Time-Shares/Timeshare pressure

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Question
QUESTION: Hi i bought timeshare while in bali. Can i get out of this mess.  i paid 25000 AUD on the 26th april 15.  If i dont get my money back.  Can i just ignor the whole thing and can they still get the management fees off me.

thankyou

ANSWER: Hi Polly,

You are most likely outside of the rescission period you have to cancel the agreement and receive any sort of refund. I would suggest contacting the resort to see if they are willing to work with you.

It is hard to say with a property outside of the US if there is anyway for them to still get the management fees from you. Walking away from the ownership and payment responsibility may effect your credit. I am not familiar enough with properties and owners outside of the US to say definitively one way or the other.

Thanks,
John

---------- FOLLOW-UP ----------

QUESTION: Thanks john, i am devasted about the whole thing and i need a definite answer to my question.  I appreciate your advice but i need some positive guidance as i am so nieve to the whole situation.  I am willing to forfeit my outlay but i dont to pay anymore monies.  I have paid enough and i cant believe that i have got myself into this mess.  There are so many people in the same situation.  I am a pensioner and i cant afford this.

thanks and i need desperate help

Answer
Polly,

If the resort or management company is not in the same country as you then there is pretty much no way they can force payment from you. They can send you bills and to collections but they would not have any power to collect on that debt.

Is it possible for you to use the property that you purchased? You were able to pay for the ownership. I would at least try to use it once or twice to see if it is something that may be worth your while to use it.

John

Time-Shares

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John Kushman

Expertise

I can answer any questions regarding the timeshare industry, developer sales, resales, vacation clubs, donation, liquidation, listing, for sale by owner, RCI, II, SFX exchange. Anything related to timeshares or campground memberships or fractional vacation real estate

Experience

I have been in the industry for 7 years. I started selling timeshare for a developer in South Dakota. I then transitioned into the escrow side of the resale market and I am currently the VP of Sales and Marketing at Resort Closings, Inc. Resort Closings Inc is the largest timeshare escrow service in North America. It provides full service timeshare transfer as well as sales.

Education/Credentials
High School Diploma. 3 years of Higher Education.

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