Auction Off the Timeshare
Amy asks what the best way to get rid of a timeshare is. Dave offers Amy some options.
QUESTION: Amy in Indiana asks what the best way to get rid of a timeshare is. She has two weeks with a company, and it’s been paid off for seven years. The maintenance fees are about $2,000 a year, and they haven’t been able to pay the fees. It went to collections. Dave offers Amy some options.
ANSWER: There are three things you need to do.
You could use eBay and auction them off, and if they bring $1, you’re in good shape. You transfer it to that person who buys it, and of course, it may be somebody that just wants that two weeks, you know?
The other possibility is to donate them to a nonprofit that is having a silent auction. They can bid them off or sell them off that way, and then the nonprofit will get the money. You’ll get a write-off that way, interestingly enough. That’s a possibility.
The other thing you should do immediately is go to collectionbully.com because you’ve got some collectors here that are obviously misbehaving and very likely are breaking the law. I think that a lawyer that’s on Collection Bully can give you some relief. They may be able to actually negotiate that based on their misbehavior for these folks to take this back.
Whoever buys it is going to want that, and they’re going to be willing to pay that. You disclose that. You don’t hide that from somebody. But somebody may say, “Hey, I can buy the thing for $1 or I can buy it for $20, and all I’ve got to do is take on the maintenance fees.” That may be exciting to someone. It wouldn’t be to me, but there are people who like these things, especially if they can buy them for very little and just take on the maintenance fees. To me, I think the whole thing’s a rip-off and this is an illustration of it. But that’s something you can do there.
Maybe you start with number three, which is collectionbully.com, because it sounds like you’ve got some folks who are misbehaving at a level now that I think you may be able to get some settlement out of the original company that hired them. I think you’ve got maybe some things to stand on there. You can tell your story to the folks at Collection Bully, and they can tell you if you do or not.