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.
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If Timeshare Termination Team Still Has Your Money
A lot of 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, 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:
Can You Trust Timeshare Termination Team?
In short, no. The company is currently in bankruptcy proceedings, and a lot of customers have lost a significant amount of money. If you’re looking for a company now, look elsewhere.
From the research, it looked like Timeshare Termination Team did very solid business during its first years of operation. As previously stated, the company had an A+ rating with the Better Business Bureau. The reviews were mostly positive. The company was marketing itself all over the place, a difficult thing for a company to do if it is strapped for cash. Customers talked about how reliable the service had been.
The most recent positive review on Trustpilot is from a (non-verified) user named Nehe. It reads:
Then, in mid-2021, they just … disappeared. Based on reviews and news articles posted online, customers suddenly stopped hearing from their Timeshare Termination Team representatives. Requests for contact went unanswered. Employees suddenly found themselves out of work with no notice.
Lawsuits Against Timeshare Termination Team
It’s unclear whether these lawsuits had any bearing on the bankruptcy filing, but there were a couple of pending lawsuits when the company folded.
On December 30, 2020, Bluegreen Vacations Unlimited and Bluegreen Vacations Corporation filed suit against Timeshare Termination Team. Bluegreen Vacations claims that Timeshare Termination Team has been committing fraud against Bluegreen Vacations Unlimited’s customers by claiming an ability to help customers get rid of their timeshares even though they “are not parties to the contracts between Bluegreen and individuals who purchase timeshare interests.”
The claim further states that the customers that TTT promises to help then wind up defaulting on their obligations to Bluegreen. Bluegreen also claims that the TTT engages in false or misleading advertising.
You can find more details about this case over on Casemine.com.
Diamond Resorts filed a similar suit against TTT. Justia has that information here.
Who is Timeshare Termination Team and What Do They Do?
The Timeshare Termination Team was based in Colorado and was formed by the Wilburs in 2011. According to company lore, Brian Wilbur found himself saddled with a timeshare after he retired from the U.S. Marine Corps. The terrible experience he had getting rid of his timeshare inspired him to start a company that would help other people get rid of their timeshares quickly and easily.
At one point, the Timeshare Termination Team had an A+ rating with the Better Business Bureau and the reviews were positive. They seemed to be exactly what they promoted: a company of professionals dedicated to making timeshare cancellation as painless as possible.
However, as of Fall 2021, that reputation had taken a nosedive. The company seems to have shut its doors and court filings show that the company has filed for bankruptcy. The founders of the company have filed for bankruptcy as well.
Timeshare Termination Team’s Timeshare Exit Costs
There is no current information about the Timeshare Termination Team’s fee structure, or whether they offer money-back guarantees, though they did offer a 100% money-back guarantee in the past. Sometime between May 5 and July 7th, the website went from being a publicly accessible site to having a 401: Authorization Required status.
Online Reputation
Once upon a time, Timeshare Termination Team had a great reputation. Customers raved about how quickly their representative would get back to them and how the company kept in constant contact. These days, though…not so much.
Reviews
In the beginning, the reviews all raved about reliable communication and updates from TTT. Since 2019, however, those reviews have all gone downhill. The most recent complaint filed with the Better Business Bureau comes from someone named Lori M. And it reads:
The top review over on Trustpilot comes from Debi Ramert, who writes:
Timeshare Termination Team’s Website
As previously stated, the Timeshare Termination Team’s website went from a typical business site to a 401: Authorization Required sometime in the summer of 2021. As of October 25, 2021, this is what happens when you type in the TTT URL:
Social Media Presence
There does not appear to be any social media presence for the U.S.-based TTT. There is, however, a small social media presence for a U.K.-based TTT. The most recent activity on their Twitter and Facebook accounts was posted in early 2021. They do not look like they are related to each other. Still, the timing of their last posts and the U.S.-based TTT disappearing is a little strange.
The Bottom Line
This is where you would usually find a conclusion that talked about the pros and cons of working with a company like the Timeshare Termination Team. However, since the company (and the people who run it) has filed for bankruptcy and seems to have shuttered, it’s safe to say that you should not do business with them.
Instead, take some time to find a timeshare exit company that is legitimate and has positive recommendations. One of the best ways to do this is to contact someone you know who has exited a timeshare agreement successfully. Ask if they can recommend anybody. Many people are attempting to exit under different circumstances, however (some have a mortgage, some are split across several family members, etc.) so also make sure to look for an exit company that specializes in your personal situation.