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Talking Timeshares Ep 37 - "We can get you out of your timeshare, guaranteed" strategy explained!
- Thread starter TUGBrian
- Start date
schreib69
TUG Member
- Joined
- Oct 3, 2021
- Messages
- 55
- Reaction score
- 18
- Location
- Elk River, Mn
- Resorts Owned
- Izaty's On the Lake
Excellent Brian.
I am not sure if you JUST produced this video or it has been out for some time but I have privately concluded the exact same thing over this last few months.
My history:
-- 6 yrs ago dropped and lost $3,500 with a timeshare exit company that was totally fraudulent, lost it all
-- 4 yrs ago talked to two of the leading timesshare exit companies that are MORE legit and decided it was just a $5000 ripoff after hearing their terms-- even IF successful
-- 3 yrs ago decided to do EXACTLY what you propose(STOP paying!). The strategy failed because I got so much push back from my wife about concerns with bad credit rating, possible lawsuit, anxiety and stress of doing something wrong that, even after trying to get the timeshare company to just take back the deed, multiple letters to them, not paying for 18 month, we foolishly paid the over $3000 balance we "owed" them and now we are right back into the pygmy's pot again paying the $800 yearly maintenance fees.
Well, this year the foot is going down and STAYING down.
Thanks for your video. It appears you folks have come a long way since I was last here trying to sell my timeshare(again UNsuccessfully!) where the standard advice was to use TUG, EBay, Craig's list, contacts, etc. to pawn this draining investment off.
I am glad to see you come right out and SAY it.
"JUST stop paying."
Hearing this from you guys really makes a difference and pushed me over the edge to "DO" it.
signed: "outa' here"
I am not sure if you JUST produced this video or it has been out for some time but I have privately concluded the exact same thing over this last few months.
My history:
-- 6 yrs ago dropped and lost $3,500 with a timeshare exit company that was totally fraudulent, lost it all
-- 4 yrs ago talked to two of the leading timesshare exit companies that are MORE legit and decided it was just a $5000 ripoff after hearing their terms-- even IF successful
-- 3 yrs ago decided to do EXACTLY what you propose(STOP paying!). The strategy failed because I got so much push back from my wife about concerns with bad credit rating, possible lawsuit, anxiety and stress of doing something wrong that, even after trying to get the timeshare company to just take back the deed, multiple letters to them, not paying for 18 month, we foolishly paid the over $3000 balance we "owed" them and now we are right back into the pygmy's pot again paying the $800 yearly maintenance fees.
Well, this year the foot is going down and STAYING down.
Thanks for your video. It appears you folks have come a long way since I was last here trying to sell my timeshare(again UNsuccessfully!) where the standard advice was to use TUG, EBay, Craig's list, contacts, etc. to pawn this draining investment off.
I am glad to see you come right out and SAY it.
"JUST stop paying."
Hearing this from you guys really makes a difference and pushed me over the edge to "DO" it.
signed: "outa' here"
well, TUG has been spreading that message for many many years, but yes the video is brand new.
In your situation as an owner that has exhausted all reasonable options to both give away, or give back a Timeshare. I absolutely consider default a better choice than continuing to pay.
though admittedly in your situation, chances are all that money thrown away to exit companies could have been used to incentivize the free giveaway listing and vastly increased the chances that someone would have taken it over. (though not at all a guarantee, it is a tried and true solution!)
would also suggest wholeheartedly to continue to maintain communication with the resort but to specifically say you are WILLING/READY/ETC to surrender the ownership back to them at any time. hopefully after enough time the resort will choose the deed-in-lieu route instead of actual foreclosure which results in the same outcome (the ownership going back to the resort) but costs the resort far less in time and money!
in summary
Upfront fee Exit/cancellation companies suck
resorts that dont provide any reasonable exit path for owners suck
being stuck with a timeshare you are legitimately unable to give away or give back sucks
defaulting on a timeshare you own sucks....but just a little bit less than the 3 above. and WAY less than paying someone thousands of dollars for the priviledge.
In your situation as an owner that has exhausted all reasonable options to both give away, or give back a Timeshare. I absolutely consider default a better choice than continuing to pay.
though admittedly in your situation, chances are all that money thrown away to exit companies could have been used to incentivize the free giveaway listing and vastly increased the chances that someone would have taken it over. (though not at all a guarantee, it is a tried and true solution!)
would also suggest wholeheartedly to continue to maintain communication with the resort but to specifically say you are WILLING/READY/ETC to surrender the ownership back to them at any time. hopefully after enough time the resort will choose the deed-in-lieu route instead of actual foreclosure which results in the same outcome (the ownership going back to the resort) but costs the resort far less in time and money!
in summary
Upfront fee Exit/cancellation companies suck
resorts that dont provide any reasonable exit path for owners suck
being stuck with a timeshare you are legitimately unable to give away or give back sucks
defaulting on a timeshare you own sucks....but just a little bit less than the 3 above. and WAY less than paying someone thousands of dollars for the priviledge.
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- Joined
- May 20, 2006
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- 50,462
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- 21,915
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- NE Florida
- Resorts Owned
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Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
For smaller independant resorts, call and ask if they have a bulletin board where you can pin up a listing for your week. Do they have a newsletter where they allow owners to list weeks? Do they have an onsite broker who helps to sell foreclosed weeks? Other owners who go regularly may be likely to take a free week off your hands. Your goal is to somehow let them know you want to give away your week. You need to get your week in front of their eyes. The free giveaway forum is great, but getting your week in front of existing owners is better.
Excellent video. IMHO....This video is going to knock some timeshare developers very hard and shocking to all those timeshare exit companies.
Thanks for telling the truth about timeshare exit companies.
"Knowledge is Power." by Bacon
TUGBRIAN, your telephone and email address is going to be very busy Monday morning. IMHO
Thanks for telling the truth about timeshare exit companies.
"Knowledge is Power." by Bacon
TUGBRIAN, your telephone and email address is going to be very busy Monday morning. IMHO
the industry has made it clear they will never embrace a resale market... however I had hope they would at least embrace an exit strategy for owners by now.
something has to give, and I think most owners are tired of it being them. I find it laughable that resorts or developers still in active sales do not have a seamless exit strategy, as there is simply no excuse. for independents as mentioned above, that is a much more difficult solution but so many of those continue to take the easy road and leave it up to owners to figure out a way to exit on their own. Obviously some handle this much better than others, but the fact still remains that the average owner of a worthless timeshare will view an exit company, or an upfront fee resale company as a more appealing choice than anything the resorts are providing because their pitch is that much more attractive even if its full of nonsense.
2024 is going to be a rather interesting year if MF's rise on par with the ones already reported (ie marriott/vistana/etc)...
something has to give, and I think most owners are tired of it being them. I find it laughable that resorts or developers still in active sales do not have a seamless exit strategy, as there is simply no excuse. for independents as mentioned above, that is a much more difficult solution but so many of those continue to take the easy road and leave it up to owners to figure out a way to exit on their own. Obviously some handle this much better than others, but the fact still remains that the average owner of a worthless timeshare will view an exit company, or an upfront fee resale company as a more appealing choice than anything the resorts are providing because their pitch is that much more attractive even if its full of nonsense.
2024 is going to be a rather interesting year if MF's rise on par with the ones already reported (ie marriott/vistana/etc)...
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