Selling Questions [Holiday Inn Club Vacations point-based timeshare]

[bs10]

I would like some feedback from others if possible. My wife and I purchased a Holiday Inn Club Vacations point-based timeshare a few years ago. Things have changed since then and we would like to no longer have this property.

However, we still owe on the original purchase. When I asked HICV, they said I could either:

- use the Horizons program but it needs to paid off first (not realistic for us)
- find someone to buy / takeover the commitment
- they did recommend another company, Timeshares Only (no affiliation). I spoke with someone at TO who explained the available option of paying a one-time fee to have them, and/or their sister company facilitate the sale with an agent until it was sold.

Has anyone does this before? Does anyone have any experiences with either of these companies, whether positive or negative, or any other suggestions for ways to sell our timeshare? More details such as total points and amount owed can be shared upon interest.

Any suggestions / feedback is greatly appreciated. Thanks in advance!

 

[VacationForever]

Timeshares Only won't be able to sell because you owe money on it. In addition to that, since this timeshare has no resale value, even if it is fully paid off, it won't sell. Your option is to walk away from it and take a credit hit or pay if off and give it away.

 

[Fido Chuckwagon]

I would like some feedback from others if possible. My wife and I purchased a Holiday Inn Club Vacations point-based timeshare a few years ago. Things have changed since then and we would like to no longer have this property.

However, we still owe on the original purchase. When I asked HICV, they said I could either:

- use the Horizons program but it needs to paid off first (not realistic for us)
- find someone to buy / takeover the commitment
- they did recommend another company, Timeshares Only (no affiliation). I spoke with someone at TO who explained the available option of paying a one-time fee to have them, and/or their sister company facilitate the sale with an agent until it was sold.

Has anyone does this before? Does anyone have any experiences with either of these companies, whether positive or negative, or any other suggestions for ways to sell our timeshare? More details such as total points and amount owed can be shared upon interest.

Any suggestions / feedback is greatly appreciated. Thanks in advance!

You cannot sell or give away a timeshare property when money is still owed on it. Your timeshare is likely worthless under the best of circumstances and your best bet is to try to give it away. (We can give a better answer if you tell us exactly what you own). Don’t pay an upfront listing fee, that’s a scam. Reputable resale companies take a percentage off of what is sold. If you pay an upfront listing fee to TO all that will happen is they will list it and it will never ever ever ever sell, especially while you still owe money on it.

Edit: And to be clear, you can’t give it away with money owed on it either. You basically have two options:

1. Pay it off and try to give it away or use Horizons (which is not a sure thing);
2. Walk and take the credit hit.

Depending on how much you owe and how important your credit score is for you the next few years (do you plan on making any major purchases such as house/car/etc.), option 2 is probably your better option.


No matter what you do not hire any timeshare exit companies, upfront fee listing companies, or anything like that THEY ARE ALL SCAMS. EVERY SINGLE ONE OF THEM IS A SCAM AND THE MOST IMPORTANT THING YOU SHOULD TAKE AWAY FROM THIS THREAD IS THAT UNDER NO CIRCUMSTANCES SHOULD YOU GIVE ANY UPFRONT MONEY TO ANYONE WHO CLAIMS THEY WILL BE ABLE TO SELL, GIVE AWAY, OR OTHERWISE DISPOSE OF YOUR TIMESHARE.

 

[TUGBrian]

brutal, yet another company that knows full well their resales have no monetary value suggesting owners use an upfront fee resale company that also knows the ownership has no monetary value in an effort to extract a few hundred more dollars for you by telling you they can sell your timeshare.

noone in this industry wants to tell you the truth because they cant make money from you!


your only realistic exit options in this situation are to pay it off and give it back, or stop paying for it.

 

[bs10]

I appreciate the info. It’s not what I was hoping for but had a feeling that was the case with TO, so I’m glad I found this forum. I suppose it’s the same thing for Wesley Financial or there’s ones advertised on Sirius XM…

I don’t have the specific name of the package in front of me, but we receive 150k pts each year with HICV and there’s more than $10k owed. The deed is for the Branson, MO resort.

I don’t know anyone who I could give it to unfortunately. I have good credit right now so I’m not sure what it would look like if we just quit paying. That seems like a bold move without unknown consequences. A new car loan for my wife (within 1 yr) and me (at least 2-3 years away) are the only loans that I see in our future right now.

Thanks again for your time and assistance!

 

[Fido Chuckwagon]

I appreciate the info. It’s not what I was hoping for but had a feeling that was the case with TO, so I’m glad I found this forum. I suppose it’s the same thing for Wesley Financial or there’s ones advertised on Sirius XM…

I don’t have the specific name of the package in front of me, but we receive 150k pts each year with HICV and there’s more than $10k owed. The deed is for the Branson, MO resort.

I don’t know anyone who I could give it to unfortunately. I have good credit right now so I’m not sure what it would look like if we just quit paying. That seems like a bold move without unknown consequences. A new car loan for my wife (within 1 yr) and me (at least 2-3 years away) are the only loans that I see in our future right now.

Thanks again for your time and assistance!

Wesley Financial is a scam as well. They are all scams. They will take your money and then just have you default. Then they’ll tell you that they “successfully got you out of your timeshare” after you get foreclosed upon. Those are the best of the timeshare exit scam companies. The worst ones are outright criminal and will just keep trying to extract fees upon fees upon fees out of you with lies, chasing bad money with good money.

Walking isn’t necessarily as “bold” a move as you might think, and it might be the financially correct decision versus continuing to throw good money after bad. I’m assuming your $10k note is at a very high interest rate so you’re talking about a lot more than $10k if you keep just paying it. You’ll likely still be able to get car loans, even in the short term, just possibly at higher interest rates than you would have otherwise. The lost value of those higher interest rates would likely pale in comparison to what it will cost you to keep paying on that loan.

 

[bs10]

I appreciate the insight on the other companies I mentioned. I’ll rule those out as well then.

So, I think that may leave two options - to try to refinance in hopes of a more affordable monthly payment w / lower interest rate.

Or, to quit paying and go into foreclosure as you stated. Admittedly, this isn’t something that I’m familiar with at all. What does that look like and how long of process does that take from beginning to end? I’d be concerned of any additional consequences from debt collectors, etc. Could there be more legal action they took against us resulting in more fees or loss of possession.

Let me know if any other information is needed to assess the situation and helping to determine the best next steps.

Thanks again!

 

[montygz]

I appreciate the insight on the other companies I mentioned. I’ll rule those out as well then.

So, I think that may leave two options - to try to refinance in hopes of a more affordable monthly payment w / lower interest rate.

Or, to quit paying and go into foreclosure as you stated. Admittedly, this isn’t something that I’m familiar with at all. What does that look like and how long of process does that take from beginning to end? I’d be concerned of any additional consequences from debt collectors, etc. Could there be more legal action they took against us resulting in more fees or loss of possession.

Let me know if any other information is needed to assess the situation and helping to determine the best next steps.

There is a thread here you can check out:

[ 2019 ] Letting timeshare foreclose

I have week 44 at Williamsburg Powhatan Resort (2 br lockoff). I purchased on Ebay in 2006 and most often have traded in to RCI for 2 weeks and vacationed elsewhere. Due to familiar obligations, children are grown, and our advancing years, we are no longer able to take advantage of yearly away...

tugbbs.com

You are one of thousands of people to come on TUG in the same situation. If you do some searching you should find plenty of examples.

 

[LannyPC]

Or, to quit paying and go into foreclosure as you stated. Admittedly, this isn’t something that I’m familiar with at all. What does that look like and how long of process does that take from beginning to end? I’d be concerned of any additional consequences from debt collectors, etc. Could there be more legal action they took against us resulting in more fees or loss of possession.

Check out this sticky thread:
https://tugbbs.com/forums/threads/2022-timeshare-default-credit-report-collection-tracking.304138/

It tells of ones who let their TSs go into foreclosure and what the results were. There were very few dire consequences.

 

[Volkyro]

I appreciate the insight on the other companies I mentioned. I’ll rule those out as well then.

So, I think that may leave two options - to try to refinance in hopes of a more affordable monthly payment w / lower interest rate.

Or, to quit paying and go into foreclosure as you stated. Admittedly, this isn’t something that I’m familiar with at all. What does that look like and how long of process does that take from beginning to end? I’d be concerned of any additional consequences from debt collectors, etc. Could there be more legal action they took against us resulting in more fees or loss of possession.

Let me know if any other information is needed to assess the situation and helping to determine the best next steps.

Thanks again!

Being realistic, it is very unlikely you'll find a way to Refi the original loan that will suddenly make you feel better about this ownership. The simplest option is to do nothing and just keep paying. The smart option is to stop paying immediately and take the time between now and when HICV finally starts moving against you to read all of the info linked by others. That will prepare you for the possible directions the foreclosure process may take.

If you really don't have the money to pay off the original principal, you really don't have the money to keep paying monthly. So take the hit and learn from your (minor) mistake. Take the money you would have been spending monthly on the loan payment and set it aside for those car purchases you mentioned. Then you won't have to worry about the (unlikely) repercussions of a credit hit during those purchases.

 

[bs10]

I am stubborn but you’re probably right. The easy way is to keep paying and flushing money away but it would be better to quit altogether.

I’m still going to do due diligence to see about refinancing though a favorable change is probably a pipe dream. But I’m not an expert and if it was, then maybe I wouldn’t be in this predicament.

Do you know of or have any other testimonials of others were were in a similar situation and quit paying? Do I need legal assistance? Can I just look the other way on payments and ignore their attempts and ultimately, the problem will go away on it’s own. I don’t know how aggressive they would be trying to collect so trying to figure out what to possibly expect.

I feel like it would be a common thing - buy a time share in the heat of the moment while on vaca and then come to realize it was a bad investment. I’m probably not in the minority for this.

Sorry for rambling but your time and input is greatly appreciated!