Almond_Joy
newbie
Hello TUG,
I'm a co-owner on a Pacific Monarch RTU plan @ 155 points biannually with my mom. She says we bought it in 2009....I honestly don't remember, I feel like it's been longer. Since then we have used it once.
My mom is not working, and I barely make enough to cover my own living expenses. I also have a mountain of student debt looming in the near future when I finish getting my Master's. I have no interest in using the timeshare, so I'm looking for options on what to do.
I understand that I can't sell a timeshare that I'm still paying on. My plan is to see if I can get a bank loan to cover the principal of the timeshare loan (hopefully with a lower interest rate, but probably not) and pay off the timeshare loan. I don't know how successful this will be, as my credit is badly damaged by the student loans, even though they're in good standing. Has anyone else tried this in an effort to get rid of their timeshare?
If I can accomplish that task, I plan to just give it away - I don't have the patience to try and sell it, and from what I read I won't fetch a profit anyway. I was confused by an excerpt from this article:
http://tug2.net/timeshare_advice/timeshare_abandonment.html
"Auction it off for $1 with no reserve
More than a few have been successful selling their unwanted timeshare at person-to-person online auctions such as eBay Auctions. Selling your timeshare on ebay comes with a fee of $35 dollars. Many organizations that charge you significant upfront fees will simply turn around and list your timeshare on ebay for you. It is far easier, not to mention WAY cheaper to do this yourself! You can also put your timeshare up for no charge on the TUG bargain deals section here if you are indeed giving it away for free: TUGBBS Bargain Deals"
The part in bold is what's confusing me. Whoever takes this plan will have to pay maintenance/HOA fees right? Also, if no one decides to take it, but I've paid off the loan.....am I still just stuck with the timeshare, or is there any way I can remove myself as an owner once the loan is paid off?
Thanks for reading.....
I'm a co-owner on a Pacific Monarch RTU plan @ 155 points biannually with my mom. She says we bought it in 2009....I honestly don't remember, I feel like it's been longer. Since then we have used it once.
My mom is not working, and I barely make enough to cover my own living expenses. I also have a mountain of student debt looming in the near future when I finish getting my Master's. I have no interest in using the timeshare, so I'm looking for options on what to do.
I understand that I can't sell a timeshare that I'm still paying on. My plan is to see if I can get a bank loan to cover the principal of the timeshare loan (hopefully with a lower interest rate, but probably not) and pay off the timeshare loan. I don't know how successful this will be, as my credit is badly damaged by the student loans, even though they're in good standing. Has anyone else tried this in an effort to get rid of their timeshare?
If I can accomplish that task, I plan to just give it away - I don't have the patience to try and sell it, and from what I read I won't fetch a profit anyway. I was confused by an excerpt from this article:
http://tug2.net/timeshare_advice/timeshare_abandonment.html
"Auction it off for $1 with no reserve
More than a few have been successful selling their unwanted timeshare at person-to-person online auctions such as eBay Auctions. Selling your timeshare on ebay comes with a fee of $35 dollars. Many organizations that charge you significant upfront fees will simply turn around and list your timeshare on ebay for you. It is far easier, not to mention WAY cheaper to do this yourself! You can also put your timeshare up for no charge on the TUG bargain deals section here if you are indeed giving it away for free: TUGBBS Bargain Deals"
The part in bold is what's confusing me. Whoever takes this plan will have to pay maintenance/HOA fees right? Also, if no one decides to take it, but I've paid off the loan.....am I still just stuck with the timeshare, or is there any way I can remove myself as an owner once the loan is paid off?
Thanks for reading.....
Last edited: