I really got taken

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

I own at Wyndham. Last year while using my points, I went on one of the Owner meetings. I told the person that I couldn't afford the timeshare and was trying to sell it. I walked out there with an upgrade and even more debt.

Let me explain. When I told the salesperson that I couldn't afford what I already owned, she asked "what if we could lower your monthly payments?" I said that would be great. What happened is that yes she did manage to lower my monthly mortgage and maintenance payments (by just a little bit), however, I ended up with a $20,000 credit card for a down payment on an "upgraded" unit.

My fees were lowered, but only because now I have a $500 additional monthly payment to make. I have used up ALL of my savings trying to keep up with the payments, and now that I lost my job, I'm also dealing with phone calls every 2-3 days asking me if I would like to bring my account current, and ending with threatening me with putting bad mortgage debt on my credit report.

I have no savings and no income now and all because of Wyndham. I just wish I could get rid of the stupid thing because I haven't been able to use it at all this year. I would be willing to eat the credit card amount and just sell it for the amount of the mortgage at this point, but haven't been able to do that either.

Oh well.

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

You have no mortgage debt, your Wyndham account is not a mortgage, it is a personal loan.

Saleswomen who do this kind of thing should be disbarred, she'll pay in the next life. Sorry you fell for their 'lowering' scam.

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

You can stop the phone calls. Do a Google search for "Fair Debt Collection Practices Act". Follow directions on how to dispute payments and stop calls. This doesn't mean that the creditor cannot pursue certain collection actions, but you can stop the harassing calls.

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

Never believe anything that a timeshare salesperson tells you and there should be warning signs posted at all timeshares. Buying a timeshare at the resort can be hazardous to your health.

[Miss Understood Member Find all posts View Profile Close Miss Understood]

I am very sorry for what happened to you, but didn't you realize you were signing an agreement to spend another $20,000? No one forced you to do that.

[falmouth3 Senior Member Find all posts View Profile Close falmouth3]

My in-laws did exactly the same thing. They went to the presentation hoping to return what they had already bought and were unhappy with and instead bought another, bigger package.

Sue

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

My in-laws did exactly the same thing. They went to the presentation hoping to return what they had already bought and were unhappy with and instead bought another, bigger package.

Sue

I just don't understand how this happens - these sales people have no conscience - I don't know how they live with themselves twisting the truth and pushing desperate people further into debt.

[M. Henley Class President Find all posts View Profile Close M. Henley]

Sociopaths?

I guess that many are just trying to make a living, but I have run uinto a few that I would characterize as sociopaths.
Rita finally made me quit doing presentations because I would embarass her when the sales person began to lie.

I just don't understand how this happens - these sales people have no conscience - I don't know how they live with themselves twisting the truth and pushing desperate people further into debt.

[4ARedOctober Super Moderator Find all posts View Profile Close 4ARedOctober]

While I do not agree with the sales tactics and practices of the examples posted people still need to take personable responsibility for their own actions. Read the contract before you sign it for one. Anyone who goes into any sales situation and cannot say NO or realize what they are getting themselves into should just stay away whether it be a sale on a TV, car, or even a timeshare. The 'lower my payments' sales tactic is as old as financing.

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

Cklejka, I would suggest trying to find a reputable debt counselor that can help you sort through your options. If you belong to a credit union (or can find one to join), they often have low-cost debt counselors.

If you have lost your job and keep making your $500 monthly payments, you may wind up in worse trouble down the road (such as losing your home.) So, you need to do something here. I don't generally recommend defaulting on timeshare obligations because that can negatively impact your credit rating; however, in some situations, there is no other choice.

Various routes people here and on other timeshare groups have discussed in these situations include offering to bring one's account up-to-date in exchange for a release from any further obligation to pay; and doing a deedback in lieu of foreclosure. I don't know if Wyndham will go for either of these options, or if they would be good choices in your case, but they are worth looking into.

If you do end up keeping your Wyndham contract, renting out your points may offset your annual fees. However, I very much doubt that renting will get you enough to make much of a dent in your monthly payments.