• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Wyndham Financial Hardship Packet

gygull

newbie
Joined
Aug 13, 2015
Messages
3
Reaction score
0
Points
1
Location
Texas
We've been Wyndham owners for 10 yrs now. we started out as Discovery owners, worked our way into 2 deeds & then upgraded 3 yrs ago to Club Wyndham Access. We love & thoroughly enjoy our vacations.
Times have changed & life has happened for us. Our CWA purchase included Pathways. I was reading some threads on Wyndhams Ovation plan last night. I went ahead & inquired about Ovation through Wyndham last night. This morning I had rcvd an e-mail from Wyndham regarding my inquiry. Since we still have a loan balance I do not qualify for Ovation. That was expected.
This was our option offered by Wyndham.

A Financial Hardship packet which initiates a comprehensive review of our financial situation to determine our eligibility of relief.

Has anyone ever had to go this route & what are the odds of Wyndham actually relieving us of our CWA?
 

mistalong

TUG Member
Joined
Nov 26, 2012
Messages
332
Reaction score
0
Points
126
Location
Dallas, TX
No compassion whatsoever

My mother in-law filled out one when her husband died. All they did was allowed her to delay payments a month or so. If you're wanting to get out of the contract, you can forget it.
 

Ty1on

TUG Review Crew: Veteran
TUG Member
Joined
Jun 10, 2015
Messages
5,127
Reaction score
1,958
Points
348
My mother in-law filled out one when her husband died. All they did was allowed her to delay payments a month or so. If you're wanting to get out of the contract, you can forget it.

Oh he can get out of the contract, but it would involve foreclosure.
 

ronparise

TUG Member
Joined
Feb 10, 2011
Messages
12,664
Reaction score
2,134
Points
548
I know someone in your position that filled out the "hardship" package. Like you she had made two purchases and had financed them both. Ultimately Wyndham took the whole mess back.

There was a period of time where they were reporting non payments to the credit bureaus. Im not sure what the outcome of that was. Im sure her credit scores took a hit, but I dont know how much

The process that they put her through was very similar to what banks made people go through during the great recession to qualify for a short sale. Basically they make you show what changed in your life that now you are unable to pay what you were qualified for when the loan was first approved. They want to see the same information (bank statements, assets, liabilities, income and expenses) that you need to show to qualify for a loan. Now you need to show the same info to prove that you can no longer pay it.

The catch is if you are paying each month, clearly you can pay. You may have to not pay for a while to help make your case, and to convince them that there really is no other option for them, except to take it back

Good luck
 

am1

TUG Member
Joined
Dec 3, 2009
Messages
8,128
Reaction score
1,544
Points
448
My mother in-law filled out one when her husband died. All they did was allowed her to delay payments a month or so. If you're wanting to get out of the contract, you can forget it.

Not letting someone out of a contract does not mean they do not have compassion. It would be great if Wyndham would allow people out of contracts as then they could sell them again but they are not obligated to.

Things happen and people should plan for them.

I wish everyone all the best in be able to get out of their contracts or at least the payments.
 

55plus

TUG Member
Joined
Nov 28, 2012
Messages
2,551
Reaction score
1,176
Points
398
Location
USA! USA! USA!
Depending on how much is owed, the number of points involved and type of points (deeded and/or CWA) maybe it has value to someone? The key is, how much is still owed. If the price works out to about the current resell rate someone may be interested. How much do you own on the loan?
 

mistalong

TUG Member
Joined
Nov 26, 2012
Messages
332
Reaction score
0
Points
126
Location
Dallas, TX
Not letting someone out of a contract does not mean they do not have compassion.

Hence the reason I wrote the entire statement and made the title No Compassion. By delaying it only a month, it takes a while to get the estate settled. So while she's fine now, it would have been nice to have some compassion and give them a period (longer than 30 days) to regroup.
 

gygull

newbie
Joined
Aug 13, 2015
Messages
3
Reaction score
0
Points
1
Location
Texas
I'm willing to deal with a foreclosure, if it gets me out of it. Trust me when we upgraded 3yrs ago, we had the means financially. When I say life happened it was not anything we could prevent. Horrible car accident, got hit by a drunk driver. Spent over a yr recovering from all my broken bones. We walked away from a new business we had just gotten into. At this point, it's been slow payments for the last 2 months. I'd rather spend my money on my daughters college education rather than a timeshare. A luxury that we've enjoyed for 10yrs. Plan was that we'd have it payed off in 2-3yrs. Again that wasn't going to happen after car accident. We still owe $58k, 714,000 points CWA with Pathways. At this point whatever it takes, unfortunately.
 
Last edited:

ace2000

TUG Member
Joined
Dec 17, 2006
Messages
5,032
Reaction score
152
Points
498
I'm willing to deal with a foreclosure, if it gets me out of it.

Is it possible to sell it? You mention you still have a loan balance, but don't mention how much. You're going to have to balance paying that amount owed vs. the foreclosure process. Neither alternative is a good one though.
 
Last edited:

55plus

TUG Member
Joined
Nov 28, 2012
Messages
2,551
Reaction score
1,176
Points
398
Location
USA! USA! USA!
We still owe $58k, 714,000 points CWA with Pathways. At this point whatever it takes, unfortunately.

$58K is to much to get someone to buy it resell. I bought a new Corvette several years ago for that much. Sorry, but your options are limited.
 

Ty1on

TUG Review Crew: Veteran
TUG Member
Joined
Jun 10, 2015
Messages
5,127
Reaction score
1,958
Points
348
I'm willing to deal with a foreclosure, if it gets me out of it. Trust me when we upgraded 3yrs ago, we had the means financially. When I say life happened it was not anything we could prevent. Horrible car accident, got hit by a drunk driver. Spent over a yr recovering from all my broken bones. We walked away from a new business we had just gotten into. At this point, it's been slow payments for the last 2 months. I'd rather spend my money on my daughters college education rather than a timeshare. A luxury that we've enjoyed for 10yrs. Plan was that we'd have it payed off in 2-3yrs. Again that wasn't going to happen after car accident. We still owe $58k, 714,000 points CWA with Pathways. At this point whatever it takes, unfortunately.

Yeah, if Wyndham doesn't offer full cancellation, you'll have to go foreclosure. Just stop making payments and their collections and consumer finance departments will take care of the rest.

If there ever was a case for Wyndham authorizing a deed in lieu, I think you qualify for it.
 

Explorer7

Tug Review Crew: Rookie
TUG Member
Joined
Jul 19, 2010
Messages
345
Reaction score
5
Points
228
Location
Maryland
Unfortunately the answers you provide on the hardship package make it a streamlined process for Wyndham to know where to garnish any assets they can identify should they hold the mortgage and decide to get a judgement against you for any unpaid fees or payments. They would likely go after any savings in your name or recently moved out of your name to avoid garnishment.
 

vacationhopeful

TUG Review Crew: Rookie
TUG Member
Joined
Sep 11, 2007
Messages
12,760
Reaction score
1,699
Points
498
Location
Northeast USA
Sorry for your problems .. bankruptcy might be an option you should consider. I have known way too many people who get onto "payment plans" based what they HOPED or the creditor DEMANDED/stated as the lowest ... that do not work out.

See a financial planner and a bankruptcy lawyer ... one to explain how to cover YOUR old age and the other to HELP you adjust your day-to-day balance of income & expenses within reason.

As much as YOU would love to PAY for the kids' college education ... they are young and can get loans. You have to pay for a roof and food NOW plus put money aside for YOUR retirement years.

Your life (including your financial life) changed with that accident.
 

DeeDibble

TUG Member
Joined
Dec 25, 2013
Messages
182
Reaction score
23
Points
228
Location
Kansas
Unfortunately the answers you provide on the hardship package make it a streamlined process for Wyndham to know where to garnish any assets they can identify should they hold the mortgage and decide to get a judgement against you for any unpaid fees or payments. They would likely go after any savings in your name or recently moved out of your name to avoid garnishment.

Good point - won't go that route when and if I want out
 

ronparise

TUG Member
Joined
Feb 10, 2011
Messages
12,664
Reaction score
2,134
Points
548
You have made the case to us that you can't pay this now make the case to Wyndham. Of course if you have the assets; it's not a hardship case and you should just pay what you owe.

Wyndham is routinely taking back deeds now. It won't be the best deal they have ever made but Wyndham will do well by you. They pay you $58k and resell it for twice as much

By the way you read that right. By forgiving the loan (if that's what they do) they will be paying you $58k. And you will have to pay taxes on that income
 
Last edited:
Top