Don't Want Wyndom Points Anymore

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

I'm asking for my mother...my father recently died and they have 1,000,000 Wyndom points. My mother will not be traveling anymore. They still owe over $40k on 2 different loans and pay $500 per month maint fees. Is there anything we can do to get mom out of this debt? It sounds like selling them would be a bad idea. Both of them signed the loans. We don't want to default and ruin mom's credit. Mom has been contacted by several places that will help her if she pays an upfront fee. I'm sure these are scams. My brother talked to Wyndom and they said there isn't anything we can do. What about renting them out? None of us kids know enough about it and don't want to take it on. Is there a reputable company that does that?

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

For the most part, she's stuck. There is no realistic chance that you can sell these points for even a fraction of the $40K she owes. You can try playing hardball with Wyndham, telling them that they can either accept them as a deed in lieu of foreclosure, or foreclose---but you have to be ready to accept "Fine. We will foreclose (and stain her credit)" as a possible outcome.

You are right. All the up-front fee places are scams.

That leaves you with renting them out. You probably will not manage to cover the fees *and* the loan payments, but you can at least make a dent in them. One possible company that could help you with the rental process is Bar-G.

Bar G Inc - Indepent Real Estate Sales Servering Lake of the Ozark and Camdenton MO

I have not used Bar-G myself and am not affiliated with them in any way. But, Gerrit has a good reputation on the Wyndham owners' board, and others have been happy with the service he provides. Here is a thread from last year on the Wyn board for reference:

Wyndham Resorts Forums • Login

As it sounds like your Mom has a Platinum VIP account, her holdings will be something that Bar-G can probably work with.

There may be others who can help, as well. But, follow your gut as you talk to people. There are many out there who prey on this sort of situation.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

The MF is about $6 per 1K, and with 40K loans, it will be very hard to get it on positive value even if you just look at the Mf + mortgage interest. You really need to talk with your mom and family member to see if foreclosure is a better solution.

You may also want to become the Wyndham's message board (see Brian's message) member and see who is doing most of business. If they charge front money, it very likely is a scam.

You can also try to work with Wyndham's own renting company (https://www.extraholidays.com/), but they have very high commision (back end) and all the process are not very open, and some people tried with them, but the result are not very satified.

Good luck.

Jya-Ning

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

Seek a little help from Wyndham first...

Believe it or not.. the level of 1,000,000 may really be getting your Mom... 2,000,000 points to use because of the 50% discount she has available with the 1,000,000 points level... She also has unlimited Guest Reservations available... through her level of VIP so the rental may be the way to go...

The other option is for the family to save the account.. get a better break on the financing and save on maintenance fees.. perhaps? It has been done before probably. Fact is the company doesn't want to hurt your family... No one would have invested what you have thinking you were dealing with a company whose product was not any good. It's just bad timing and you should share and see the options you may have available.

There are possibly many things that can be done to prevent your family's losing the points or asking your Mom to suffer anything...

If you like?

I know a Senior Owner's Specialist who will be glad to talk with the family and advise them of their options in confidence.

Don't assume any thing at this point. Get good facts....

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

Say, Happy. I see this is your first post. Welcome to TS4M.

I have a question for you though:

The other option is for the family to save the account.. get a better break on the financing and save on maintenance fees.. perhaps?

This sounds an awful lot like an equity exchange. Trade in your points for some at a lower-fee resort. Unfortunately, whenever I've seen this sales tactic reported in the past, that always involves purchasing even MORE points. The salesperson sells it as though it's going to be a savings, but somehow when the mark, er, customer leaves the table, they've spent even more money.

I'm sure you're not shilling for the company---even though this is your first post and all---but wanted to make sure you knew that Wyndham's sales staff doesn't do anything that doesn't make them more money at the end of the day.

I know a Senior Owner's Specialist

Yes, well I'm sure you do.

For the original poster, remember when I said:

follow your gut as you talk to people. There are many out there who prey on this sort of situation.

Yeah, well that goes double for ol' Happy here.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

She also has unlimited Guest Reservations available... .

It is no longer true. Plantimun owner get 15 GC for every 1M points.

If the 1M points can worth more than 40k the OP owned, Wyndham will happily take it back.

If it can rent it more than the mortgage and MF, the corp people will happily show them their rental branch contract.

The only way a Wyndham sale representative can do is to have you buy more points roll-over with old deeds to a new deed on a new resort which has not operate yet, so the MF can be 1/2 of the MF of deed on the other resort. Once they operates, it will start to catch up very quickly. When they show you a low cost MF, it usually good for very short year, so, to save any money in the MF, you actually add more points with all the purchase cost will actually worth $0, and you are looking at similar MF. The OP's parent should already go through it, it does not reduce any of their total cost at all.

The OP's MF is 6k, owes 40k. So add another contract usually cost 10k or 20k more, to make point MF come from $6 per 1K to $3 per 1K in 3 years, with more points now, so it becomes less than 3K saving per year in those 3 years. Which is much less than the purchase cost. The amount it add, if sale on ebay is worth close to $0 now.

It is bad economic.

By the way, welcome.

Jya-Ning

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

Probably not want you want to hear, but......

What difference will it make if her credit is ruined? A high credit score is only good for going into deeper debt. Is she planning on going into further debt? If not, default and have her only buy what she has money for.

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

Don't Want Wyndom Timeshare Points Anymore

Yeah, I don't trust Wyndom either. Why do you think my parents have the 2nd loan? The saleman told them all the perks they could get with 1,000,000 points. One of the promises was that Wyndom would help with renting them out. I agree the family could benefit by using the points or renting them out but nobody wants to manage it. I'm looking at mom's monthly payments and she is paying $507 per month for maint. fees. Why does she pay maint. fees on points?

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Why does she pay maint. fees on points?

Look at the link bnoble posted (post #2), I believe that person does manage rental type of deal. But I also don't believe you can make money out of it after add in the loan.

As to MF, the point is based on actual resort, so it will need maintain, plus, with point, there is a system that manages the operation of it, so it adds on top of the resort maintainence, called club management fee that handles your internal exchange/reservation.

Jya-Ning

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

Don't Want Wyndom Points Anymore

Thanks for all the info. My mother talked to her banker today and the estate attorney, and I think we are all in agreement to stop the auto payments and let the process begin. When Wyndom contacts us, we'd like to settle for less points and less debt but don't expect it to happen. If we go through foreclouser and they take the money from dad's estate at least it's $1000 per month she doesn't have to pay now. We are keeping our fingers crossed. Thanks again.

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

Good luck and come back to let us know what happens. I want to know if Wyndam will step up and do a kindness.

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

if Wyndam will step up and do a kindness.

I'll give you long odds against. Why would they?

If the OP's mother is lucky, they will eventually accept a deed in lieu of foreclosure. I would not expect even that.

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

why?

Why not call Wyndham? ask about their Holiday Program... they will rent your ts for a fee. also verify the guest certificates being allowed a Platenum Member... No business can be expected can be expected to release people from contracts because of death... after all... all customers will die. losses to the company will always be charges back to someone... why not call Wyndham and see what can be done. your estate settlement could be held up and it's not wanted but a valid expense... untill you try to sell, rent or give away... you all are not showing good faith in what have done. not trying to sound mean.... but you all have to try... or perhaps forfeit and still be required to pay even more. wnydham is not the bad person here... life waits for no one. any large loans in life should be protected with insurance even if it's a smaller amount than owed...

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

No business can be expected can be expected to release people from contracts because of death... after all... all customers will die. losses to the company will always be charges back to someone...

That is not true at all. When people die and there is unsettled debt, in this country, it goes to the estate of that person need to pay it off. Unless someone happen to sign on the contract with the death. If the estate is not enough to pay, company will have to write it off as bad debt.

In some other countries, the kids may need to pay the debt, but these countries are less and less. This country certainly don't do that.

As to call the company, I believe OP did that in his/her first post.

Jya-Ning

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

HappyWithMyTimeshare, read what you wrote. You are saying that any irresponsible idiot can charge up a lot of debt and then someone who has been careful and responsible with their own money should be stuck with the bill.

If a creditor is stupid enough to give credit to someone who will default, that is their own personal problem. That is the known risk that they take when they issue the credit. Someone who had nothing to do with the transaction doesn't need to pay the bill or pay a fee to rent it out. That makes no sense.