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Options to avoid payment of Maintenance fees?

mikealacapa

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Hi there, just wondering, i am not sure if i heard our agent correctly that there is a way to avoid payment of Maintenance Fees, although was not able to ask them properly.

Annual maintenance fees can be really expensive through time.

If we opt for Starpoints, do we still need to pay maintenance fees?

How about use exchanges through Interval International?

A timeshare newbie here.

Thanks for your advice.:)
 

ValleyGirl

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WNOR-3BR OF ANN WK #52
WNOR-3BR OF ANN WK #1
WNOR-3BR OF ANN WK # 2
WNOR-2BR RV ANN WK #1
WRMV-2BR ANN SKI
WRMV-2BR ANN SKI
WRMV-2BR ANN SKI
WSJ-3BR WK #26 (Jul 4th)
No way to avoid. Late payment comes with penalty.:( If the yearly fees are too high for your family, consider selling or giving away.
Lots of info here on TUG - Use various search terms, "Sell", "Give Away", "Etc"
If your property can be rented - you can use the rent to offset the fees.
 

DeniseM

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More Info: The OP recently bought this timeshare, but they are past the recession period.

Regardless of how you use your timeshare - you have to pay your maintenance fee:

Use it yourself - pay maintenance fee

Deposit it with II - pay maintenance fee

Exchange using the Staroptions - pay maintenance fee

Convert to Starpoints - pay maintenance fee

Rent it - pay maintenance fee

Let it sit empty - pay maintenance fee​

When you own a timeshare, you have a contractual obligation to pay the maintenance fee, regardless of how you use it.
 

presley

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Sometimes, salespeople say you can avoid MFs by renting your unit and using that money to pay it and some companies have credit cards that if you charge everything on them, you can get points that can be used for the MF payment. I do not know if Starwood has that option with their credit card.

So, you probably heard the sales person say something about not needing to pay MFs, but you do in fact need to pay them. It's a sales tactic to lightly mention ways to have them paid without actually explaining how hard it is do that and how unlikely it is.
 

Jason245

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Hi there, just wondering, i am not sure if i heard our agent correctly that there is a way to avoid payment of Maintenance Fees, although was not able to ask them properly.

Annual maintenance fees can be really expensive through time.

If we opt for Starpoints, do we still need to pay maintenance fees?

How about use exchanges through Interval International?

A timeshare newbie here.

Thanks for your advice.:)
Refuse to pay, have property forclosed, ruin your credit, maybe go bankrupt in process. ..that is only way I know to get out of mf...

Sent from my SAMSUNG-SM-N910A using Tapatalk
 

DeniseM

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As far as I know, there is no card that specifically allows you to accumulate points to pay your maintenance fee with Starwood.
 

DavidnRobin

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This is so sad on many levels.

If you bought this recently (but beyond rececission) - like within 6 weeks - I would get out of this contract by 'hook or crook' (by any means possible).
Have you already paid MFs?
Did you take loan?
Did you pay by credit card?

Call them - telling them you were deceived - threaten if necessary. Beg ignorance...
whatever

btw - I do not normally advise this - legally you are at fault here (and as an a consenting adult should be responsible for poor decisions), but from what you wrote - you have zero idea of what you bought - and that is just plain wrong (on both of you... you for buying, and them for 'selling')

I do not intend of coming across mean, but in the future you should really avoid impulse purchases (sales people are not your friend...)

Do what you can ASAP - but if done deal - then learn to use to its max.
Best
Sorry
 

RALnGA

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We were told by the salesperson when we bought our timeshare that if we referred anyone to take a tour of of one of Starwood's properties and they were to buy then we would get $400 credit towards our maintenance fee for the next year...that has been almost ten years ago and we're still trying to find the first couple to go take the "TOUR"... much less getting them to buy anything...:wall:

RAL
 

mikealacapa

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This is so sad on many levels.

If you bought this recently (but beyond rececission) - like within 6 weeks - I would get out of this contract by 'hook or crook' (by any means possible).
Have you already paid MFs?
Did you take loan?
Did you pay by credit card?

Call them - telling them you were deceived - threaten if necessary. Beg ignorance...
whatever

btw - I do not normally advise this - legally you are at fault here (and as an a consenting adult should be responsible for poor decisions), but from what you wrote - you have zero idea of what you bought - and that is just plain wrong (on both of you... you for buying, and them for 'selling')

I do not intend of coming across mean, but in the future you should really avoid impulse purchases (sales people are not your friend...)

Do what you can ASAP - but if done deal - then learn to use to its max.
Best
Sorry

@DavidnRobin

No MFs yet, this will come when the resort opens on 2017.

Yes we took the loan from them, we start paying next month.

Yes, we paid the 20% by credit card.

Thank you!
 

mikealacapa

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Refuse to pay, have property forclosed, ruin your credit, maybe go bankrupt in process. ..that is only way I know to get out of mf...

Sent from my SAMSUNG-SM-N910A using Tapatalk

@Jason245

How do we really get affected by a ruined credit rating? Go bankrupt in process?
 

LisaRex

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@Jason245

How do we really get affected by a ruined credit rating? Go bankrupt in process?

In the US, a bad credit rating means that you will have difficulty getting someone else to extend credit to you, whether it's for a timeshare, a car, or a home. If you pay cash for everything, then having a bad credit rating means very little. If you don't, then having a low credit score can cause you to be denied the next time you apply for a loan, approved at a much lower amount, and/or approved at a much higher interest rate.

If you're from another country, then I don't know what a bad credit rating would mean because I don't know if our 3 credit reporting agencies have impact beyond the US or if you'll even want to take out another US loan again.

In any event, if you don't believe that you'll be able to afford future MFs, then take DavidnRobin's advice and try to get out of this contract because it will be in your financial best interest to not sink money into a loan that you may ultimately walk away from. If you're just asking for your own edification, then consider yourself edified.
 
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DavidnRobin

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@DavidnRobin

No MFs yet, this will come when the resort opens on 2017.

Yes we took the loan from them, we start paying next month.

Yes, we paid the 20% by credit card.

Thank you!

Sounds like this is a recent purchase. It does not hurt to give us more details (when?, what did you buy? how much?) - you're secret is safe with us. :D
Besides - might lead to more ideas/feedback.
Nothing to be ashamed of - many (many) here have our own stories - but no more impulse buying (especially for large ticket items).

ASAP - challenge this on every level possible.
If UAE = outside US (United Arab Emirates?), then tell them they have little resource to force you to follow thru with this purchase and it would be in their best interest to allow a late rescind.

Challenge the credit card charge - now.

Let them have the 20% if necessary - it is still worth getting out of contract (treat as lesson learned).

Otherwise - use it to the fullest extent as possible.
 
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DavidnRobin

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[Note - this was in response to a post that was removed]

You are incorrect - the bonus is only on the purchase with Starwood, and it for SPs. They do also offer another SP bonus, but takes like 10 referrals (requested when buying). It may work that way with DRI, but not SVO. So... They were lied to, however, I doubt that is what they stated - something convoluted that came across like that (same with OP with not having to pay MFs). They are professionals at misinforming and convoluting benefits/incentives, but there is a clause in the contract that specifically states anything that was verbally told to the buyer is overridden by the signed contract. There is a reason so many get sucked in...

I have personally given many SVO vacation referrals (via FlyerTalk) - which have been used, but never purchased (since I warn them not to get sucked in)
 
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ValleyGirl

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WNOR-3BR OF ANN WK #52
WNOR-3BR OF ANN WK #1
WNOR-3BR OF ANN WK # 2
WNOR-2BR RV ANN WK #1
WRMV-2BR ANN SKI
WRMV-2BR ANN SKI
WRMV-2BR ANN SKI
WSJ-3BR WK #26 (Jul 4th)
In the US, a bad credit rating means that you will have difficulty getting someone else to extend credit to you, whether it's for a timeshare, a car, or a home. If you pay cash for everything, then having a bad credit rating means very little. If you don't, then having a low credit score can cause you to be denied the next time you apply for a loan, approved at a much lower amount, and/or approved at a much higher interest rate.



If you're from another country, then I don't know what a bad credit rating would mean because I don't know if our 3 credit reporting agencies have impact beyond the US or if you'll even want to take out another US loan again.



In any event, if you don't believe that you'll be able to afford future MFs, then take DavidnRobin's advice and try to get out of this contract because it will be in your financial best interest to not sink money into a loan that you may ultimately walk away from. If you're just asking for your own edification, then consider yourself edified.


Not quite accurate.
You will have an extremely difficult time getting unsecured credit after bankruptcy but not secured. Once a persons CC debt and other debt is discharged they become raw meat for secured lenders who can come get the collateral plus you now have less outgo - however your interest rates go through the roof.
With 20-30% down you can even buy a house but int rate might be 12%


Sent from my iPhone using Tapatalk
 
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DeniseM

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"WhoCares?" was previously banned from TUG under a different name, and he has been banned again, and his posts removed. For those who are wondering, he is not a Starwood owner, and only visited TUG briefly.
 
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