We had a great time in Wyndham Florida. We got the best of our timeshare, lots of points for at least three vacations for year. Unfortunately we have no choice but to Sell Wyndham timeshare because unfortunately I lost my job because of COVID, and can no longer afford it. If someone wants to buy reach out!
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If your ownership is paid off and current, Wyndham has a program called Ovation that allows you to surrender it. Do a search.
You can also post a sales ad in the TUG Bargain Deals sub forum at the top of this forum.
Sorry for your reversal of fortune. Good Luck!
Jim
You can also post a sales ad in the TUG Bargain Deals sub forum at the top of this forum.
Sorry for your reversal of fortune. Good Luck!
Jim
Hi Jim,
So very nice of you to respond to my post. Unfortunately it’s not paid off, I haven’t even started the payments and my recession period is over. I lost the job a month after purchasing. I really am not sure where to go from here.
So very nice of you to respond to my post. Unfortunately it’s not paid off, I haven’t even started the payments and my recession period is over. I lost the job a month after purchasing. I really am not sure where to go from here.
Unfortunately, you won't be able to sell or give it away. No one will buy it and Wyndham won't transfer ownership. Perhaps writing to their customer relations, and pleading hardship. Bankruptcy can often get TSs discharged, but we are not in a position to discuss those details. All I can do is offer best wishes.
DeniseM
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The exit programs are ALL SCAMS.
As far as I have ever been able to gather, a lawyer would charge you to tell you that your options are to find a way to continue paying the loan and dues, or stop paying, let it go to foreclosure, and eat the hit to your credit report. A naive or unscrupulous lawyer might tell you she can sue your way out of it, but I think you would end up owing both Wyndham and a lawyer.
PS I hope you land on your feet soon. Lots of employers are desperately hiring out there.
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be far better off taking the money you were considering spending on an attorney and pay off the loan instead, then you can give it back completely free.
tossing good money after bad is never a good answer.
tossing good money after bad is never a good answer.
montygz
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Do you plan on never working again? You may soon land a job and be able to resume paying.
In the interim, you could explain your situation to Wyndham and see what options are available. Maybe they will suspend your payments for a while. Until you ask, you won't know.
In the end, default, which costs nothing but a hit to your credit, would be better than paying an exit company thousands for what will likely be the same result.
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My advice is to let it go, don't pay anything on it. There are consequences, but no job, no money coming in, seems you have no choice but to walk away. I would write a letter to any of the credit bureaus that get the report from Wyndham of non-payment.
You should not be freaking out because this was your decision. You will have to live with the consequences, whether it's to keep it or walk away and have a bad credit rating for a while.
You should not be freaking out because this was your decision. You will have to live with the consequences, whether it's to keep it or walk away and have a bad credit rating for a while.
Thanks for the advice I appreciate it. I am just one to always pay my bills on time actually my credit score is great but now that this has happened it’s been going down. I know that It was my choice but I just wasn’t expecting that to happen of course. Also I never knew how complicated timeshares were and how they don’t let you get out of it. It’s nearly impossible. So that’s why I’m just looking to see how other people go about it from their personal experience and what else can be done.
kanerf
TUG Member
What you have is an unpaid loan. You may not like the terms of that loan, but you did agree to it. You have no way to get out it other than to pay it or let it default.
montygz
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I sympathize with your painful situation, but I suggest the timeshare should be low on your list of priorities right now.
If you stop paying your car loan, they will repossess it and you won't be able to look for work. If you stop paying rent or your mortgage, you will be evicted or foreclosed on and you could end up homeless.
Those are far worse outcomes than defaulting on a timeshare. You can't afford to go on vacation now, anyway.
In the end, you lost your job, but not the ability to get a new one. You may make more money than you did before.
When you start earning money you can pay your bills and get your credit score back.
there is absolutely a way out of the timeshare and in your situation its completely free, however you still have to pay back the loan first.
Stay FAR, FAR AWAY from ANY exit company. What they do is charge you, then put an ad for an exorbitant price on some obscure website, then when it doesn't sell, they charge you again to re-up saying that they did their part.
Better to let it go to default and take the credit score hit. When you recover, you can rebuild your credit and move on with your life. If (when) you get an unfavorable on your credit report, you can write a mitigating letter that HAS to accompany any credit inquiry. These days, creditors don't really look too poorly on timeshare defaults.
First things first. Get well, get employed. move on.
All the best!
Jim
Better to let it go to default and take the credit score hit. When you recover, you can rebuild your credit and move on with your life. If (when) you get an unfavorable on your credit report, you can write a mitigating letter that HAS to accompany any credit inquiry. These days, creditors don't really look too poorly on timeshare defaults.
First things first. Get well, get employed. move on.
All the best!
Jim
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I’m a little confused-you said you’ve taken three vacations a year with this TS but then said you haven’t even started paying on it?
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Sent from my iPhone using Tapatalk
TheTimeTraveler
TUG Member
Spending upfront money for someone to unload for you is nothing but a scam. They get your money, you're then out thousands, AND you still own your timeshare. Please pay attention to this well known scam and protect your assets.
Use a lawyer? Well, at $500 per hour he'll tell you what you are learning for free on TUG. A lawyer doesn't wave a magic wand to get out of something you agreed to. It may make you feel better but won't solve your problem.
There are literally THOUSANDS of jobs out there starting very high wages in comparison to 2019. Companies are BEGGING for help right now. Are you saying you can't find one? I don't understand what exactly is the lost job issue here? OR, are you having buyers remorse after the legal rescission date? OR is it the fact that your timeshare which you paid thousands for is worth little or nothing? Please clue us in.
DO try renting your timeshare. Hopefully it will generate enough monies each year to help you pay your maintenance fees and cover some or all of your loan. Remember, the only thing that prevents you from easily unloading your timeshare is that the loan needs to first be paid off. It's something we all do everyday with car loans, house loans and home improvement loans. It's not new, and it's not rocket science.
You borrow money and you pay it back. Yes, you may have to do some heavy lifting by working to earn it but that's reality of life. Nothing in life is free!
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No I was saying the time share has a lot of points to be able to take three vacations
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These exit companies don't even advertise your timeshare on an obscure website. They call the developer or management company and nag, nag, nag them to take it back. This loan keeps that from even being an issue.
Seems the OP was hoping someone would take over the payments, which no one here would do, even as a favor, because we all know about resale. A little bit of research before to find us, rather than after the fact, she/he could have rescinded.
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