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Wanting to get out

B

Bbmom1989

TUG Member
Joined
Mar 12, 2022
Messages
23
Reaction score
13
Resorts Owned
Diamond moving to Hilton
I was a Diamond owner and now an HGV points owner. I am older and can no longer afford the maintenance fees. There is no outstanding balance on purchase or maintenance fees. I have connected with HGV about returning the points but their fees fees for doing that come to 18 months of maintenance fees. That really defeats the purpose. Can you please advise, as right now the only way out I see is to walk away and let them foreclose, which I would do. Thoughts and suggestions? Background - 70+yrs old, no outstanding loans or need of loans in the future.
Thank you —
 
Just walk away. Ignore all telephone calls, emails, letters, etc. If contacted by a collection agency/company tell them to only contact you by mail. Eventually they will foreclose.
 
yea, use the points you have, and don't pay MF again. ignore their attempts to contact you. they'll foreclose and sell it to someone else. little to no credit hit, and it sounds like you don't care anyway, which sounds appropriate.
 
Do you have plans to enter a retirement or assisted living facility in the near future? They often do credit checks to approve you?
 
dioxide45 said:
Do you have plans to enter a retirement or assisted living facility in the near future? They often do credit checks to approve you?
Click to expand...
No I am planning on aging at home. I think I am pretty clear given no mortgage or debt
 
geist1223 said:
Just walk away. Ignore all telephone calls, emails, letters, etc. If contacted by a collection agency/company tell them to only contact you by mail. Eventually they will foreclose.
Click to expand...
Thank you. The idea of only communicating by mail is a good one
 
Bbmom1989 said:
I was a Diamond owner and now an HGV points owner. I am older and can no longer afford the maintenance fees. There is no outstanding balance on purchase or maintenance fees. I have connected with HGV about returning the points but their fees fees for doing that come to 18 months of maintenance fees. That really defeats the purpose. Can you please advise, as right now the only way out I see is to walk away and let them foreclose, which I would do. Thoughts and suggestions? Background - 70+yrs old, no outstanding loans or need of loans in the future.
Thank you —
Click to expand...
What do you own and how many points? Why don’t you list it for free on this site?
 
chosshaul said:
What do you own and how many points? Why don’t you list it for free on this site?
Click to expand...
I had not thought of that. I have 50,000 + Is there a thread that will tell me how to do that so my name is off of them and the maintenance fees transfer?
 
Trying to unload 50,000+ points (I suppose it's multiple contracts) could take more than a year to unload all of them and not cheap if you need to pay the transfer fee for each contract and the next year MF of each points you would not be able to unload before the end of the year.

Just remember before deciding to advertise your points here on TUG that the HVC MF per point is very high for mid level quality resorts and most Tugger are not fans of high MF (except for high end resorts like Marriott, Westin, ...) and most will take your points only if you give your points to them and you pay the transfer fee. You may also need to offer to pay for next year MF to convince them to take your HVC points or bank some or all of your 2025 points for next year. This is why I didn't bother to advertise my points 2 years ago and just walked away (it cost me $0).

Note: HGV foreclosed my points 18 months later. This is probably why they ask people now to pay 18 months of MF to give back their contracts because 18 months is probably the time they must wait to foreclose any contract.
 
youppi said:
Trying to unload 50,000+ points (I suppose it's multiple contracts) could take more than a year to unload all of them and not cheap if you need to pay the transfer fee for each contract and the next year MF of each points you would not be able to unload before the end of the year.

Just remember before deciding to advertise your points here on TUG that the HVC MF per point is very high for mid level quality resorts and most Tugger are not fans of high MF (except for high end resorts like Marriott, Westin, ...) and most will take your points only if you give your points to them and you pay the transfer fee. You may also need to offer to pay for next year MF to convince them to take your HVC points or bank some or all of your 2025 points for next year. This is why I didn't bother to advertise my points 2 years ago and just walked away (it cost me $0).

Note: HGV foreclosed my points 18 months later. This is probably why they ask people now to pay 18 months of MF to give back their contracts because 18 months is probably the time they must wait to foreclose any contract.
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What was HGv’s reaction to your walking away? Did they pursue getting the MF’s with vigor or just let you go. I have no mortgage so the points are clear. I truly believe this is the only way to do this
 
The bad debt in the form of MFs is not paid by the management company, it is paid by the other owners. So, there isn't much motivation for the management company to spend extra money on trying to make someone else whole. Plus, it's just not that much money---the cost to recover it would quickly eclipse the amount to recover.
 
bnoble said:
The bad debt in the form of MFs is not paid by the management company, it is paid by the other owners. So, there isn't much motivation for the management company to spend extra money on trying to make someone else whole. Plus, it's just not that much money---the cost to recover it would quickly eclipse the amount to recover.
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Makes sense - thank you for your time and the sharing of your experience in this
 
bnoble said:
The bad debt in the form of MFs is not paid by the management company, it is paid by the other owners. So, there isn't much motivation for the management company to spend extra money on trying to make someone else whole. Plus, it's just not that much money---the cost to recover it would quickly eclipse the amount to recover.
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For Hawaii Collection, HGV pays 80% of the bad debt in exchange for using those points to book something and rent it.
See the line Developer delinquency contribution in post https://tugbbs.com/forums/threads/forget-max-new-new-thing-is-trust-points.354446/post-3152358 and https://tugbbs.com/forums/threads/forget-max-new-new-thing-is-trust-points.354446/post-3152790

From the 2022 annual financial report of Hawaii Collection
1742748718424.png
 
Just joined TUG yesterday, was going to post something similar to Bbmom's and this forum has been awesome. We have 30K HGV/DRI Hawaii Collection points. Ownership goes back to Ka'annapali Embassy Suites days. Have 2 contract numbers because bought 2 separate times (don't judge!), 15K points each. First was a conversion from deed, second was a straight point purchase. MF is one figure at around $6,700. The value is just not there any longer (if it ever was) for us based on the MF and the type travel we do now, forget about the tens of thousands of dollars already poured in. MF paid for 2025 and have 60K points available for use this year (30K banked from last year).

I have been trying to book something this year that fits our needs/wants but having no luck. Is there a better chance of me selling selling this year with those banked points available or does that even matter? Do I have any value here at all ... ?

Thanks.
 
I have been talking with them and trying to find out if there is anything I can do to recoup a bit of the thousands and thousands of dollars and have found there is next to nothing. The best thing I have found is to find someone who wants points, transfer the title to those points and they can pay the maintanence fees. My cousin is considering taking 10,000 to 15,000 points. My current feesare $.30 per point. If they don’t take them, I am going to forfeit them and walk away. I do not have any balance due on the contracts so they will take them and resell them, most likely. I did talk to the Transiition people and they figured i would cost me about $7000 to give them back through the program EXCEPT the program has been on pause for a year and they have no idea as to when it might open. When it does open it is for about a week and those that are already in the que are able to use the program. I am done with them, and am out.
 
Why does it take 18 months for HGV for foreclosure especially when there are no outstanding loan balances?
 
That I do not know, but there could be some legal waiting times after steps in the process that might stretch that time. That is the rational side of me saying that. The other side says that that is 18 months of MF’s that can be collected for nothing
 
In other words during that 18 months: you must pay your maintenance fees for the current year and the next year. Also, during this processing time you cannot use your Club Points for. any vacation exchanges. Correct.
 
That is my understanding in reading about the Transitions program
 
Bbmom1989 said:
I was a Diamond owner and now an HGV points owner. I am older and can no longer afford the maintenance fees. There is no outstanding balance on purchase or maintenance fees. I have connected with HGV about returning the points but their fees fees for doing that come to 18 months of maintenance fees. That really defeats the purpose. Can you please advise, as right now the only way out I see is to walk away and let them foreclose, which I would do. Thoughts and suggestions? Background - 70+yrs old, no outstanding loans or need of loans in the future.
Thank you —
Click to expand...
email resale@hgvc.com with your contract number and ask what your exit options are.
 
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