OVC Question/Management

[nmg16]

Hello,

This is all quite new to me. I’ve been lingering on TUG for awhile and I’m not super savvy with legal jargon so some things do and do not make sense to me.

My background: My husband and I got married in 2016. Unfortunately we went to a presentation (Occidental Vacation Club) to cover the cost of a car rental, they showered us with things and promises and hit my husband’s heart strings with family photos (he was diagnosed with a rare cancer and I explained that to them - that potentially at some point I would need to stop payments because I wouldn’t be able to afford it, etc. OH YEAH! We will work with you! Family first, etc etc.) They got us to sign. We wasted a day of our honeymoon. Thanks for that and the now present repercussions.

Presently: We have yet to use any of the “benefits” due to surgeries, moving, trials, and now things aren’t looking great. Like I told them might happen.

Calling them, I can pay the lump sum of the leftover cost. That’s the ONLY option I was offered other than to keep paying monthly. Obviously, monthly is the more manageable of the two. But still not ideal.

I have read that people just cease payments on their credit card to the Club. Then I’ve read that collections can come after you. Then I’ve read that they can’t or won’t come after you. Then I’ve read to email concierge. Then the President changed. So... at this point I’m a little lost.

Is my best option to just keep with these monthly payments? Then utilize for the next 20 years after the 5 years of payments are finished? If so, is there a how-to in the art of selling our weeks?! (Yes, that’s the next area I will be reading on TUG) Is there a FINAL way out of this?

I know what we did was stupid. So, if you have the urge to remind me, don’t. I have enough on my plate, thanks. I’m looking to receive educated guidance and a little patience.

If you’ve read all of this, thank you and I’m sorry for the rambling.

 

[Karen G]

. . .
I have read that people just cease payments on their credit card to the Club. Then I’ve read that collections can come after you. Then I’ve read that they can’t or won’t come after you. Then I’ve read to email concierge. Then the President changed. So... at this point I’m a little lost.

Is my best option to just keep with these monthly payments? Then utilize for the next 20 years after the 5 years of payments are finished? If so, is there a how-to in the art of selling our weeks?! (Yes, that’s the next area I will be reading on TUG) Is there a FINAL way out of this?

First of all, welcome to TUG! I'm so sorry to read about your husband's health challenges.

Second, there's probably only one "FINAL way out of this" and that would be to just stop paying the monthly payments and take whatever hit to your credit that comes along. That hit, if there is one, won't last forever. If there's no way you can use what you bought and you can't make the payments, it doesn't make sense to keep paying for it especially if you can't afford it.

There's no way you'd even be able to sell this membership even if you paid it off in one lump sum.

Sorry there isn't better news.

 

[nmg16]

First of all, welcome to TUG! I'm so sorry to read about your husband's health challenges.

Second, there's probably only one "FINAL way out of this" and that would be to just stop paying the monthly payments and take whatever hit to your credit that comes along. That hit, if there is one, won't last forever. If there's no way you can use what you bought and you can't make the payments, it doesn't make sense to keep paying for it especially if you can't afford it.

There's no way you'd even be able to sell this membership even if you paid it off in one lump sum.

Sorry there isn't better news.

I appreciate your response, Miss Karen. I would /technically/ be able to continue the payments... they just wouldn’t be ideal amidst the incurring flights, hotels, etc bills coming our way.

My other question for anyone would be - does Timeshare Exit Team have any benefit in this type of scenario? Or is it just another money sink... because I’d REALLY enjoy just the one bottomless pit...

 

[T-Dot-Traveller]

I appreciate your response, Miss Karen. I would /technically/ be able to continue the payments... they just wouldn’t be ideal amidst the incurring flights, hotels, etc bills coming our way.

My other question for anyone would be - does Timeshare Exit Team have any benefit in this type of scenario? Or is it just another money sink... because I’d REALLY enjoy just the one bottomless pit...

NO - just a waste of money / at best they charge you big $$ for what you may be able to do yourself .

FYI - since Occidental may be Mexican based - read some Mexican forum threads .
It sounds like a RTU - right to use contract - not a deed . If none of the loan was connected to a USA based lender - there may not even be a report to a USA
credit agency .

 

[nmg16]

NO - just a waste of money / at best they charge you big $$ for what you may be able to do yourself .

FYI - since Occidental may be Mexican based - read some Mexican forum threads .
It sounds like a RTU - right to use contract - not a deed . If none of the loan was connected to a USA based lender - there may not even be a report to a USA
credit agency .

That was what I had gathered based on different threads I had read this afternoon. All of the scams are so exhausting.

I will look in to that, thanks for the recommendation.

I think all of the banks listed on the paperwork were all through Mexico.