting to large legal costs.

Note that I'm NOT holding my breath for this to happen.

Jim

 

[LannyPC]

Forward thinking boards will make it possible for owners to give back their unwanted TSs without resorting to large legal costs.

Isn't that why companies such as Wyndham, Diamond, and Westgate have instituted their respective give-back programs? Doing so avoids the costs and rigours of foreclosure.

 

[Passepartout]

Isn't that why companies such as Wyndham, Diamond, and Westgate have instituted their respective give-back programs? Doing so avoids the costs and rigours of foreclosure.

I can't speak for them, but that seems to be in the best interest of their owners.

 

[Mongoose]

When I was younger, I went through a divorce that put me into bankruptcy. Everyone told me how easy it would be to re-establish my credit because they knew I couldn’t file again for 7 years.

The truth was it ruined my credit. For those 7 years no one would touch me. After the 7 years ended it took a LOT of effort and some high interest loans paid in full before my credit score budged.

So you’ll excuse me if I take what the OP says with a grain of salt. Maybe it worked out for him, but it’s not advice I’d bank on.

They probably just haven't caught up with the OP because of COVID.