Time Share/Vacatin Club

StephfromIdaho · ‎03-03-2016

Has anyone tried to get out of their time share contract? My husband and I signed up for one 25 years ago, we paid cash for the entire contract but still have the monthly maintenance dues. He passed away seven years ago and I haven’t used it since, yet continued to pay the $1800 a year fee.

My financial situation has changed dramatically and I can’t afford to continue. Anyone have any experience with this?

Rockycoast · ‎03-02-2016

This same question was asked a few weeks ago on this forum. Get a RE lawyer. Don't go to those "we can sell your TS companies" on the radio or televison. Scams.

StephfromIdaho · ‎03-03-2016

Thansk so much, that’s a good idea.

GAQShopr53 · ‎07-27-2015

@StephfromIdaho wrote:
Has anyone tried to get out of their time share contract? My husband and I signed up for one 25 years ago, we paid cash for the entire contract but still have the monthly maintenance dues. He passed away seven years ago and I haven’t used it since, yet continued to pay the $1800 a year fee.

My financial situation has changed dramatically and I can’t afford to continue. Anyone have any experience with this?

Years ago my in-laws had a time share contract (started with BG in TN and upgraded to St Augustine FL) and they also paid cash for the entire contract but could not get out of the paying the increasing dues. I hate to say it but they just stopped paying and eventually the company stopped calling. They contacted lawyers and even attempted to sell it themselves and nothing worked. I asked if this hurt their credit and they said the information was never reported on their credit.

StephfromIdaho · ‎03-03-2016

I haven’t paid my maintenance fees for 2018 and have been contacted by a collection agency. I wondered how much they can actually do to my credit. I thought about just paying the fee if and when my credit was affected. Another factor is that my credit score is 811, so even if they did contact the credit bureau, how much can it hurt?

BirkiLady · ‎02-22-2015

It can drastically affect your credit rating. Obviously, they have already contacted a credit bureau (or is it a threat?). Contact your attorney immediately to find out how to legally get out of this mess.

My MIL also had a timeshare and was unable to pay the monthly fees. She didn't tell my husband. After her death, we realized she was in debt up to her eyeballs. Apparently she was too proud to ask her two remaining sons for help. We paid off her debts plus interest and attorney fees. It was a sad mistake for an elderly woman who thought pride was more important than family helping her out.

We had offered to move her back to Nebraska many times, but she flatly refused. When her health failed, our trips to Arkansas increased and lost time from work was frequent. It was a long, drawn out couple of years. She refused to move from her home into an assisted living or have help in her own home. WE were her help! Years later, I'm able to see humor in it. Then, it was exhausting.

Anyway, clear that timeshare from your financial holdings with your attorney's help. It will be worth the money spent.

Money screams; wealth whispers.

Dawnie · ‎03-09-2010

I sold my timeshare on redweek.com. Took a big loss, chalked it up to 25 years of vacationing. A reseller purchased it and paid closing costs. It’s worth a try, check it out!

MissMaggieMoo · ‎03-11-2010

@StephfromIdaho My husband and I had purchased a time share in Cabo San Lucas a few years ago. Paid cash for it. We only used it one time after purchasing it. Tried selling it but it was basically worth nothing on the secondary market. The secondary market is flooded with time shares for sale. I contacted the time share company at the property via email and found out I was able to give it back (sell it back) to them for a fee of $500. I had to sign a contract relinquishing our ownership and that was it. I was very thankful to be able to unload it.

StephfromIdaho · ‎03-03-2016

All good advice, I’ll follow up on all of it. I appreciate it.

chrystaltree · ‎05-10-2010

@StephfromIdaho

Yes, we did the same thing and that was many years ago. We had it for about ten years, used it for 5 or years and then not at all for 5 years. They agreed to take it back for $1000 and that was the end of that. I think sometimes people don't even consider the most logical way out, call them and explain the situation and ask what they can do for you. People just assume they are locked into a timeshare forever.