Original Message:
Re: Has anyone used American Consumer Credit to get out of Timeshare? (by KC):
auriannap wrote:What about the timeshare exit company? It's endorsed by Dave Ramsey. The few people I've spoke to at this company say they've actually used the timeshare company to help get them or someone they know out. (I know they could be lying of course).I know they too ask for $ upfront.
I don't know what else to do.
Dave Ramsey, despite his respected knowledge and wisdom in many areas concerning money and finances, actually knows little or nothing about timeshares and / or timeshare contracts. It might be helpful to remember that he is PAID to make such endorsements, whether or not he actually knows anything whatsoever about the product or service.
Timeshare Exit Team (the correct name) advertises on the radio in numerous major metropolitan areas throughout the U.S. Heavy radio advertising (which is not cheap) certainly indicates that they mange to drum up lots of business that way, but advertising reveals absolutely NOTHING about their actual success. There is really no way to know if they can or will do ANYTHING meaningful for you; it's an expensive crap shoot. Do you truly believe that they will return your money a year from now if / when they don't succeed?
The blunt bottom line is this --- you voluntarily CHOSE to enter into a lawful, legally binding contract and then subsequently failed to exercise the cancellation rights provided to you by state law, even though notice of those rescission (cancellation) rights was provided to you, in writing, right at the time and place of your contract execution, as is required by law. It's now much too late to rescind and you are a willing, voluntary party to a legally binding contract, belated buyer's remorse notwithstanding.
No one can somehow magically extricate you from a lawful, legally binding contract that you voluntarily CHOSE to sign --- regardless of what you pay them. You could consider just defaulting, paying nothing further. If you choose to make that decision, you will obviously lose your entire deposit and you will also likely sustain a negative "hit" to your credit report. On the other hand, you will at least stop sending more money right down the drain. If you owe $18k on your purchase, then defaulting is certainly an option to at least seriously consider, as your purchase is likely not worth even a fraction of that amount owed.
The late Will Rogers once famously said "If you find yourself in a hole, stop digging". Wise words --- and something for you to seriously consider.