I don't own Wyndham but have read about it on those boards when I was trying to decide to buy Worldmark. There are several people on Tug that have used it successfully to rid themselves of an unwanted Wyndham timeshare. It helped increase the price of Wyndham resales too. Unfortunately from what I remember reading, not all properties are eligible to be taken back so you have to call and find out if your property affiliated with your points is eligible.
Search through the Wyndham forums for that topic and you'll find discussion from people that used the program and were happy with it.