Timeshare exit team

[theo]

Comparing apples to oranges...

I believe this company can do what they promise under the Bankruptcy act in some Provinces and States in North America. We recently had a death in the family and our family member was in a bad debt situation. A public trustee took over all the assets and credit facilities including a debt owed to a timeshare. The Public Trustee was hired by the Executor of the Will wrote letters to all creditors and made a proposal to pay off only 1/3 of the debt and remove the individuals names from any further obligations.

Some creditors negotiated different amounts however it was resolved. After the sale of the home, there was still money left for some family members. Timeshare was given back to Hilton.

Our family hired a larger firm in Vancouver who deals with estates and larger debts like the mortgage.

Just wondering if someone wanted to get rid of a timeshare with debt owed why not go that route. The Public Trustee negotiates a fee with the creditors as well.

My opinion is this company is acting like a Public Trustee but only dealing with Timeshares and nothing else.

Just my opinion based on what my family experienced recently

With all due respect, your above described situation is likely one which none of these so-called "easy timeshare exit" entities would ever touch in the first place.

I'm certainly not going to proffer legal advice or opinion here, but I will merely note that bankruptcy is an entirely different topic and conversation than the one at hand --- and likely way over the heads of any of so-called "easy timeshare exit" entities, most (...dare I say most all?) of which have no licensed attorneys on staff and / or are otherwise in any way even remotely associated with competent or experienced legal counsel.

Just sayin'......

 

[cdn_travellr]

I believe this company can do what they promise under the Bankruptcy act in some Provinces and States in North America. We recently had a death in the family and our family member was in a bad debt situation. A public trustee took over all the assets and credit facilities including a debt owed to a timeshare. The Public Trustee was hired by the Executor of the Will wrote letters to all creditors and made a proposal to pay off only 1/3 of the debt and remove the individuals names from any further obligations.

Some creditors negotiated different amounts however it was resolved. After the sale of the home, there was still money left for some family members. Timeshare was given back to Hilton.

Our family hired a larger firm in Vancouver who deals with estates and larger debts like the mortgage.

Just wondering if someone wanted to get rid of a timeshare with debt owed why not go that route. The Public Trustee negotiates a fee with the creditors as well.

My opinion is this company is acting like a Public Trustee but only dealing with Timeshares and nothing else.

Just my opinion based on what my family experienced recently

This wouldn't be an option unless someone wanted to declare personal bankruptcy as a whole, which most people would want to avoid!

These companies are NOT trustees - they simply take your money, transfer the timeshare to their corporation or a shell corporation and sit on it without paying the maintenance fees. Or some of them don't even do that, they simply take your money and "attempt" to sell it for an overinflated price and you are still stuck with the maintenance fees. They do not give it back to the resort or negotiate any type of settlement as a trustee would.

 

[decadude]

this is just me

Luckily I am not in the situation of owning a timeshare that I did not want BUT if I were then this is what I would do. Typically when I give advice I try to put myself in the shoes of the person.

Most of these give it back companies I have seen are scam artist I wouldn't trust em.

Scenario two is a WORSE CASE SCENARIO

Scenario One
See if I were within the window still to exercise buyers remorse for the state I purchased the timeshare in. If this did not apply I would move to Scenario two.

Scenario Two
If I owned a timeshare where I owed $20,000 or something bonkers like that and to my knowledge a lot of timeshare companies will not allow resale unless you have a warranty deed owing $0 so reselling this in most cases would NOT be an option if this applies. I would default on the timeshare and have it foreclosed ruining my credit and prior to doing so try to position myself where I wouldn't need a loan for a very long time and wait for the FCRAs statue of limitations for reporting the bad mark to fall off.

Scenario Three
If I owned the warranty deed owing a $0 balance on the timeshare and there was some resale value DVC timeshare etc then sell it for money try to recoup some of the money back out of it.

Scenario Four
If the timeshare was paid off and I had the warranty deed and there was no resale value I would see if the resort would take it back in some instances they do if it is paid off.

Scenario Five
If the timeshare was paid off and the resort would not allow deedbacks. Also the timeshare had no resale value then I would try to give it away for free. If really desperate I would try to offer an extra incentive like paying next years maintenance fees allow free usage for one year and pay closing cost etc.

Be very skeptical of give it back companies I personally wouldn't trust any of them. If you bought a timeshare from a resort I would say once burnt lesson learnt and try to not fall victim to other scams.

 

[Beefnot]

Dave Ramsey endorses TS Exit Team.

 

[Ty1on]

Dave Ramsey endorses TS Exit Team.

Dave Ramsey is paid to endorse it.

 

[David M]

Come to think of it ... I'd love to see Gordon Ramsey attend a developer's TS presentation ... and verbally fillet the salesman :whoopie:

 

[Beefnot]

Dave Ramsey is paid to endorse it.

Of course he is. But they are likely legit too.

 

[LisaH]

I just heard their radio ad this morning in the Bay Area.
BTW, what happened to KGO? Used to be a very credible station. Now they are doing ridiculous ads such as this. Their program has gone down the tube as well...

 

[Ty1on]

I just heard their radio ad this morning in the Bay Area.
BTW, what happened to KGO? Used to be a very credible station. Now they are doing ridiculous ads such as this. Their program has gone down the tube as well...

Radio stations have been hit hard by Sirius and the internet. They'll pretty much take whatever advertising dollar they can get. lawyer, weight loss system, lasik, dollar loan center, and the price they can charge has gone down relative to salaries.

 

[Beefnot]

I just heard their radio ad this morning in the Bay Area.
BTW, what happened to KGO? Used to be a very credible station. Now they are doing ridiculous ads such as this. Their program has gone down the tube as well...

Why is it ridiculous?

 

[glmyers]

Evidence?

Of course he is. But they are likely legit too.

Why would you think "they are likely legit?"

 

[Beefnot]

Why would you think "they are likely legit?"

Grasshoppa, why would you think they are likely not?

 

[glmyers]

I am an adult

Grasshoppa, why would you think they are likely not?

Basically it is the same reason I do not believe in the Tooth Fairy; I am an adult who understands reality.

 

[Beefnot]

Basically it is the same reason I do not believe in the Tooth Fairy; I am an adult who understands reality.

The reality that there are companies who can assist timeshare owners with getting out of their obligations? Yes, I understand that reality too. Thanks for your substantive insights.

That they collect an up front fee or the owner could have done it him/herself is not an inherent indication of anything other than the face value of it. If a company is endorsed by, say, Clark Howard or Suze Orman or Dave Ramsey--those whose reputations are rooted in their financial advice--that should not dismissed prima facie as one endorsed by, say, Sylvester Stallone or Paris Hilton.

 

[TUGBrian]

some folks drink the kool-aid...after hashing this out over and over...I believe most folks here are pretty clear where you stand in regards to these upfront fee "Cancellation" companies.

After hearing Dave Ramsey speak of timeshares and the utterly awful advice he gives to any caller who asks about them, it doesnt suprise me one bit that he accepts advertising dollars from entities like these.

TUG will never support companies that charge upfront fees, but instead provide owners the cold hard facts about the situation and how they can avoid paying companies like these.

 

[Beefnot]

some folks drink the kool-aid...after hashing this out over and over...I believe most folks here are pretty clear where you stand in regards to these upfront fee "Cancellation" companies.

After hearing Dave Ramsey speak of timeshares and the utterly awful advice he gives to any caller who asks about them, it doesnt suprise me one bit that he accepts advertising dollars from entities like these.

TUG will never support companies that charge upfront fees, but instead provide owners the cold hard facts about the situation and how they can avoid paying companies like these.

I do not disagree that DIY divestiture makes more sense financially and is less risky so as to avoid being scammed. But I absolutely disagree with any inference that all up front fee companies are scam artists or that owners who seek ways to divest themselves of their obligation without going the DIY sell/giveaway route are lesser human beings.

 

[glmyers]

See an Attorney

I do not disagree that DIY divestiture makes more sense financially and is less risky so as to avoid being scammed. But I absolutely disagree with any inference that all up front fee companies are scam artists or that owners who seek ways to divest themselves of their obligation without going the DIY sell/giveaway route are lesser human beings.

Somebody who needs help for a method of timeshare disposal other than a sale to an individual should seek it from an attorney who knows timeshares. The only universal way to be sure one no longer owns a timeshare is to sell it to someone who wants it (this would include selling to the resort itself.)

Other methods may exist in a particular state or in a particular resort, but nothing is universally true. Legal advise is what is needed to interpret the individual situation and nearly all lawyers provide a first consultation for no charge to evaluate the potential for them to be able to help. A third party between the person needing help and the attorney will merely make the process more difficult. That is what informed adults understand.

 

[TUGBrian]

I do not disagree that DIY divestiture makes more sense financially and is less risky so as to avoid being scammed. But I absolutely disagree with any inference that all up front fee companies are scam artists or that owners who seek ways to divest themselves of their obligation without going the DIY sell/giveaway route are lesser human beings.

and if someone has been duly informed of ALL of their options, and informed of how these entities ACTUALLY work....then still want to move forward with them...they are adults and can make their own decisions.

however to actively promote them as a seemingly first course of action is utter nonsense, and doing so is not viewed upon kindly here.

 

[Beefnot]

and if someone has been duly informed of ALL of their options, and informed of how these entities ACTUALLY work....then still want to move forward with them...they are adults and can make their own decisions.

however to actively promote them as a seemingly first course of action is utter nonsense, and doing so is not viewed upon kindly here.

I do not disagree with anything you have just said, so I presume you are rebutting someone else.

 

[decadude]

and if someone has been duly informed of ALL of their options, and informed of how these entities ACTUALLY work....then still want to move forward with them...they are adults and can make their own decisions.

however to actively promote them as a seemingly first course of action is utter nonsense, and doing so is not viewed upon kindly here.

Very well put Brian.

Some of the people that are believers in these companies should do a test drive call and say they are interested in getting out of a paid off timeshare where the company allows free deed backs. Mother in law got out of her contract for $0 and it took only a few weeks for the process to finalize and her obligation was no more.

If I were a betting man the timeshare exit team knows this strategy, but will quote several thousand dollars upfront.

Additionally, anyone reading this thread should realize the people that are here are offering free advice and the posters are offering their time because they are passionate about helping people.

The timeshare exit team is only passionate about getting your hard earned dollars.

And on Dave Ramsey and timeshares I respect Dave Ramsey the guy has helped many get out of debt and that is his one train of thought. IMO he is not very open-minded on anything but that. So with timeshares his thought pattern is clear they are just outright bad which any educated member here knows simply this is not true if you buy resale.

Heck there are people that buy DVC and flip them for profit
I own weeks/units that have a decent probability of being rented for profit

Also Dave Ramseys advice on credit cards is not for everyone. I have been a credit card user for years and not once paid interest and have gained thousands of dollars in money back rewards multiple free flights and most all of the spending done was on stuff that was required to make the household function.

 

[grannyb78]

For what it may be worth, we just found out our TS company does have a "deedback" for about the cost of the yearly maintenance fee. It took a little digging, but we have no need for an "exit" company, thank goodness! I found this out from the lawyer that mailed our original lease to us. I had to call the company collections extension. They in turn referred me to an branch that handles deedbacks. The company obviously doesn't advertise that they do that.

 

[theo]

For what it may be worth, we just found out our TS company does have a "deedback" for about the cost of the yearly maintenance fee. It took a little digging, but we have no need for an "exit" company, thank goodness! I found this out from the lawyer that mailed our original lease to us. I had to call the company collections extension. They in turn referred me to an branch that handles deedbacks. The company obviously doesn't advertise that they do that.

Intervals "taken back" by a HOA are intervals that generate no resort-supporting maintenance fees until transferred into in the hands of a new owner.

Accordingly, NO competent HOA that accepts deedbacks ever goes out of its' way to make openly known their willingness to accept new liabilities.
If you want "out" and can get "out" quickly and lawfully and permanently for one years' worth of maintenance fees, I'd be ready to get your signature notarized on the deed they will send you, just as soon as it arrives in your mailbox. Their "willingness" to accept deedbacks could end at any time.

 

[skimeup]

Oddly, when I just clicked onto this page without logging in, several ads for timeshare exit companies popped up, including the discussed Timshare Exit Team. Disappeared after I logged in. Any way we can keep it looking from these are tug endorsed ads?

 

[Luanne]

I am probably the oldest timeshare owner on the planet, owned White Sands of Longboat key since 1982. I'm done, live in Seattle area and hear an ad for a Co called Timeshare Exit Team. They guarantee 100% success rate in selling your timeshare. Anyone out there dealt with them . Would love your feedback.
Susanne

Nope, not the oldest. Bought my first in 1973, and still own it.

 

[pedro47]

Timeshare Exit Team is being promoted by Steve Harvey and other celebrity stars on radio.