HICV Questions

[tschwa2]

The Wilsons are the original developers of OL and still have a large stake (perhaps not majority in HICV but probably still at Orange Lake). They may technically be a third party but they are a very interested third party.

 

[shoelace]

They are going after the lies that I was told. I was told after my initial purchase that I could use my TS anywhere and get into a 2 bdrm place without issue. Well, at 94k points every other year, this isn't true. I was told that I could bank points in RCI, and keep them forever, this is not true. I was told that my points are easily used anywhere anytime at any RCI resort, but I don't have enough and after all of the fees, its like I am paying 2xs for the vacation! I was told that it was a tremendous "value" to purchase and get exclusivity to these resorts which isn't true etc etc.... That is the angle the attny would be looking to pursue to relieve the debt.

From what I can find is that Wilson Resort Finance is part of the Orange lake resort. Another interesting tid-bit is that its been very hard to find any testimonials that are recent (in the last 3-4 years) of folks that are looking to do what I am trying to do. Which I find hard to believe

 

[tschwa2]

They are going after the lies that I was told. I was told after my initial purchase that I could use my TS anywhere and get into a 2 bdrm place without issue. Well, at 94k points every other year, this isn't true. I was told that I could bank points in RCI, and keep them forever, this is not true. I was told that my points are easily used anywhere anytime at any RCI resort, but I don't have enough and after all of the fees, its like I am paying 2xs for the vacation! I was told that it was a tremendous "value" to purchase and get exclusivity to these resorts which isn't true etc etc.... That is the angle the attny would be looking to pursue to relieve the debt.

From what I can find is that Wilson Resort Finance is part of the Orange lake resort. Another interesting tid-bit is that its been very hard to find any testimonials that are recent (in the last 3-4 years) of folks that are looking to do what I am trying to do. Which I find hard to believe

You mean testimonials of people successfully getting out of a contract with a timeshare company. The ones that do likely have to sign a non disclosure document so they can't talk about it.

Proving what you were told is going to be near impossible because it is all he said, she said hear say. You don't have any proof. Timeshare sales people also imply a lot without actually saying the words you thought they said. On the other hand HICV has the contract as proof that you were willing to sign the contract as written.

On the other hand there are disclosure items that developers would have to release if they case were to go to court which they do not want made public record. They would have to see how compelling your argument is and will then decide if they think you would be willing to take it to court. They will likely offer some kind of settlement but it may not be complete debt forgiveness. If you don't accept that one they may offer a better settlement or they may just sent everything to default and you would have to continue to pursue a case you likely won't win, while HICV uses delay tactics to avoid court to see if you just cave instead of paying additional money to your lawyers. The Finn group is going to be trying for the best settlement they can get for you because they likely know as well that you have almost no chance of winning in court.

 

[Mosescan]

So since the loan is through a third party, i don't think the resort is too worried about the loan because it (or more technically, the developer) already got its money. If you want to give your TS back, you can contact the resort and mention that it would be easier for the resort's Homeowners' Association (HOA) to take it back rather than go through the costs and rigours of foreclosure. Since your maintenance fees are paid up, the HOA and resort would probably comply. The HOA might ask you to pay closing costs and perhaps the next MF.

I think your biggest concern right now is with the lender, Wilson since you owe them $25,000. I just have a hard time imagining that a law firm is going to somehow wipe out that debt if you pay the firm $5500. Before forking over $5500, I would ask the law firm what exactly it is going to do that would somehow wipe out that debt and "prevent [your] credit from being impacted". Could you ask the law firm for details?

That’s easy, the law firm will take his $5500 and then tell him to declare bankruptcy. Job done!

 

[shoelace]

After doing some research, I hired an attorney. 6-18 months it appears and I will likely be out of this nightmare. Granted, its like I just burned the cash, but.... its better than continuing to loose tens of thousands. Crossing my fingers they can get me out.

Some pertinent information that I found, since there are so many damn scammers out there looking to dip their hands in my pockets is the following:

- As repeatedly stated here, don't pay upfront (hard not to if its an attny though)
- Search AVVO.com for legit attorney reviews
- Find your proposed attorney on the respective state bar website and verify if they are in good standing - do your research
- Shop around, don't make knee jerk decisions
- Don't hire "document preparation services" as the timeshare companies know them and don't like them (some of these guys are former TS salesman)
- You are in a legal binding document - best way out is via the courts (as I see it)
- Keep an eye on your credit, HUD changed the law in 2015 to show the timeshare "mortgage" is an installment loan, but some timeshare companies will report it to the credit bureau as a real-estate mortgage and will stick with you for 7-10 yrs if you default
- If you do purchase during one of the timeshare sales meetings (which, from reading here is highly ill advised - and I agree) make sure that you keep all of the papers they write on
- Know that your timeshare contract may still come due even in the event you have died! Your estate will be responsible for payment
- If you default, the timeshare company can absolutely go after wage garnishment and asset collection to "make them whole" through a judgement against you. They will seek this if you don't have representation; why wouldn't they, unless you are capable to represent yourself in a court, you aren't a threat to them
- There are no laws to prevent these "scams" we call timeshare sales presentations since its a multi-billion dollar industry and the gov has their fingers in the pot as well (taxes)

If nothing else, hopefully my experience loosing over $10,000 in real cash money, will prevent someone else from doing the same. Not sure where my journey will take me.... time will tell!

 

[Momonvacation]

If you are paying a loan on the 30k- the option to get out would be to default on the loan and their will be a foreclosure eventually. There will likely be negative credit consequences, but its an option. You just have to determine if the potential negative credit consequences outweigh the 30k (+interest) debt.

If you do this can’t you be sued for it?

 

[Momonvacation]

The loan is through a 3rd party, Wilson lending or something like that. FLG stated they would be going after every dime that I spent, including attny fees and that it would be a toss up if I get it, but they could certainly terminate my contract and prevent my credit from being impacted.

I put feelers out to two other law firms, one is calling me in the morning. Need to hear what she has to say. The resounding message that I am hearing from everyone is that these resorts don't want to goto court for any potential paper trail. If that is true, then there is no way to get a wage garnishment nor asset collection. However, being a contracted installment loan, they do have the right to do that - I just don't know if they will or will not. From talking to the resort today, they stated it would take about 120 days for them to get to a point of foreclosure. Meaning I would have well into the summer before I need to worry about that, so I have time to figure this out, but of course I am impatient right now and just want this behind me!

Hey shoelace what did you end up doing?

 

[Momonvacation]

No, they can't go after any of your assets. It's just like a credit card collection agency. They'll call, send letters, etc. Still, *DO NOT* pay for any of these alleged timeshare "relief" scams. Either use the resort, getting advice here how to do it best, or go into default.

TS

How can I verify that we can’t get assets seized

 

[dayooper]

Last post was March 2018 and was last logged in on April 10, 2018. Not sure if they will respond.

 

[silentg]

The deal with OL was $30,000? Did they subtract the $11,000 you already paid? That would mean $19,000? Even if this is what they offered it’s a awful deal.
Try to rescind, you were mislead. Good Luck
Silentg

 

[DrQ]

I'm not sure if shoelace will respond, but this is a lesson for other newbies.

Cardinal Rule: When you are in a hole - STOP DIGGING.

It's easy to say, but it is hard to do. You need to start researching at this point and not to trust the same sharks that suckered you in the first place.