It’s most customers’ worst nightmare: You shell out big bucks upfront to a company who promises to help you get rid of your timeshare or you’ll get your money back — sounds perfect, right?
But what happens if that company shuts down and files for bankruptcy? They still have your money, and you’re still stuck with an unwanted timeshare. What comes next? That’s what Timeshare Termination Team customers are learning the hard way.
If Timeshare Termination Team Still Has Your Money
Many people are scrambling right now after they were left in the lurch when Timeshare Termination Team folded, so it may feel like you’re a low priority. One Denver-area grandmother says she’s out $14,000.
According to thedenverchannel.com, the company filed for Chapter 7 bankruptcy at the end of September 2021, stating the business has about $10,000 in assets. Bankruptcy documents indicate the company has an estimated $25 million in liabilities. This is bad news for customers who paid them money.
The owners of the company, Brian and Holly Wilbur, have also filed for Chapter 11 bankruptcy.
Do not expect the company or its owners to help you get any money back. You will need to advocate for yourself.
According to the news report, former clients received a letter stating that “no property appears to be available to pay creditors. Therefore, please do not file proof of claim now.”
Do not follow this advice without contacting an attorney. Whether or not you should file proof of claim is a complicated issue. While it’s quite possibly true that there are no assets left to distribute to creditors, would you put your trust in the word of the same company that took your money in the first place? Seek legal advice immediately. If you do not file proof of claim, you will have virtually no shot at getting a single cent of your money back.
If the Timeshare Termination Team has taken your money and you are still being held responsible for your timeshare, there are a few other steps you must take right now. If you paid their fees with your credit cards, contact your credit card company and dispute those charges. File a complaint with your state’s attorney general. If you live outside of Colorado, file the complaint with both your state and with the Colorado AG (where this is already under investigation). File a complaint with the Federal Trade Commission.
You can learn more about Timeshare Termination Team’s bankruptcy by watching this video:
The Bottom Line
This is a prime example of why it’s best to find a timeshare exit company that holds your money in escrow until it gets results. The timeshare exit industry is filled with seemingly-successful companies that suddenly shut down, and the bankruptcy court isn’t particularly worried about getting your money back.
If a company owes you money and you aren’t sure what to do next, please contact an attorney to set up a free consultation. They will be able to help you through the process.