I don't know where to turn!

[ahhjaws Junior Member Find all posts View Profile Close ahhjaws]

Long stories but same basic result. I've been had. I was roped into going to a "presentation" from a friend. It would help him out if I went so I said ok. I was totally against timeshares so I didn't think it'd hurt. Well I'm a pushover as I found out and got sucked into buying one. Yeah I'm an idiot, it sounded so good until I actually thought about but thats their plan from the beginning. So I bought it about two years ago now. Its the point system from worldmark. Anyway I started having money problems and can't afford it anymore. I tried selling it through an internet company and same thing happened of course. "Just pay $X and we'll sell it". Idiot move number two. They stopped responding to me after a month or so. It tried one more time to sell it through a different company and things are starting to seem the same. I called worldmark and I still owe about $13000 on it so I need to get at least that much. I can't afford to have it or sell it. the people trying to sell it are as big of scammers as worldmark itself. I don't know what to do. Its a stupid costly mistake. I guess this is more ranting than anything, but if anyone knows how to help I would appreciate it. I don't know who to trust anymore

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

You can sell it in 7-days by putting it on eBay and selling it at market price. The market is about $.50/credit. If anyone says they can sell it for more than that, it's a scam.

[bnoble Senior Member Find all posts View Profile Close bnoble]

I still owe about $13000 on it so I need to get at least that much.

There is a good chance that this is impossible given the market for timeshare resales.

If so, your next option might be to try to rent out your time, and that will take some of the bite out of it. You probably will not collect enough to cover your fees plus your loan payment, though.

The next step after that is to consult an attorney about your options---and they may include allowing the unit to go into foreclosure and/or declaring bankruptcy in some form.

[longtimer Senior Member Find all posts View Profile Close longtimer]

Sorry to hear about your experiences. Many of here got into timesharing the same way - the old fashioned, hook-them-in sales presentation. Unfortunately, there are many TS out there for sale for pennies on the dollar. Take a look at eBay and you'll see that, if you're even lucky to find a taker, you're probably not going to get much for your TS. Some people have resorted to giving them away just to be free of the rising MFs. (Keep in mind that won't work for you because you still owe on the outstanding loan.) You're situation is very common right now. With the economy in the dumps, so many people can't afford to pay for their TS loans and feel trapped. I recommend trying to find someone who is willing to rent from you (there's a separate section on this site for WorldMark owners, someone there can probably guide you). You most likely won't cover your costs, but at least you're getting some money to pay the loan and fees. Hopefully, in the near future, your financial situation will improve and you'll be able to spend some time enjoying your TS.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

If you truly can't afford the timeshare, contact the company and see if they will take it back without any further cost or liability to you. If they won't--stop paying and think about declaring bankruptcy or possibly just a bad mark on your credit history. My rule of thumb is to trust no one involved in any kind of timeshare sales unless credible sources tell you they are trustworthy- upfront payment requirements just increase the distrust.