walking away from timeshare issues

[ijohns]

Hi Sdeleese,

I am in your situation where I can no longer afford to make my payments. The only assistance we have received from the TS company is to make post dated payments, which we refused. I have sent the president a certified letter explaining my situation and offered to deed it back and requested his suggestion on what can be done. I have also offered to give it to a family member for them to take over the payments and deed it to them once it's paid off.

Not sure if sending the certified letter will do anything but it can't hurt. I with you the best.

 

[sdeleese]

hello all,

I would like to thank you all for your comments, I appreciate all of them. Just to give a bit more info, we bought directly from Welk Resorts in Escondido, Ca. For those of you who don't know, Escondido is a few miles north of San Diego. In fact Welk markets the resort as being in "San Diego". We have never used it. I tried once and was told that we needed to book at least 60 days in advance of when we wanted to use it. The next time we tried we were denied because we had not payed our MF yet. Now we not only can't afford it, even if we could we can't plan a vacation. If and when I get a new job, I won't be able to take any time off for a vacation, at least not for at least a year. This was without a doubt the stupidest thing we have ever done.

I have not called or written to Welk yet. I am still trying to figure out just what I want to do and how to do it. That is why I appreciate all of the comments I am getting on this board.

Thanks again.
Sam
La Habra, Ca

 

[MissingLink]

Give Me A Break!

I worked for a timeshare company and I know how customers can cancel without having to worry about bad credit

A bit shady, but you can call and say that the salesperson said misleading information, etc etc----- save the bomb for the end, threaten to report the salesperson and the companies practices to and that you will report it to the timeshare monitoring body in America (I am from Australia, it is ASIC here)

and BAM, they will SH*& their pants and take it back hassle free

Best of luck

I have worked for timeshares too and we did anything but sh** our pants as you suggest simply because somebody threw a falsified fit. We simply pulled out the contract and showed you where it's all in black and white.

Plus this will just put you in a bad relationship with your TS (And trust me they WILL keep record of your poor and distasteful behavior.) I highly doubt you saw this work or if you did, it was a very rare and specific situation. What timeshare did you work for that lets people bully them???? That's going to be some successful company!:hysterical:

I recommend you see who has your loan. Some timeshares carry their own loan and are willing to work with you. A foreclosure is bad for both parties. Tell them about your situation and make sure you get through to the right person. Be willing to work on your end too if they won't let you deedback. See if your timeshare has a rental program that will help you get some money back on your time if you cannot travel, or see if you can rent it yourself. (providing you rent reliably and follow the rules of common sense that so many of our tug members have provided.)

Good luck!

 

[MissingLink]

Welk will put you on a payment plan... at least for the maintenance fees. If they are still due, well they won't usually let you use it. Call your association office ASAP! Don't let it go to a collection agency before you make contact with them.

 

[phileaglesfan]

Someone mentioned bad credit can hurt your chances of getting a job. Not true. It is VERY illegal for anyone here in the US to deny you a job based on something like your credit report. Your credit is very important but it's not going to keep you from getting a job.

Not true! Apply for a job that involves any type of security. A business is not going to hire you if they are worried that you will sell their secrets to a competing company to make your bills. If you are applying for a low risk security job then you are right. Anything that deals with the government, you might as well forget about it. I'm a security manager by the way. They don't even have to deny you the job. They'll just say they hired someone else who didn't have a bad credit report.

To the OP. I would talk to a lawyer. Laws vary by state. The company you are dealing with knows the laws. Who do you have the loan through? They will definitely care if you are not paying or stop to pay and they will most likely report it. This decision can affect most jobs and definitely getting any kind of credit someday. They are helping out people today but a TS is a luxury item because you don't need it to survive. You probably would not get your money back if you sold it and you'll probably even end up owing money. This is what I notice to be a vicious cycle of TS ownership. You can't dump it because in most cases it isn't worth as much as you bought it (especially if you go through the TS owner themselves) and you must pay them money every year your time share is valid. In my case $700 ever other year.

 

[Starshine]

You might also want to call the bank that you financed thru. See if they'd take the deed in lieu of foreclosure. I don' really believe that it would be upto the resort if you have a loan on it. If not maybe the bank would be willing to work something else out. But I don't see why the bank wouldn't take it back, basically it is the same end result without them having to go thru the legal expense of a foreclosure. Best wishes!

 

[athena]

Seven years ago I was denied a big department store job in jewelry because I had bad credit from 4-5 years previous from that. I was shocked... That job was offering 6.50/ hour... I got mad, I went back to school, fixed my credit and I am now making millions o.k... I am not making millions... but I have a very decent wage and at the most job stability.
That department manager told me upfront that they denied me the job because I had bad credit. I did give permission for them to pull my credit. So yes I have been denied a job because of credit. I think it depends on where and what field you work. The job I have now doesn't care about credit...

 

[GadgetRick]

Not true! Apply for a job that involves any type of security. A business is not going to hire you if they are worried that you will sell their secrets to a competing company to make your bills. If you are applying for a low risk security job then you are right. Anything that deals with the government, you might as well forget about it. I'm a security manager by the way. They don't even have to deny you the job. They'll just say they hired someone else who didn't have a bad credit report.

Not totally true. I have been working for major banks for years. They do background checks (including credit) and I know for a fact many people with HORRIBLE credit have been hired.

If you're talking about a true security clearance then it is possible to not get the job. However, what's the percentage of these types of jobs?

Sorry, although your credit is very important, it's not a huge issue in getting hired in 99% of jobs someone would (likely) apply for.