Frequent Contributor
techgirl
Posts: 371
Registered: ‎12-28-2007
Timeshare and your experience

I have a timeshare and haven't been able to use it...  I would like to hear how people got out of their timeshare and what their experiences have been?  Were you able to settle out of it? Did you sell it? Did you go through foreclosure?

05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Frequent Contributor
birjest
Posts: 351
Registered: ‎09-23-2011
Re: Timeshare and your experience

I own a timeshare as well.  I too would like to know.  For me, I rather off load the monthly payment of $407, and put that to something else.  I was told the I have equity in my timeshare, and I would love to get rid of it.

11/15/13 EX 685(MY FICO) EQ 657(MY FICO) TU 659 (MY FICO).
Frequent Contributor
techgirl
Posts: 371
Registered: ‎12-28-2007
Re: Timeshare and your experience

Yup, me too. It is a waste.... Well, through my reading of the search "timeshare" I think I am going to take the plunge and stop paying and then put the money I would have paid them into a savings account and then settle with them in cash with a Pay for delete or something..... that way I at least stop the bleeding.... We aren't going to be getting a loan anytime soon and I don't want to be swindled by companies who "might" be able to buy it or sell it, etc.  I just wanted to know my punishment for doing so...

05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Senior Contributor
drkaje
Posts: 3,491
Registered: ‎07-25-2008
Re: Timeshare and your experience

Aren't there ways to sell timeshares that don't involve hits to your credit?


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Valued Contributor
Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
Re: Timeshare and your experience

Just a quick google.

 

I've heard nothing but negative things about Timeshares.  I remember almost taking the bait at a big property in Orlando many years ago.  I mean -- I WAS REALLY close to signing.  Can't recall how I mananged to get out of the office.  I think they had already handed me my free tickets to blizzard beach.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

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Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011
Re: Timeshare and your experience

I used to own some Disney "timeshare" points that I sold at The Timeshare Store.  They didn't check my credit and were very easy to work with.  I would try that route before doing something that could damage credit.

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Frequent Contributor
techgirl
Posts: 371
Registered: ‎12-28-2007
Re: Timeshare and your experience

I am selling timeshare! :smileyhappy: The timeshare is located at the Grandview at Las Vegas. You can trade it with RCI and travel the world! I own one bedroom, for one week a year in August. I am willing to sell it for $7,000.00. Honestly though, I don't think it is worth it.... Check out SellMyTimeshareNow.com to see the boat I am in :-(

 

Note to Moderators: I'm not actually trying to sell anything on this website - just making a point.

05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
Re: Timeshare and your experience

Timeshares are pretty much the biggest waste of money on this planet. That and the hassle to actually use it... makes me wonder why anyone thinks these are a good idea.

My father used to have one and was paying about $12,000 a year for that just to use one for 2 weeks. Are you kidding me? You could vacation for two weeks with far less than that.

 

He was actually able to sell his portion to someone else who wanted "more time" with the timeshare, so it worked out for him. He sold his portion at $10,000. He considered it a loss. I consider it a gain of $10,000. Forget it, not worth the time, the hassle, the money.

 

All I ever hear are horror stories concerning these.

 

Even my dad has his fair share of them. Confused dates. Payments not processing. Limited availability. Utilities not working properly.

I'd rather stay at a hotel/villa or other options for a full week or two over that.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Frequent Contributor
techgirl
Posts: 371
Registered: ‎12-28-2007
Re: Timeshare and your experience

He was very lucky.... I hear that having a timeshare and wanting to get rid of it sets up for to be scammed a second time....

05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
Re: Timeshare and your experience

techgirl wrote:

He was very lucky.... I hear that having a timeshare and wanting to get rid of it sets up for to be scammed a second time....



VERY lucky. He actually didn't understand HOW lucky until he no longer had to make the payments.

Good luck to you though.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)