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A Company Has Offered to Take Back Our Timeshare. Is This Legit? – Allison

“Dear Steve,

We have stopped paying our time share payment since 12/09.

Previously, we tried communicating with the company to recind the contract for the bottom line: this was a bad business deal we have paid on for over 7 years.

A collections manager has contacted us from this company stating that we can forfeit the timeshare back as a if we make a processing fee payment for one time which is the same amount as our monthly payment. He is insistent that we make the payment, then he will send the forfeiture papers. Does this sound legitimate?

We have tried to list this timeshare for sale, hire a lawyer to recind the contract, and hired an advocacy group. All were busts.

How did this company get my cell phone number, and eerily a company by the name of pinpoint research called my cellphone from the same area this timeshare company is located, stating they were a feedback center from the cell company call center.

I did have a conversation w/ the cell phone company call center for a customer service issue today.

As above please, any advice?

Allison”

Timeshare Resale

Dear Allison,

It certainly sounds like bullshit to me.

My bet is it is just an attempt to get one more payment out of you. Otherwise, why not send the forfeiture papers to you in advance for you to review without a fee that coincidently equals a monthly payment.

This timeshare problem is systemic. The issue is that timeshare resales are worthless. Buyers are stuck making payments, paying maintenance fees, and forking over special assessments on time that has NO resale value. Owners are contractually trapped for life.

Even groups that I knew that would take them as charitable donations will no longer take them. They are truly the whitest of the white elephants.

My opinion is that you should not do a thing until you see the written offer from them. Let me know when they send it to you, I’m not holding my breath on this one.

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Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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