Browse Tag

Lori Ford

Wyndham´s “Ovation” Surrender Program: Latest News

On 2 November 2016, Inside Timeshare published the article News From America: “Wyndham Launches New Surrender Program”, by Irene Parker. (See the original article via the link at the end). It focused on the new initiative by Wyndham Hotels and Resorts, which is one of the largest timeshare concerns in the USA.

The new initiative is called “Ovation”, it is designed to give timeshare owners a secure and legal way out of their timeshares, without fees, hidden costs or the need to make additional purchases in order to participate. Irene even managed to get a response from their media contact Lori Ford, in her statement she said “Our goal is to help owners transition to the next phase of their life and reach as many owners as possible, before they are contacted by fraudulent companies,” it certainly looked promising for owners.

wyndham logo

Inside Timeshare was contacted by a reader Steve Lloyd, he had several enquiries about various timeshares he owns and how to get out of them. He explained what he owned and asked what were his options to either claim back, sell or just relinquish. Well we all know that the resale market is virtually non-existent, so that left the claims or relinquishment option the only course.

It turned out there was no possibility of claiming, so we looked at the only course for him to take, relinquishment. It was explained to Steve that two possibilities existed, hire a reputable law firm to do it for him or contact his resorts. Inside Timeshare advised to contact the resorts first and see what they had to say.

Then came the news about the Wyndham programme, we contacted Steve with this news and he duly got in touch with Wyndham. That was on the same day as we published.

Yesterday 16 January 2017, Steve sent an email with some great news, he received an answer from Wyndham. His timeshare has now been surrendered through the Ovation Program. This is his email:

“The attached was received this morning and signals the successful completion of our exit from WorldMark via their Ovation programme.  A very successful and satisfactory process, I feel.  All through the process, WM/Wyndham staff have been friendly, courteous and helpful, and the final letter shows a nice human touch that doesn’t cost them anything.  Please use the contents of the letter for the good of all as you see fit”.

Worldmark Exit Contract closure letter Jan 2017redacted

As you can see, he is very pleased with the result, praising the way he was treated and how courteous they were, this is truly a good sign for the timeshare industry. He is still waiting for a response from Diamond Resorts (Europe).

Irene Parker received this brief statement from Lori Ford, the Wyndham media contact:

Thanks so much for the opportunity to provide a response. Please feel free to incorporate the following statement.

“According to Wyndham Vacation Ownership (WVO), “We are pleased to hear of Mr. Lloyd’s positive experience with the Ovation program. We remain committed to tailoring simple, safe and secure exit strategies for owners who have fulfilled their vacation goals.” With the introduction of Ovation by Wyndham in early 2015, WVO has received over 55,000 inquiries and helped more than 20,000 owners exit their ownership with peace of mind, and without any additional costs”.

“With its portfolio of customized exit options, Ovation by Wyndham acts as the first layer of defense against unscrupulous third-party exit and resale companies who may aim to mislead owners. The program is continually evolving to suit our owners’ needs, and we encourage owners to call Wyndham first if they are interested in exploring potential exit options”.

Best,

Lori

Irene also provided the following from a past press release:

Wyndham Vacation Ownership Wins ACE Innovator Award for Ovation by Wyndham

According to Wyndham’s Press Release

Program First of its Kind in the Industry to Provide Exit Path for Timeshare Owners

ORLANDO, Fla. (May 9, 2016)Wyndham Vacation Ownership (WVO), the world’s largest vacation ownership company and a member of the Wyndham Worldwide family of companies (NYSE: WYN), won the ACE Innovator Award, along with 12 other prestigious industry awards, at the annual American Resort Development Association (ARDA) Awards Gala at the Diplomat Resort & Spa in Hollywood, Florida on Wednesday, May 4, 2016.

The ACE Innovator Award recognizes the company’s development of a groundbreaking product, service or concept. In 2015, WVO became the first developer in timeshare history to launch a comprehensive, proactive, and uniquely positive approach to help longtime owners seeking to exit their timeshare. Ovation by Wyndham offers simple, safe and secure options for owners in situations where lifestyle or vacation preferences have changed. There are no fees, hidden costs or additional purchases required to participate in the program.

Irene´s comment:

“While we applaud Wyndham for leading the industry in an owner friendly timeshare exit program, we hope efforts emerge to boost the price of a timeshare’s secondary market value. In the US, an owner is fortunate if they are able to recoup 10% to 15% their initial investment. The problem can be devastating if an owner buys a timeshare and suffers a life crisis shortly after purchase. A few timeshare companies have virtually no secondary market”.

As you can see there is still a long way to go, one of the main points that keeps coming up in these articles from America is the lack of a secondary market. The same can be said in Europe, throughout all sales presentations consumers are told that they can always sell their timeshare if no longer required.  Or they are told the developer / resort will buy it back, as we know that is not the case.

Inside Timeshare leaves it to you the reader to make up your own minds, your comments on this subject are welcome.

If you require any information regarding this or any other article, or just need advice on any company you may be thinking of dealing with, contact Inside Timeshare. We will do our best to help you.

Link to original Wyndham article:
http://insidetimeshare.com/news-america-wyndham-launches-new-surrender-program/

 

News From America: Wyndham Launches New Surrender Program.

Carrying on with our theme of news from across the “Great Lake”, Irene Parker has again sent her article which will be of interest to timeshare owners in Europe, especially those who own in the USA.

This article focuses on a new initiative by one of the largest timeshare concerns in the USA, Wyndham, which is based in Parsippanny New Jersey. It seems the company is going to be leading the way in providing a more accessible relinquishment program for owners. This could also pave the way for the demise of those unscrupulous companies that offer relinquishment or “guaranteed deed-back” and resale scams, which many owners in Europe are familiar with. These scams cost timeshare owners all over the world thousands of dollars, pounds and euros in upfront fees, these fees are being charged to beleaguered timeshare owners who are unable to keep up with the rapidly rising maintenance fees and assessments.

Unfortunately a relinquishment or “voluntary surrender” program does not help those owners who have outstanding loans or finance agreements, usually having succumbed to high interest payments on these loans, typically 14% to 18%. Inside Timeshare has published articles on these loans and the predatory practices of UK bank lending.

If the Wyndham model proves to be successful, could it pave the way for other timeshare companies to copy, saving  the industry from the bad image of holding prisoner elderly owners and those who can no longer afford the maintenance fees. Only time will tell.

Wyndham Launches “Ovation” Timeshare Surrender Program

By Irene Parker, October 27, 2016

Wyndham Vacation Ownership has been among timeshare industry pioneers in providing owners with comprehensive information about reselling and helping them exit timeshare units they no longer want to use.

The company’s exit program differs from many competitors in its detail and helpfulness. Many timeshare companies do not offer well-articulated policies. A number of them make it difficult to resell timeshare properties. That is reflected in the high number of units that timeshare owners continue to relinquish because of age or an inability to carry maintenance fee costs.

Wyndham Worldwide has been operating for 50 years. The company’s well-established names include Club Wyndham, WorldMark and Shell Vacations. In addition to timeshares, Wyndham Worldwide Corporation offers lodging and vacation exchange and rentals through RCI.

The company’s timeshare exit program, Ovation, offers a number of options for relinquishing a Wyndham timeshare with no fees, hidden costs or additional purchases required to participate. That differs from a number of timeshare companies and also from transfer and cancellation companies.

“Our goal is to help owners transition to the next phase of their life and reach as many owners as possible, before they are contacted by fraudulent companies,” said media contact Lori Ford. “The program offers various options based on individual ownership, eligibility and circumstance and we continue to see a strong owner response, with over 47,000 owner inquiries since its introduction.”

The timeshare industry has improved its reputation, but is still struggling to overcome years of questionable practices by a number of major operators, and some companies continue to make it difficult for timeshare owners to relinquish their shares in properties. The industry also continues to include unsavory practices among operators and companies that provide supporting services. Among the major issues:

Transfer agents offering beleaguered timeshare owners “guaranteed deed-backs” at a cost averaging $3,500 to $7,000, fraudulent listing agents offering to list your timeshare for an upfront ad fee only to disappear, callers claiming to have someone interested in your timeshare, bogus timeshare “renters” claiming to represent the timeshare developer.

Wyndham Vacation Ownership even offers their members a “Scambusters Hotline” providing owners with informational scam reports and updates along with a hotline to call if an owner suspects suspicious activity or feels they are being targeted.

Wyndham’s first buyback program, known as “Pathways“, came under intense scrutiny in that it was accused of being a scheme designed to get owners to buy more points. The one-sided contract, signed only by the timeshare owner, promised an “opportunity” to sell a timeshare back to Wyndham, if the owner purchased an additional 20% of the points they already owned.

Clearly, the “cottage industry” of timeshare scams developed because or the lack of a secondary market. The industry in general has been reluctant to face the issue of unwanted timeshares. I asked Gregory Crist, President of the National Timeshare Owners Association (NTOA) why is there such a disparity of opinion when it comes to consumer reviews of timeshare companies and especially timeshare resale programs.

“Until the timeshare industry supports a robust secondary timeshare market, we will continue to see an increase in predatory timeshare exit companies clamoring to take thousands of dollars from timeshare owners to get them released from their timeshare obligations. Until now, it has been difficult to get anyone’s attention,” said Crist.

Voluntary surrender programs leave owners with nothing. While no one should expect a timeshare to be a lucrative investment, legitimate resale programs do allow an owner to recoup, at best, fifteen percent of an owner’s overall investment. At least a secondary market allows a nominal dollar amount back to the timeshare share owner in an age where affordable vacation options abound outside of timeshare.

https://www.clubwyndham.com/cw/discover/scambusters-wyndham.page

https://www.clubwyndham.com/cw/discover/ovationbywyndham.page

http://www.thestate.com/news/business/article13846319.html

http://www.ntoassoc.com/

Inside Timeshare would like to thank Irene Parker for her article, it is very enlightening and will show owners here in Europe that there are some companies out there who are at least making a sensible effort. Inside Timeshare has published articles on one company which is renowned for not letting people out of there contracts, or if it does charges a hefty price for doing so.

http://insidetimeshare.com/mcdonald-resorts-no-stranger-bad-press/

http://insidetimeshare.com/bbc-scotland-investigates-problems-timeshare-contracts/

If you have any questions about this or any other article,  contact Inside Timeshare and we will be pleased to help. If you require any information about any company you may be thinking of dealing with or just want to know how to find it, Contact us through the comments section, we will then contact you via personal email.