13 Jan Blog Number 3
ALISO VIEJO, Calif., Dec. 13, 2022 /PRNewswire/ — More than 800 U.S. timeshare owners will be able to enjoy a new sense of freedom during the holidays as Timeshare Compliance, the leading timeshare exit company in America, secured their release from timeshare contracts owed to resort owners in one of the biggest timeshare exit settlements in the industry.
The resolution, which ends separate lawsuits involving two of the largest timeshare companies in the industry, is expected to relieve tens of millions of dollars of timeshare mortgages and maintenance fees for these owners. This settlement will result in canceling high monthly payments, loan interest, club fees and includes refunds to some previous owners. The names of the resort developers are being withheld until the settlement is finalized
“This was the first time we had achieved a settlement at this scale and for such a large group of timeshare owners, and we’re extremely happy for our clients in getting such an overwhelming victory for them,” said Bo Wilson, co-Trustee of Timeshare Compliance.
Wilson founded Timeshare Compliance with his co-Trustee, Rich Folk, in 2012, after both worked in the timeshare sales industry and became disgusted with the high-pressure sales tactics and the hidden fees foisted on timeshare prospects and owners. Wilson noted that with this settlement, Timeshare Compliance will have successfully released over 800 timeshare owners from their contracts in 2022.
The settlement with the developers releases the owners that were part of the lawsuit from all obligations under their purchase agreements as well as their monthly payments and timeshare community association fees. Some clients will receive a rebate for payments already made, as well as zeroed-out balances for the remainder, Wilson said.
Under the settlement, the timeshare resorts are also required to ensure to all relevant credit reporting agencies that the Timeshare Compliance clients who were party to the suit are shown owing zero debts to the developers.
Timeshare Compliance will also help their client’s post-settlement, with filing their individual release documents and securing the return of their deeds as well as continuing due diligence with all client’s financial institutions and credit agencies to ensure their reports are free of any debt or derogatory credit information such as late or missed payments.
“We know we’re not done yet here, and we won’t stop helping our clients until this process is wrapped up and all our clients have fully exited their agreements and their credit restored,” said Folk. “This type of settlement is why we got into this side of the business and we’re confident we’ll see more large settlements down the road as timeshare sales companies get the message that we’re here to seek justice for our clients.”