Getting out of a timeshare

[penn19]

Please direct them toward TUG-timeshare user group. They may be able to give it away if he doesn’t owe anything, or have other ways to unload that doesn’t involve a scam company. There a ton of info and extremely knowledgeable owners (nothin against DVC but DVC isnt really like owning other timeshares)

Thanks. Have done that and also poking around myself. It’s very informative.

 

[kymom99]

I w

Do they have a mortgage? Some lenders have programs to help their mortgage holders restructure debt to avoid having to foreclose. This is often the cases if you got your mortgage through a credit union. That is where I'd start because they aren't going to give you a scammer, they will give you a legitimate company that will work with you and as part of the restructuring will look at other debt, like timeshares, and make recommendations. It is better to look at the entire debt picture instead of just one aspect of it unless that aspect is something you can discharge easily by selling it for at least what you owe.

In our area we have some non profits that help people with financial issues. Maybe try one of those?

 

[Cadiewampus]

I just looked them up and read some reviews. Yikes!

Double Yikes

 

[kymom99]

Many years ago my husband and I filled out one of those cards to enter a “vacation giveaway”. Luck us, we “won” a cruise. We were clueless. We had to attend a timeshare presentation, which comes as no surprise. Thank goodness we said no to every offer. I shudder to think about what we would have been stuck with. We also said no thanks to the cruise. I was afraid of being stranded or something since we turned them down.

These companies should not be allowed to operate.

To the OP, I hope your friend is able to get this resolved.

 

[penn19]

Many years ago my husband and I filled out one of those cards to enter a “vacation giveaway”. Luck us, we “won” a cruise. We were clueless. We had to attend a timeshare presentation, which comes as no surprise. Thank goodness we said no to every offer. I shudder to think about what we would have been stuck with. We also said no thanks to the cruise. I was afraid of being stranded or something since we turned them down.

These companies should not be allowed to operate.

To the OP, I hope your friend is able to get this resolved.

Thanks. I hope so too! Expensive lesson to learn.

 

[kdonnel]

Many years ago my husband and I filled out one of those cards to enter a “vacation giveaway”. Luck us, we “won” a cruise. We were clueless. We had to attend a timeshare presentation, which comes as no surprise. Thank goodness we said no to every offer. I shudder to think about what we would have been stuck with. We also said no thanks to the cruise. I was afraid of being stranded or something since we turned them down.

These companies should not be allowed to operate.

To the OP, I hope your friend is able to get this resolved.

If you go in with your eyes open and educated, owning a timeshare can be great.

What gets people in trouble is not calculating how much taking that annual vacation costs. They have the money to buy but not the money to use.

Or not calculating the rising costs of maintenance fees.

Or even worse, not calculating in the annual maintenance fee at all into the total cost of ownership.

Or not looking into the cost/benefit differences between buying a resale or direct from the developer.