Internet's first get-out-of-debt community - 168,000 members

Posted: Mon Apr 30, 2007 5:31 am Subject: Timeshare Relief

In one of our weeker moments a couple of years ago, we bought in to a timeshare unit in Gatlinburgh, Tennessee. We placed the monthly payments to one of our credit cards with the notion that we would just let it build through out the year and then pay it off every year with tax money.

Well, we have had some rough times over the last year or so and we had to use the credit card for things like septic tank pumping and other emergency needs.

When we first bought the timeshare, we had that card coimpletely paid off and knew that we would only be putting about $1500 through the year with the timeshare.

Now the card is completely maxed out and there is no room for the monthly payments on it and I do not have the disposable income to pay the extra $133/month out of pocket.

Now, when we bought the timeshare, they did not do a credit check and they do not report it to the credit bureaus. In other words, it does not show up on my credit report that I have it.

That being said, can i just tell them to take the property back without fear of it showing as a repo or foreclosure on my credit report?

Are there any legal means of getting out of the property without having to pay a huge amount out of pocket?

I have checked into a couple of the timeshare resale deals on the internet and one that does not advertise on the internet. After further checking into the major one on the internet, I found that they do not have a satisfactory rating on the BBB website. This one is Timeshares Only.

the other timeshare reseller I checked in to has a very satisfactory rating and I would list with them, but they want $599 up front to carry the property. Which I do not have disposable.

If any one has any help or information concerning this, I would greatly appreciate it.

I know this is not technically debt help, but everyone here is very knowledgable and I feel that someone somewhere on here can help me.

If this is the wrong place, please feel free to move it to the correct forum, just let me know where it is placed please.

Thank You

Posted: Mon Apr 30, 2007 6:38 am Subject:

I am sorry that you are having these problems. I have no idea how timeshares work or what you could do but I wanted to welcome you to the forum. I am sure someone will be along shortly with some advice for you. Smile

peneileen · Posted: Fri Jun 15, 2007 7:57 am Subject: timeshare relief

I am looking for the same solution. But, my loan is reported to the credit bureau> Someone please help. I am still in good standing with them.. Thanks

Posted: Fri Jun 15, 2007 12:15 pm Subject:

I would give them a call the one holding your loan and explain that you can't make the payments and see if they are willing to take back the property and how this would affect your credit. At least you'll get some information and can try and make some decisions from there. Also I would not pay the $599 amount, we did this only to have our timeshare sit unsold for almost two years, with no real information or updates from the place that was listing it. And you will still have to make your monthly payment. Ours was paid off and just recently we donated it so I can get rid of the monthly maintenance fees, year end taxes, etc. We were young and dumb when we bought ours.

CJ · Posted: Wed Aug 06, 2008 7:33 am Subject: Timeshares

Unfortunately I to had fell victim to the scheme. But victory has arrived I canceled within the Florida 10 day window and have received a refund. My Research on Time Shares has proven to me that we are in a world of greed. I am sorry that you must endure this but keep faith it will work out. Oh yeah Redweek.com, Time Share relief.com seems to be legit.If all else fails try renting your week through them. Good luck and remember that no bad deed goes unseen. Warn your friends and family!!!!!!!!!!!!!!!!!

Posted: Wed Aug 06, 2008 7:54 am Subject:

Well for us, we still have it, I have tried to donate it to three different companies and no one will take it, once I get some debt paid off I'm going to try and give it away and pay the $400 or so closings costs.. but need some other stuff cleared up before I attempt this. Hopefully this works, otherwise we will have this timeshare forever, and our kids, and grandkids, lol etc.. it never goes away!

Posted: Wed Aug 06, 2008 9:28 am Subject:

where is the timeshare located? Maybe someone on here could use it and pay you rent on it? Have you ever thought about renting your week (or month, 2 weeks, weekend, or whatever it is)? If you don't want to handle it yourself, aren't there agencies that do that?

Posted: Wed Aug 06, 2008 7:08 pm Subject:

humm I might have to check into that, It's located in Florida.

Posted: Thu Aug 07, 2008 7:54 am Subject:

I've always wanted to vacation in Florida!

joe shripo · Posted: Tue Nov 04, 2008 12:41 am Subject: art of perfect scams

I wish there was lawer who would step up to the ladder and find a way to convince judges that just as the timeshare is so easy to obtain, it should be that easy to be releived from it. Economics should'nt form as they mock those who fell into bad circumstances. When we commited to a timeshare, we had it all dandy, we weren't in trouble with our credit. We weren't planning to ruin our credit, nevertheless, cheat OURSELVES out of the opportunity to buy a home. Please consider the steep penalties these monsters cause us who were well intended. They got our thousands, they should settle, stop making it easy to qualify, and be happy with their world emporiums. That free dinner IS NOT FREE! Shame on timeshare penalties!

timeshare dude · Posted: Wed May 20, 2009 12:09 pm Subject: timeshare relief

There is actually a company by the name of timeshare relief that could possibly help you. If not, at least you can get some free information from them about how you might be able to get rid of it. Hope it helps

Guest · Posted: Thu May 21, 2009 9:44 am Subject:

Here is what I found out after years of paying for our timeshare. We bought it in 2002 on a 10 year loan at $199 month. Back then the yearly maint fee was $299 over the years its been raised to $1250 a year. We cant pay for it anymore and thought since we had it so long we could sell it. Well look on E-bay there are thousands for sale at $1. People just want to get out of them so they dont have to pay the yearly fees. We just stopped paying the payments this year and they called us. I told them we cant pay for it anymore and really thought I was in for a battle with them trying to get the money we still owe for 2 more years 4k+. The lady said she would check and see what they can do and call me back. Few days later in the mail we got a letter to sign saying we turn over our timeshare back to the company and that all will be settled. I know on our credit report they are not listed but after we were late I got a alert that they opened an account but so far its not shown up on my report.

Guest · Posted: Thu May 21, 2009 9:52 am Subject:

"There is actually a company by the name of timeshare relief "

I looked into this place. They and others like them will buy your timeshare from you for $1500-$2000 depending on who you are with. I dont know what they do once they have them, resale or maybe they get some kinda deal selling them back to the timeshare companies. Not really clear on that end of it. But they will be happy to take your money. I guess if you have $1000+ yearly fees paying $1500+ to get out of it is fine for people.

Leslie Pal · Posted: Thu Jun 18, 2009 2:09 pm Subject: Timeshare Relief

I know of timeshare relief also and they helped a friend of mine get out of their timeshare. The only thing about this company is that you pay for their service. it's almost like a legal service for your timeshares. I checked their Better Business Bureau rating and they do seem to have pretty decent track record.