Need Advice

[BilWil]

How do you get out of Wyndham timeshares forever? Just had my 3d contact signed yesterday and each time I have "The Talk" to fix my delimna, I'm getting deeper in debt. Now I'm paying $1000 a month, with 2 credit card debts!

 

[Iggyearl]

You will never get out of a timeshare relationship by buying more. I would rescind the current purchase and deal with what you have. You have between 3 days and 10 days, depending on the state that you bought in. You need to spend some time on this site, and learn what you have, and what it can do for you. Rescission instructions are in the packet they gave you. Follow them to the letter. Send certified mail, with return receipt. Then come back and learn about what you own. An owner update is only a disguised sales presentation.

 

[ecwinch]

Buying more is somewhat like trying to dig yourself out of a hole. Rescind while you have the opportunity.

 

[Passepartout]

Ending the Wyndham relationship is the easy part. But first RESCIND the most recent purchase. That will terminate any NEW credit card debt. Then concentrate on paying OFF any existing cards. If what remains is old, paid off mortgage, Wyndham has a program to terminate it.

Stick around TUG. Learn from the pro's. But bear in mind that we are Timeshare USER'S Group. Most of us like our TSs and have multiples like you do, and got into timesharing the same way you did.

So, Welcome, now get that rescission letter in Today's mail. It is the POSTMARK date that matters, not when they get it.

Jim

 

[BilWil]

Thank you for the advice. Unfortunately, or maybe fortunately, this last contract may be the better solution. Last month was when I really got screwed at an update. I thought I only charged $4100 deposit on a credit card. Nope! Just found out yesterday another $7000 was on a new credit card.... YES, my total deposit was $11,000! Sales Rep said I can fix your Wyndham payments from $600 to $240/month. Well THAT was a lie! And the maintenance on my other timeshare, doubled $273/month. Plus I would end up paying for the next 17 years. Yesterday they got rid of the contract for $273 maintenance, switched me so that I'd only pay within 10 years. I'm thinking this is better because either way is still pay $1000/ month (crazy), but I got rid of one timeshare, and it's less years to pay it off. And if I get a loan with less interest, pay it off now my payments will be less. Am I crazy to think it will be ok? It's too late to abhort last month's boondoggle!

 

[SNA27]

Thank you for the advice. Unfortunately, or maybe fortunately, this last contract may be the better solution. Last month was when I really got screwed at an update. I thought I only charged $4100 deposit on a credit card. Nope! Just found out yesterday another $7000 was on a new credit card.... YES, my total deposit was $11,000! Sales Rep said I can fix your Wyndham payments from $600 to $240/month. Well THAT was a lie! And the maintenance on my other timeshare, doubled $273/month. Plus I would end up paying for the next 17 years. Yesterday they got rid of the contract for $273 maintenance, switched me so that I'd only pay within 10 years. I'm thinking this is better because either way is still pay $1000/ month (crazy), but I got rid of one timeshare, and it's less years to pay it off. And if I get a loan with less interest, pay it off now my payments will be less. Am I crazy to think it will be ok? It's too late to abhort last month's boondoggle!

This is so difficult to parse. I guess you're past the rescission period. But it's difficult to judge your 'better solution' without more facts and figures. It's hard to understand how one can take on additional loan obligations and reduce their monthly payments. It's too good to be true!

 

[BilWil]

Yes it complicated because Im unable to regurgitate their lingo. December contract was adding $15/day interest or something like that, the principal was not going down. There is a name they used that I can't remember. They changed that too. You can see most of my problems are that I'm just not understanding what they say. This is why I want out of everything. I'm to the point that I'd rather go into foreclosure then to continue paying!

 

[SNA27]

Negative Amortizatization? Wow! Pay less now but your principal balance will keep going up instead of down. You should consult a financial adviser.
If you can lay out the details of the contracts, many here can understand and offer helpful advice. If you wish, PM me, I can help you sort it out.

 

[Iggyearl]

You just signed a contract yesterday (Sunday). You were told that you were getting rid of one contract, in favor of a new one that would cost you less over time. I'm pretty sure that you were misinformed. (Lied to). I would read what you have in your contract, I believe that your latest contract is separate and apart from others. You are new to timeshare, so you may not know about the "verbal representation clause." That is, you didn't believe anything the salesman said in order to form an opinion to buy the contract. Once you pass the rescission period, you lose all your rights to get rid of it.

What happened "last month" is that you got screwed, and lied to. What are the chances that the same thing is happening again? Rescind the latest contract and get some help with understanding what you own and what you bought. Timeshare salesmen lie. Don't be a victim again.

 

[Jan M.]

You just signed a contract yesterday (Sunday). You were told that you were getting rid of one contract, in favor of a new one that would cost you less over time. I'm pretty sure that you were misinformed. (Lied to). I would read what you have in your contract, I believe that you latest contract is separate and apart from others. You are new to timeshare, so you may not know about the "verbal representation clause." That is, you didn't believe anything the salesman said in order to form an opinion to buy the contract. Once you pass the rescission period, you lose all you rights to get rid of it.

What happened "last month" is that you got screwed, and lied to. What are the chances that the same thing is happening again? Rescind the latest contract and get some help with understanding what you own and what you bought. Timeshare salesmen lie. Don't be a victim again.

I have to agree that you were lied to. If you bought a new/different contract then you just probably doubled what you owe. The salesman was playing games with the number of years, the amount of the monthly payment or the if you refinance this at a lower interest rate game, etc. which would have led you to believe this was a smart move. The tiny nugget of truth in what you were told is that you likely traded in your previous purchase for something with lower maintenance fees and that could lower the cost per point but only on the maintenance fees.

 

[SNA27]

Yes it complicated because Im unable to regurgitate their lingo. December contract was adding $15/day interest or something like that, the principal was not going down. There is a name they used that I can't remember. They changed that too. You can see most of my problems are that I'm just not understanding what they say. This is why I want out of everything. I'm to the point that I'd rather go into foreclosure then to continue paying!

Don't regurgitate the lingo. It means nothing and probably full of lies. What they SAY doesn't matter at all. This is a Real Estate contract. Verbal assurances or contracts are invalid.
Just read all the contracts you have. It's all spelled out there. It's not that difficult to figure out.
Time is of the essence. You must act NOW.

 

[ecwinch]

Thank you for the advice. Unfortunately, or maybe fortunately, this last contract may be the better solution. Last month was when I really got screwed at an update. I thought I only charged $4100 deposit on a credit card. Nope! Just found out yesterday another $7000 was on a new credit card.... YES, my total deposit was $11,000! Sales Rep said I can fix your Wyndham payments from $600 to $240/month. Well THAT was a lie! And the maintenance on my other timeshare, doubled $273/month. Plus I would end up paying for the next 17 years. Yesterday they got rid of the contract for $273 maintenance, switched me so that I'd only pay within 10 years. I'm thinking this is better because either way is still pay $1000/ month (crazy), but I got rid of one timeshare, and it's less years to pay it off. And if I get a loan with less interest, pay it off now my payments will be less. Am I crazy to think it will be ok? It's too late to abhort last month's boondoggle!

Take a step back and look at it objectively.

On your 2nd contract purchase (aka last month), you entered into an agreement that was not what you thought it was (i.e. $11,100 deposit instead of $4100), and the promise to "fix your Wyndham payments".

You have since learned that promise was a lie.

And yesterday you entered into another agreement that "got rid of that contract", and somehow reduced the term of your loan from 17 years to 10 years at the same payment amount ($1000).

So how likely is it that promise will be fulfilled? That it is just not a sales technique also (aka a lie).

There is a saying "Fool me once, shame on you. Fool me twice, shame on me."

 

[BilWil]

So you all are saying to get out of this new contract. I do that, revert back to the 2d contract. Do I then find a timeshare lawyer to get rid of my timeshares? Are they con and ripoff artists too?

 

[bobinmich]

If a salespersons mouth is moving...their telling a falsehood....

 

[SNA27]

I hope you have all your contracts out. Just list the following for each contract. It will become very clear what your situation is and the future course of action ought to be.
Contract points
CWA? If CWS deed, where deeded?
Monthly Maintenance Fees
Contract Amount
Down Payment
Loan Balance
Monthly Loan Payment
Interest Rate
Term of the loan

If you have excel, go ahead and fill out an excel as below. Unfortunately, I am not able to attach an excel here,

 

[Iggyearl]

When you "rescind" a contract you go back to the ways things were before you signed that contract. You will be left with the contract from a month ago, and any others you have. Timeshare contracts are "iron-clad." You will have little chance to get out, unless you pay them off, and give them back to the developer. The mission here is to get you to realize that your latest contract will not save you money. It is going to cost you money. If you have the contract in your hands, read it and form your own opinion. There will probably be no reference to getting rid of a contract for $273 in maintenance. There won't be any reference to getting rid of ANY contract. This is a new sale. I could be wrong, but I think the last salesman played you like the one before him.

 

[BilWil]

When you "rescind" a contract you go back to the ways things were before you signed that contract. You will be left with the contract from a month ago, and any others you have. Timeshare contracts are "iron-clad." You will have little chance to get out, unless you pay them off, and give them back to the developer. The mission here is to get you to realize that your latest contract will not save you money. It is going to cost you money. If you have the contract in your hands, read it and form your own opinion. There will probably be no reference to getting rid of a contract for $273 in maintenance. There won't be any reference to getting rid of ANY contract. This is a new sale. I could be wrong, but I think the last salesman played you like the one before him.

Played me like a fiddle again.... you're probably right. That's why I'm now asking about timeshare lawyers. Has anyone ever used any of these companies before?

 

[Grammarhero]

Played me like a fiddle again.... you're probably right. That's why I'm now asking about timeshare lawyers. Has anyone ever used any of these companies before?

1) rescind.
2) lawyers cost $3k to get out of each contract, so it may cost you $6k total to get out of your two Wyndham k. They will advise you to default, which may wreck your credit score. Where are your Wyndham TS?

I created a guide that lists whether a MF or mortgage default deeded in a certain state is subject to anti-deficiency. Anti-deficiency is the discharging or canceling of any deficiency for MF or mortgage remaining after the foreclosure sale, but that may wreck your credit score.

Links to Official State Timeshare Laws and Guides/Manuals

somehow i accidentally moved this to the bluegreen forum, ive put it back in BSR but im pretty sure it was posted in another forum instead as a sticky (perhaps newbies?) let me know so i can move it back to where it was before =)

tugbbs.com

If I haven’t listed the state of where the Wyndham deed is, it’s likely a deficiency treatment.

 

[capital city]

1. Not to be an ass[hat] but math is not your strong suit. Dont ever tell a car dealer you want to lower your payment or what you want your payment to be especially if you cant do quick math and read through there bshit.
2. Rescind the last purchase now.
3. All timeshare exit companies are a fraud and probably run by ex timeshare salesman.
4. Pay off what you previously bought asap because the interest rate they give is similar to pay day loans
5. Stick around and learn to use what you have.

 

[SNA27]

I wish he would get hold of the contracts and supply the data I had enumerated. It would be so easy to see what his deal is and how to proceed.

 

[ecwinch]

I wish he would get hold of the contracts and supply the data I had enumerated. It would be so easy to see what his deal is and how to proceed.

It would not really matter in the scheme of things. Rescinding is the right option no matter what the contract details are.

 

[SNA27]

It would not really matter in the scheme of things. Rescinding is the right option no matter what the contract details are.

He has problems beyond immediate rescission, which is what got him into his latest misadventure. Until that root problem is solved, he is still stuck falling prey to bizarre schemes.

 

[SNA27]

I think OP is all flummoxed about the contracts. All he has to do is locate the loan disclosure page in each contract and he should have very clear numbers to deal with.
Even if math is not his strong suit as @capital city alleged, it will only benefit him to disclose the numbers here so TuGgers can help him, imo.

 

[dgalati]

Because timeshares have basically no resell value. Look at the resell market - pennies on the dollar. Consider it an unsecured loan. It makes no sense to finance a series of future vacations. Just my opinion.

Unfortunately many do fall for the Wyndham math. Buying vacations of a lifetime turns into a credit card blackhole that can never be paid back.

 

[BilWil]

I think OP is all flummoxed about the contracts. All he has to do is locate the loan disclosure page in each contract and he should have very clear numbers to deal with.
Even if math is not his strong suit as @capital city alleged, it will only benefit him to disclose the numbers here so TuGgers can help him, imo.

How do I PM you? Just attach the file on here?