What does Wyndham consider personal tragedy for Certified Exit?

[Rmko1214]

Long story short: we went on vacation trying to pull ourselves out of a marital slump, and ended up buying a timeshare. This is a recent transaction, about 5 weeks ago.

Now considering what we’ve been trying to avoid, separation.

What does Wyndham consider personal tragedy, to use their Certified Exit program? Obviously we still owe, having only made one payment so far.

 

[Fido Chuckwagon]

Long story short: we went on vacation trying to pull ourselves out of a marital slump, and ended up buying a timeshare. This is a recent transaction, about 5 weeks ago.

Now considering what we’ve been trying to avoid, separation.

What does Wyndham consider personal tragedy, to use their Certified Exit program? Obviously we still owe, having only made one payment so far.

Generally speaking Certified Exit is only an option if you don’t owe any money on the timeshare. Given how common divorce/separation is I think it’s probably unlikely that they’re going to let you out of a contract you still owe on based on that. How much do you owe? Is it CWA?

 

[Passepartout]

Long story short: we went on vacation trying to pull ourselves out of a marital slump, and ended up buying a timeshare. This is a recent transaction, about 5 weeks ago.

Now considering what we’ve been trying to avoid, separation.

What does Wyndham consider personal tragedy, to use their Certified Exit program? Obviously we still owe, having only made one payment so far.

We're sorry for your difficulties. No one here can speak to whatever criteria Wyndham- or any other entity - might consider 'grounds' to terminate a legally drawn and executed sales agreement. You, or your agent (attorney) might write a heartfelt plea along with a rescission letter- though you seem aware that the legal timeframe for rescission has passed. It might work.

On the other hand, you had the opportunity for several days after both you and your spouse signed the contract and presumably examined the consequences of taking on additional new debt, and chose to proceed.

Let us know how this works out for you two.

Jim

 

[Rmko1214]

We're sorry for your difficulties. No one here can speak to whatever criteria Wyndham- or any other entity - might consider 'grounds' to terminate a legally drawn and executed sales agreement. You, or your agent (attorney) might write a heartfelt plea along with a rescission letter- though you seem aware that the legal timeframe for rescission has passed. It might work.

On the other hand, you had the opportunity for several days after both you and your spouse signed the contract and presumably examined the consequences of taking on additional new debt, and chose to proceed.

Let us know how this works out for you two.

Jim

Yes, we did review everything and ultimately he wouldn’t sign the rescission I typed. So, that lead me here eventually, to ask what Wyndham considers a personal tragedy… I was hoping if they accept separation/divorce that it would only take one signature. Lots of hopes there. Regardless, I appreciate your response.

 

[Rmko1214]

Generally speaking Certified Exit is only an option if you don’t owe any money on the timeshare. Given how common divorce/separation is I think it’s probably unlikely that they’re going to let you out of a contract you still owe on based on that. How much do you owe? Is it CWA?

Not to mention that sometimes a separation/divorce isn’t a tragedy lol but we won’t go into that.

Yes, it’s CWA and there’s a little less than $16k owed.

 

[CO skier]

What does Wyndham consider personal tragedy, to use their Certified Exit program?

Certified Exit is entirely at Wyndham's discretion. Call 855-319-9040 and get the details for a "Hardship Exception."

Certified Exit – backed by Wyndham™

Certified Exit – backed by Wyndham™ is your trusted source for your ownership options.

www.wyndhamdestinations.com

 

[Rmko1214]

Certified Exit is entirely at Wyndham's discretion. Call 855-319-9040 and get the details for a "Hardship Exception."

Certified Exit – backed by Wyndham™

Certified Exit – backed by Wyndham™ is your trusted source for your ownership options.

www.wyndhamdestinations.com

Thank you, I wasn’t sure if they had set guidelines for what they accept as ‘personal tragedy’

 

[rickandcindy23]

Personal tragedies happen to you. That's the definition of personal tragedy. Divorce doesn't fall into that category. It's a personal choice.

 

[Rmko1214]

Personal tragedies happen to you. That's the definition of personal tragedy. Divorce doesn't fall into that category. It's a personal choice.

Thank you.

 

[bnoble]

Ignore Jim. He's normally not that cranky.

As someone in the midst of Separation 2.0/Divorce 1.0, the timeshare might well be worth keeping assuming you can afford it after doubling living expenses. I know I've welcomed the presence of built-in vacations.

 

[Rmko1214]

The finances aren’t the issue, thankfully.

 

[Fido Chuckwagon]

Probably not worth defaulting if the note is only $16k and credit is important to you. There's no downside to calling certified exit but I wouldn't expect much. If you were experiencing financial hardship there's always the chance you could renegotiate the payments (likely extending the life of the loan and how much you are paying over it), but that doesn't sound like it applies to you either. I agree with the general sentiment that you should try to make the most of it. Who gets the timeshare (it's a liability not an asset!) and whether it needs to get paid off beforehand needs to be negotiated as part of whatever separation you are going through.

 

[WManning]

At least you didn't try to save your marriage by having a baby.

That's so wrong @ chapjim

 

[WManning]

?

 

[chapjim]

That's so wrong @ chapjim

There are people who do that, you know? Buying a timeshare seems rather trivial in comparison and far more easily resolved.

Regardless, I apologize for the unseemly comment.

 

[ScoopKona]

Probably not worth defaulting if the note is only $16k and credit is important to you.

I think it's absolutely worth defaulting.

If divorce happens, credit scores are going down anyway -- none of my divorced acquaintances (both male and female) got through unscathed. I think OP is in "throwing good money after bad" territory here.

If this was my problem, I'd walk away and not look back.

Why? Here are the choices: 1) Walk away and suffer the credit score hit; 2) continue paying, and then what? Give it back to Wyndham? Sell it at a massive loss? Or maybe chalk it up as a bad decision and learn to use.

If OP was within rescission period, 100% of the members would trip over each other to say rescind. I think it's just as consistent to advise someone who is only one or two payments in to just walk away -- for the same reasons.

 

[Rmko1214]

I think it's absolutely worth defaulting.

If divorce happens, credit scores are going down anyway -- none of my divorced acquaintances (both male and female) got through unscathed. I think OP is in "throwing good money after bad" territory here.

If this was my problem, I'd walk away and not look back.

Why? Here are the choices: 1) Walk away and suffer the credit score hit; 2) continue paying, and then what? Give it back to Wyndham? Sell it at a massive loss? Or maybe chalk it up as a bad decision and learn to use.

If OP was within rescission period, 100% of the members would trip over each other to say rescind. I think it's just as consistent to advise someone who is only one or two payments in to just walk away -- for the same reasons.

I definitely tried to get my husband to agree to rescind. Unfortunately that didn’t happen. But you mentioned exactly what I’ve been thinking. We will be selling the house, and I’ve considered just paying off Wyndham, and then hopefully being able to use certified exit and giving it back. But, that’s also a waste of $16k. On the other hand, if I let it go into default, I most likely won’t be able to purchase another house when the time comes, as it’ll be a fairly recent default on credit. I secured an apartment today, and most likely won’t attempt to purchase until my son graduates in 2027.

 

[ScoopKona]

I definitely tried to get my husband to agree to rescind. Unfortunately that didn’t happen. But you mentioned exactly what I’ve been thinking. We will be selling the house, and I’ve considered just paying off Wyndham, and then hopefully being able to use certified exit and giving it back. But, that’s also a waste of $16k. On the other hand, if I let it go into default, I most likely won’t be able to purchase another house when the time comes, as it’ll be a fairly recent default on credit. I secured an apartment today, and most likely won’t attempt to purchase until my son graduates in 2027.

When the real estate bubble burst, half the people in my area did a "strategic default" because they were so underwater on their mortgages.

These same people were homeowners again in mere years.

I'd give some cold, unemotional thought to the pros and cons of default, at least. The timeshare companies can and do change their systems to the detriment of the owners. So it's not like they wouldn't do it to you if the tables were turned.

If $16K amounts to "look under the couch cushions" money for you, ignore (obviously). I wouldn't want to watch $16K evaporate into thin air. Perhaps buy a house and then default? Pay as little as possible and string it out as long as possible? Any option that isn't "Give Wyndham my hard-earned money because 'reasons'" has got to be a better option.

 

[Fido Chuckwagon]

On the other hand, if I let it go into default, I most likely won’t be able to purchase another house when the time comes,

I don’t know that the credit hit will be that dire, but depending on the price of the house the amount you pay extra in interest over the life of the loan (and any other loans) could definitely amount to more than $16k. I think $16k is very borderline and unique to your personal and financial circumstances. If this was a 50k loan that would be easy, yeah, default. If this was a $5k loan that would also be easy, don’t default! $16k is really situational for you.

 

[Fido Chuckwagon]

I'd give some cold, unemotional thought to the pros and cons of default, at least

I agree with this 100 percent. This should be a strictly mathematical decision. Is the credit hit, and attendant score drop (probably somewhere around 100 points? Maybe a little more?) worth more than $16k? The better op’s financial situation is the more likely it is that it is not worth $16k to damage her credit. The difference in interest over a 30 year mortgage for a $250,000 mortgage is a lot different than an $800,000 mortgage. The difference in interest on a $15k car is a lot different than the difference in interest on a $60k car, etc.

By no means is a $16k default going to be ruinous though.

 

[ScoopKona]

I agree with this 100 percent. This should be a strictly mathematical decision. Is the credit hit, and attendant score drop (probably somewhere around 100 points? Maybe a little more?) worth more than $16k? The better op’s financial situation is the more likely it is that it is not worth $16k to damage her credit. The difference in interest over a 30 year mortgage for a $250,000 mortgage is a lot different than an $800,000 mortgage. The difference in interest on a $15k car is a lot different than the difference in interest on a $60k car, etc.

By no means is a $16k default going to be ruinous though.

I agree with everything here.

I'd also like to point out that pretty much the entire user base is on the same page when it comes to rescission. So I don't get why people dig their heels in when it comes to default. This is like defaulting on a "buy here, pay here" used car. It's not the end of the world.

$16K is a lot of scratch to simply hand over -- especially since if there's a way to get through a divorce with pristine credit, I haven't heard it. (100% of everyone I know who divorced took a financial hit. Anywhere from "bad" to "living in another state under an assumed name and working under the table.)"

In this particular case, the husband didn't want to rescind. So he should take the timeshare. Probably not how that's going to shake out. But I'd at least make the demand. "You wanted this. Now own it."

 

[Rmko1214]

I agree with this 100 percent. This should be a strictly mathematical decision. Is the credit hit, and attendant score drop (probably somewhere around 100 points? Maybe a little more?) worth more than $16k? The better op’s financial situation is the more likely it is that it is not worth $16k to damage her credit. The difference in interest over a 30 year mortgage for a $250,000 mortgage is a lot different than an $800,000 mortgage. The difference in interest on a $15k car is a lot different than the difference in interest on a $60k car, etc.

By no means is a $16k default going to be ruinous though.

There’s definitely pros and cons to it all. Right now my credit scores are 740’s. Ultimately, I do not want this timeshare and to waste $16k to give it back seems pointless to me. BUT, I won’t be buying a house for at least 3 years, because I’d rather buy in a bit lesser expensive property tax area than I am now and to do that involves awaiting my sons graduation in 2027. I very well may just keep paying it until he graduates and I buy another house. Just to keep my credit ‘safe’ for the time being. At that point, finances may have changed too. Who knows. It honestly all gives me anxiety lol. One day at a time for now though.

 

[Rmko1214]

I agree with everything here.

I'd also like to point out that pretty much the entire user base is on the same page when it comes to rescission. So I don't get why people dig their heels in when it comes to default. This is like defaulting on a "buy here, pay here" used car. It's not the end of the world.

$16K is a lot of scratch to simply hand over -- especially since if there's a way to get through a divorce with pristine credit, I haven't heard it. (100% of everyone I know who divorced took a financial hit. Anywhere from "bad" to "living in another state under an assumed name and working under the table.)"

In this particular case, the husband didn't want to rescind. So he should take the timeshare. Probably not how that's going to shake out. But I'd at least make the demand. "You wanted this. Now own it."

Unfortunately, if I tell him he wanted it and to take it, he won’t pay it. It’s an argument I know won’t have a good ending, so I’ll save myself at least one headache.

 

[ScoopKona]

Unfortunately, if I tell him he wanted it and to take it, he won’t pay it. It’s an argument I know won’t have a good ending, so I’ll save myself at least one headache.

I suspected as much.

There isn't much you can do. The chances of them letting you off the hook for this contract are worse than "slim and none." More like, "that'll be the day a tissue-paper dog chases an asbestos cat in hell." (Heinlein paraphrase.)

So "live it, lump it, learn to use it." (Many people have been stuck with this.) At least try to get some nice vacations out of it.

Or pour gasoline on the contract, light it on fire and walk away. (Email them and tell them you're going to default. They can take the week and what money you've already spent in lieu of judgement if they want. But they almost-certainly won't.)

Whatever you do, don't go down the "get rid of my timeshare" internet-search rabbit hole. That's where all the scammers are. Nothing good can come of that. If there was a way out, someone would have given you the answer here by now.

 

[Rmko1214]

I don’t know that the credit hit will be that dire, but depending on the price of the house the amount you pay extra in interest over the life of the loan (and any other loans) could definitely amount to more than $16k. I think $16k is very borderline and unique to your personal and financial circumstances. If this was a 50k loan that would be easy, yeah, default. If this was a $5k loan that would also be easy, don’t default! $16k is really situational for you.

I suspected as much.

There isn't much you can do. The chances of them letting you off the hook for this contract are worse than "slim and none." More like, "that'll be the day a tissue-paper dog chases an asbestos cat in hell." (Heinlein paraphrase.)

So "live it, lump it, learn to use it." (Many people have been stuck with this.) At least try to get some nice vacations out of it.

Or pour gasoline on the contract, light it on fire and walk away. (Email them and tell them you're going to default. They can take the week and what money you've already spent in lieu of judgement if they want. But they almost-certainly won't.)

Whatever you do, don't go down the "get rid of my timeshare" internet-search rabbit hole. That's where all the scammers are. Nothing good can come of that. If there was a way out, someone would have given you the answer here by now.

I really appreciate all the input. Everyone here has helped with my “Devils Advocate” mind. I think and rethink and rethink a hundred different ways and scenarios.

Right now, I’m going to continue to pay. Get moved and get the house sold and see where I’m at, at that point. And hopefully take my son on a long weekend trip somewhere this summer.