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Old 01-07-2018, 08:06 PM
 
1,196 posts, read 434,663 times
Reputation: 3722

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Thinking of just not paying maint fees on a timeshare.

Oh yeah, I'm on SS, pension, investment incone... so will never need a loan again.

No need for credit any more.. so what's the downside?
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Old 01-08-2018, 01:04 AM
 
Location: SW France
14,246 posts, read 14,130,781 times
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Legal action?
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Old 01-08-2018, 02:48 AM
 
71,458 posts, read 71,629,249 times
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you know when the companies that sold these to you don't want them back even for free ,what kind of deals these are
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Old 01-08-2018, 03:33 AM
 
11,256 posts, read 43,359,526 times
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Downside is that they will sue you for their fees and you'll owe them the costs of collection, too. Every time share contract I've seen provides for this in the contract and they're very aggressive about getting their money. They've got their ducks in a row to get and pursue a judgement against you which if you don't pay up may come to haunt you in other ways ... Such as increased insurance costs for auto or homeowner's policies that take your credit score into account when rating your risk.

We got out of our paid in full timeshare ownership (inherited) with wyndham's quit-claim program. No charge, but no compensation, either. But better for us to no longer have fees for a time share we couldn't use nor find exchanges that were useable for us.

Perhaps your time-share has a similar program? Far better than the scamming sales outfits that don't do much but have significant up-front fees for their "service".
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Old 01-08-2018, 07:59 AM
 
8,179 posts, read 11,900,573 times
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I would suggest that you take a look at the Timeshare Users Group Forum. You can get advice there on how to give away your timeshare without incurring any legal liabilities. You can even post an ad there offering your timeshare in the Bargains section and maybe find someone who will take it off your hands for you.

https://tugbbs.com/forums/index.php
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Old 01-22-2018, 11:29 PM
 
1,196 posts, read 434,663 times
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I AM a TUG member.
And I paid peanuts for the timeshare in 2000 when the maint was under $300.

Now Irma has caused damage - it's a Wyndham property - and not usable this year, and I don't care about using it or trading it ever again, as annual maint is now over $900 and stupid pols on the island have imposed a $25/day 'user tax' on visitors, timeshare or otherwise.

I think I'll let 'em pound sand.
And as for legal action, who cares?
I personally know of a CPA who 'disencumbered' Citibank of over 1MM.
Jail, yes.
Payback, zilch.
Credit was smashed.. for 7 years. LOL.

I take a small credit hit, maybe. So what?
I don't need no stinkin' credit!

I have never really heard of any really significant consequences to just saying No.
Have you?
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Old 01-24-2018, 09:17 PM
 
2,972 posts, read 2,701,171 times
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You might want to contact these guys:

Timeshare Exit Team
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Old 01-25-2018, 05:26 AM
 
Location: North Dakota
7,721 posts, read 9,015,236 times
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Quote:
Originally Posted by PamelaIamela View Post
Thinking of just not paying maint fees on a timeshare.

Oh yeah, I'm on SS, pension, investment incone... so will never need a loan again.

No need for credit any more.. so what's the downside?
Sounds like quite the First World problem.
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Old 01-25-2018, 07:16 AM
 
71,458 posts, read 71,629,249 times
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when you live in a developed country and have water and food we have other issues .
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Old 01-25-2018, 08:57 AM
 
11,256 posts, read 43,359,526 times
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Quote:
Originally Posted by james777 View Post
You might want to contact these guys:

Timeshare Exit Team
I did and I wouldn't recommend them.

They seemed to me to be another one of the scam deals where you pay them handsomely upfront for their "services", which were mostly to "list" your timeshare for sale on one of their websites and a very passive marketing program. They are extremely aggressive in trying to get you to sign up and pay for their services.

Essentially, you're giving them the real estate sales commission on their estimated likely sales price of your timeshare. Only they get all their money upfront before any sale is made and even if you don't sell your timeshare.

They will razzle dazzle you about how much your timeshare is "worth". In my case, they assured me that I'd have no problem selling a timeshare with their assistance for well over $25,000 and their upfront fee was a huge chunk of that.

Only when I went to their website to see comparable listings, I found identical timeshares to mine ... same model, in the same Colorado mountain golf course resort community, same availability ... listed at prices as low as $500 and one at $200. A few were listed in the mid-teens. But you get the idea ... anybody who'd want one of these timeshare resales could buy it for significantly less than the annual maintenance fees.


Thankfully, Wyndham had their exit program which allowed us to walk away from the timeshare. In 90 days, they accepted the units and processed the quit-claim deeds. As mentioned above, it ends there although you will not get any compensation for your timeshare. But you're out from under any further obligations. For us, that worked very well ... we'd inherited the timeshares and had no money tied up in them.
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