The end of timshare exit team

[comicbookman]

Dave Ramsey Endorsed Timeshare Exit Team Closes Its Doors; Leaving Paying Customers High and Dry (msn.com)

 

[dioxide45]

It was only a matter of time... Good riddance.

I think the only thing left now is for Dave to apologize to all of his listeners for endorsing this outfit.

 

[sue1947]

It was only a matter of time...

...until they reopen under a new name.

 

[dioxide45]

...until they reopen under a new name.

Perhaps, but I don't see it happening. Too much scrutiny if their names show up on any timeshare related outfits. I don't think we have seen Sumday pop back up after the couple years they have been shut down.

 

[RX8]

Ramsey is supposedly money smart yet his endorsement has led to many of his listeners getting fleeced by this company. I would guess that the company closed up with millions of dollars in unreimbursed money. I would also guess that Ramsey will never apologize to his listeners.

 

[Passepartout]

Sadly, those folks who paid money to TSET were up a creek before they folded. All they had was an empty sack of promises.

 

[pedro47]

Wesley Financial Group is still in the exit timeshare business, just saw a commercial on a local tv channel.

 

[MonicaOnVacation]

Dave Ramsey Endorsed Timeshare Exit Team Closes Its Doors; Leaving Paying Customers High and Dry (msn.com)

Thanks for sharing my article. I felt it was important to get this story told on a national level.

 

[HitchHiker71]

Ramsey is supposedly money smart yet his endorsement has led to many of his listeners getting fleeced by this company. I would guess that the company closed up with millions of dollars in unreimbursed money. I would also guess that Ramsey will never apologize to his listeners.

His program addresses the core concern of indebtedness here in the US, which is a very valid concern, but IME he becomes overly focused on certain concepts that he doesn't agree with to the detriment of other core concepts that could provide balance, and therefore becomes blind to a more balanced approach in the process. Timesharing is a good example - he rails against timesharing in any and all forms - and therefore attached himself and his organization to a timeshare exit company without performing proper due diligence - advising many of his clients that were in turn duped into losing money in the process. This isn't the first time something like this has occurred with Ramsey.

Bigger picture I've always felt his concepts also largely fail to take into account the time value of money and compound interest/valuations over the long term, substituting these important concepts with an almost singular focus on debt retirement. Again, his concepts have value and he is not wrong with respect to the US consumer's predilection toward consumer debt which hinders personal wealth creation and belays fiscal discipline, but he also fails to recognize that a more balanced approach to using debt strategically for asset acquisitions over the long term that build real wealth is just as important as debt retirement (such as rental properties or other real estate or alternative investments). That said, for folks who have very little fiscal discipline and little to no ability to apply common sense to finances - his program proves very useful. I suppose it's easier for me to see the weaknesses in his system because I went to school for finance and securities analysis, with dual minors in economics and psychology, and have studied economics for most of my life.

 

[dioxide45]

Thanks for sharing my article. I felt it was important to get this story told on a national level.

I don't see any sources of the closing cited in the article. Is there have a bankruptcy filing? I see their website is now parked and no longer active.

 

[buzglyd]

He threw his “team” under the bus for sure. Took no responsibility.

I’ve said many times here as a former DJ and news reporter. Talent reads what is written for them. Fans imagine Ramsey has some credibility. His show is basically the same call over and over and over. Those ads are just handed to him from iHeart media or whatever the production company is and he reads them.

 

[paxsarah]

I don't see any sources of the closing cited in the article. Is there have a bankruptcy filing? I see their website is now parked and no longer active.

After quite a bit of googling, the only recent article I can find is from ARDA and republished in Resort Trades, also with no source. And then going back, I found a solitary tweet indicating that a client of Timeshare Exit Team had received a notice they were filing for bankruptcy (and while short on details, I have no reason to doubt its veracity):

https://twitter.com/i/web/status/1463512749229715460

 

[bnoble]

I've always felt his concepts also largely fail to take into account the time value of money and compound interest/valuations over the long term, substituting these important concepts with an almost singular focus on debt retirement.

I suspect this is because so many people do not understand---and, more importantly, do not want to understand---that TVoM is a thing. Focusing on debt keeps it simpler and is something that more people might be able to grok.

 

[dioxide45]

After quite a bit of googling, the only recent article I can find is from ARDA and republished in Resort Trades, also with no source. And then going back, I found a solitary tweet indicating that a client of Timeshare Exit Team had received a notice they were filing for bankruptcy (and while short on details, I have no reason to doubt its veracity):

https://twitter.com/i/web/status/1463512749229715460

Yes, I certainly don't doubt that it is true. Especially with their website gone. I have another contact that indicated their bankruptcy was imminent. I was just hoping to perhaps find a bankruptcy filing. I don't have all the knowhow to do that.

I suspect the only recourse that some clients of Timeshare Exit Team may have is through their credit card company (if they paid via credit card). Of course, it would have to be a recent payment as credit card protection has a time limit on when one must dispute a charge. I know we got our money back by filing a dispute after Skybus went bankrupt.

 

[dioxide45]

He threw his “team” under the bus for sure. Took no responsibility.

I’ve said many times here as a former DJ and news reporter. Talent reads what is written for them. Fans imagine Ramsey has some credibility. His show is basically the same call over and over and over. Those ads are just handed to him from iHeart media or whatever the production company is and he reads them.

I beleive Dave's radio show is syndicated. He isn't signed with a specific radio operator like iHeartRadio. So all sponsorships go through his team at Ramsey Solutions.

 

[buzglyd]

I beleive Dave's radio show is syndicated. He isn't signed with a specific radio operator like iHeartRadio. So all sponsorships go through his team at Ramsey Solutions.

Perhaps. I was just using iHeart as an example. He still took zero responsibility.

 

[dioxide45]

Perhaps. I was just using iHeart as an example. He still took zero responsibility.

I agree, and as the CEO of his company he is responsible for the actions of the staff working for him and the procedures they use to vetting sponsors.

 

[HitchHiker71]

Perhaps. I was just using iHeart as an example. He still took zero responsibility.

To admit fault requires humility - which based upon my observations of Dave Ramsey comes in very short supply. Interesting when we consider him to be a professing Christian - given humility is central to the Christian faith. This critique is coming from a fellow believer just to be clear, perhaps I hold him to a higher standard as a result.

Sent from my iPhone using Tapatalk

 

[theo]

Good riddance to Timeshare Exit Team. As for Dave Ramsey, I doubt that the word "apology" even exists in his vocabulary; it must be "someone else's" fault, surely not his.

I'd like to think that Mr. Reid and Mr. Hein might have to go back to selling rain gutters to make a living, but the sad likelihood is that they have taken so much of (and now walk away holding plenty of) other people's money that neither one may have to work again, despite TET doors being (belatedly) shuttered. It's a shame, if not an actual crime.

 

[chapjim]

I don't see any sources of the closing cited in the article. Is there have a bankruptcy filing? I see their website is now parked and no longer active.

Bankruptcy puts them in court, probably the last place they want to be. Better to just disappear -- "take the money and run." [Hat tip to Steve Miller Band]

 

[dioxide45]

Bankruptcy puts them in court, probably the last place they want to be. Better to just disappear -- "take the money and run." [Hat tip to Steve Miller Band]

Perhaps, b t I am sure they have creditors and their company is a legal LLC in Washington. There is also the large fine from the state of Washington. I am sure just walking away could get them into more trouble. Perhaps even criminal charges. Their personal assets would normally be protected in a bankruptcy of the LLC.

 

[chapjim]

Perhaps, b t I am sure they have creditors and their company is a legal LLC in Washington. There is also the large fine from the state of Washington. I am sure just walking away could get them into more trouble. Perhaps even criminal charges. Their personal assets would normally be protected in a bankruptcy of the LLC.

The Bankruptcy Code has been completely re-written since I studied bankruptcy but I expect there is a way to reach through the LLC and attach personal assets, real or personal property.

 

[HitchHiker71]

The Bankruptcy Code has been completely re-written since I studied bankruptcy but I expect there is a way to reach through the LLC and attach personal assets, real or personal property.

I'm no attorney, but I do have a Delaware LLC for my real estate business, and my general understanding is that provided tortious liability can be proven - under certain circumstances the general partners and/or limited partners for the LLC can still be held personally liable:

Does Forming an LLC or Corporation Fully Protect You From Liability?

Forming an LLC or corporation or other limited liability entity will not protect you from every possible risk and liability out there.

cenkuslaw.com

 

[Foggy1]

I saw an add about an hour ago on CNN advertising, and an appearance by Wesley, Timeshare Exit program.

 

[AnnaS]

Wesley Financial Group is still in the exit timeshare business, just saw a commercial on a local tv channel.

Driving down to Florida. Heard Wesley advertisement most of the day on the radio. Over and over.