Selling Welk Resort Timeshare

[aimeejoy20]

Hi All,

Like many others, I got conned into buying a timeshare with Welk Resorts at the age of 21 years old. I knew nothing about what I was getting myself into. After paying for my TS these past 5 years I have finally told my parents and have now searched for legal help. I have spoke to lawyers and credible company's who do help release of your obligations with Welk Resorts, but still nothing is guaranteed. As of right now, I have stopped paying for my TS. My question for others in the same boat as me: what has happened when you stopped paying Welk Resorts? They threaten to "sue" but have they actually done this to anyone? Besides my credit being "ruined" I am wondering what legal remedies Welk Resorts has actually sought out? Has anyone else hired a lawyer? What was your success with a lawyer? Just not sure which route to go, lawyers are super expensive and I don't know if it is worth it. But Welk Resorts will not agree on a settlement with me at this point. Any tips, advice, stories would be greatly appreciated!! Thanks!!

 

[TUGBrian]

http://tug2.net/timeshare_advice/stop_paying_for_timeshare.html


did you try to give it away before you stopped paying the maintenance fees?

sadly now that you are already in default, your options are extremely limited.

 

[aimeejoy20]

Hi Brian,

Give it away to who? I don't know who would want to have a TS with Welk Resorts, let alone take over the payments with a 14% loan. I would gladly catch up on my payments and give it away but after researching on even Ebay it does not look like many people would want it. I have already spent over 10k and still owe 10k on an original 14k loan. Their interest is horrific and just a huge scam!

 

[aimeejoy20]

I know there are thousands of people out there who could not afford to keep paying this insane amount of money. I am curious what consequences these people ACTUALLY did face! I am still young and not too worried about fixing my credit right now, I just want to know if they actually would try to get a judgement against me?

 

[TUGBrian]

sadly noone is going to take over your loan payments...you would have to pay off the loan before any options were available to you (other than stopping payment completely and suffering the consequences).

however welk timeshares are indeed given away on the resale market (i think welk even buys some of them back based on another thread awahile ago).

however as mentioned before, now that you are already delinquent in your fees (likely both to the loan, and for your maint fees)...you dont have any good options left.

while welk might not actually go after you for the maintenance fees, the loan balance is likely from a 3rd party creditor...and chances are they will be far more aggressive in attempting to get you to pay them what you borrowed.

 

[aimeejoy20]

If I knew for a fact that there was someone out there that would gladly like to have my TS and take over my loan payments I would have no issue getting caught up on my loan and maintenance fee payments. I just can't imagine anyone would want to spend 10k for one week at a timeshare! It is insane! What information do you have as far as these 3rd party collectors going after people? Will they sue me? Like I said before that is all I am really worried about and if they aren't going to sue me then I could care less about paying these people another $1.

 

[TUGBrian]

just all depends....results could vary from it simply being listed on your credit as a loan default....to them actively turning you over to collections to recover the balance of the loan.

noone would have taken over your timeshare with the loan attached to it, you will need to pay that off to have any options of selling or giving it away.