New Twist On Paying To Get Rid Of Timeshare

Our Comments: Comments from a reader - a new twist on having to pay to get rid of your timeshare - don't waste your money.

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Here's another angle in the timeshare repurchase business--a company called Timeshare Collectors, Inc. My husband and I got an unsolicited mailer (postcard) offering to buy our timeshare; this morning, we went to a meeting at a local Raddison hotel & they gave their pitch--the deal is, the timeshare owner pays Timeshare Collectors, Inc. the equivalent of 7 times the maintenance fee (or $3495, whichever is less), to cover closing costs, deed transfer, etc. They, in turn, sell in bulk to Hotels.com and other travel clubs. What do you get? You get out of your timeshare, and you get to deduct the loss as a capital loss on Schedule D on income tax.

We didn't "sell" to them; we already got ripped off buying the timeshare in the first place, so I'm not willing to shell out more money to get rid of the damned thing!