Fitch Rates Sierra Timeshare 2014-2 Receivables Funding LLC

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2014-2 Receivables Funding LLC:

–$276,920,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$73,080,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Consistent Collateral: Series 2014-2 has a comparable concentration of WVRI and WRDC loans relative to the prior transaction. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than those of WVRI. Additionally, 2014-2 includes 3.4% of Shell loans (integrated within the WVRI platform) for which historical static pool default data were not provided. An additive stress was incorporated into Fitch’s base case proxy for 2014-2 to account for the lack of performance data on this portion of the receivables.

Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 30.50% and 11.50% for class A and B notes, respectively. Hard CE is composed of overcollateralization (OC), a letter of credit (LOC) reserve account and subordination. Soft CE is also provided by excess spread and is expected to be 10.27% per annum.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 1, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2014-2 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–’Sierra Timeshare 2014-2 Receivable Funding LLC’ (July 1, 2014);

–’Sierra Timeshare 2014-2 Receivable Funding LLC — Appendix’ (July 1, 2014);

–’Criteria for Rating U.S. Timeshare Loan ABS’ (June 9, 2014);

–’Global Structured Finance Rating Criteria’ (May 20, 2014);

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Sierra Timeshare 2014-2 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751407

Sierra Timeshare 2014-2 Receivables Funding LLC — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751647

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839873

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings, New York
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Senior Director
Du Trieu, +1-312-368-2091
or
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Analyst
Khadija El Mediouri, +1-212-908-9109
or
Committee Chairperson
Senior Director
Brad Sohl, +1-212-908-0792

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2014-182400091.html

Fitch Rates Sierra Timeshare 2014-2 Receivables Funding LLC

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2014-2 Receivables Funding LLC:

–$276,920,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$73,080,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Consistent Collateral: Series 2014-2 has a comparable concentration of WVRI and WRDC loans relative to the prior transaction. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than those of WVRI. Additionally, 2014-2 includes 3.4% of Shell loans (integrated within the WVRI platform) for which historical static pool default data were not provided. An additive stress was incorporated into Fitch’s base case proxy for 2014-2 to account for the lack of performance data on this portion of the receivables.

Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 30.50% and 11.50% for class A and B notes, respectively. Hard CE is composed of overcollateralization (OC), a letter of credit (LOC) reserve account and subordination. Soft CE is also provided by excess spread and is expected to be 10.27% per annum.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 1, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2014-2 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–’Sierra Timeshare 2014-2 Receivable Funding LLC’ (July 1, 2014);

–’Sierra Timeshare 2014-2 Receivable Funding LLC — Appendix’ (July 1, 2014);

–’Criteria for Rating U.S. Timeshare Loan ABS’ (June 9, 2014);

–’Global Structured Finance Rating Criteria’ (May 20, 2014);

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Sierra Timeshare 2014-2 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751407

Sierra Timeshare 2014-2 Receivables Funding LLC — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751647

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839873

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings, New York
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Senior Director
Du Trieu, +1-312-368-2091
or
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Analyst
Khadija El Mediouri, +1-212-908-9109
or
Committee Chairperson
Senior Director
Brad Sohl, +1-212-908-0792

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2014-182400091.html

Fitch Rates Sierra Timeshare 2014-2 Receivables Funding LLC

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2014-2 Receivables Funding LLC:

–$276,920,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$73,080,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Consistent Collateral: Series 2014-2 has a comparable concentration of WVRI and WRDC loans relative to the prior transaction. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than those of WVRI. Additionally, 2014-2 includes 3.4% of Shell loans (integrated within the WVRI platform) for which historical static pool default data were not provided. An additive stress was incorporated into Fitch’s base case proxy for 2014-2 to account for the lack of performance data on this portion of the receivables.

Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 30.50% and 11.50% for class A and B notes, respectively. Hard CE is composed of overcollateralization (OC), a letter of credit (LOC) reserve account and subordination. Soft CE is also provided by excess spread and is expected to be 10.27% per annum.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 1, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2014-2 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–’Sierra Timeshare 2014-2 Receivable Funding LLC’ (July 1, 2014);

–’Sierra Timeshare 2014-2 Receivable Funding LLC — Appendix’ (July 1, 2014);

–’Criteria for Rating U.S. Timeshare Loan ABS’ (June 9, 2014);

–’Global Structured Finance Rating Criteria’ (May 20, 2014);

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Sierra Timeshare 2014-2 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751407

Sierra Timeshare 2014-2 Receivables Funding LLC — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751647

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839873

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings, New York
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Senior Director
Du Trieu, +1-312-368-2091
or
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Analyst
Khadija El Mediouri, +1-212-908-9109
or
Committee Chairperson
Senior Director
Brad Sohl, +1-212-908-0792

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2014-182400091.html

Fitch Rates Sierra Timeshare 2014-2 Receivables Funding LLC

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2014-2 Receivables Funding LLC:

–$276,920,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$73,080,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Consistent Collateral: Series 2014-2 has a comparable concentration of WVRI and WRDC loans relative to the prior transaction. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than those of WVRI. Additionally, 2014-2 includes 3.4% of Shell loans (integrated within the WVRI platform) for which historical static pool default data were not provided. An additive stress was incorporated into Fitch’s base case proxy for 2014-2 to account for the lack of performance data on this portion of the receivables.

Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 30.50% and 11.50% for class A and B notes, respectively. Hard CE is composed of overcollateralization (OC), a letter of credit (LOC) reserve account and subordination. Soft CE is also provided by excess spread and is expected to be 10.27% per annum.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 1, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2014-2 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–’Sierra Timeshare 2014-2 Receivable Funding LLC’ (July 1, 2014);

–’Sierra Timeshare 2014-2 Receivable Funding LLC — Appendix’ (July 1, 2014);

–’Criteria for Rating U.S. Timeshare Loan ABS’ (June 9, 2014);

–’Global Structured Finance Rating Criteria’ (May 20, 2014);

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Sierra Timeshare 2014-2 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751407

Sierra Timeshare 2014-2 Receivables Funding LLC — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751647

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839873

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings, New York
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Senior Director
Du Trieu, +1-312-368-2091
or
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Analyst
Khadija El Mediouri, +1-212-908-9109
or
Committee Chairperson
Senior Director
Brad Sohl, +1-212-908-0792

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2014-182400091.html

Fitch Rates Sierra Timeshare 2014-2 Receivables Funding LLC

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2014-2 Receivables Funding LLC:

–$276,920,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$73,080,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Consistent Collateral: Series 2014-2 has a comparable concentration of WVRI and WRDC loans relative to the prior transaction. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than those of WVRI. Additionally, 2014-2 includes 3.4% of Shell loans (integrated within the WVRI platform) for which historical static pool default data were not provided. An additive stress was incorporated into Fitch’s base case proxy for 2014-2 to account for the lack of performance data on this portion of the receivables.

Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 30.50% and 11.50% for class A and B notes, respectively. Hard CE is composed of overcollateralization (OC), a letter of credit (LOC) reserve account and subordination. Soft CE is also provided by excess spread and is expected to be 10.27% per annum.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 1, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2014-2 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–’Sierra Timeshare 2014-2 Receivable Funding LLC’ (July 1, 2014);

–’Sierra Timeshare 2014-2 Receivable Funding LLC — Appendix’ (July 1, 2014);

–’Criteria for Rating U.S. Timeshare Loan ABS’ (June 9, 2014);

–’Global Structured Finance Rating Criteria’ (May 20, 2014);

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Sierra Timeshare 2014-2 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751407

Sierra Timeshare 2014-2 Receivables Funding LLC — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751647

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839873

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings, New York
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Senior Director
Du Trieu, +1-312-368-2091
or
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Analyst
Khadija El Mediouri, +1-212-908-9109
or
Committee Chairperson
Senior Director
Brad Sohl, +1-212-908-0792

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2014-182400091.html

Grand Solmar Timeshare Warns of Airport Scams When Traveling

CABO SAN LUCAS, Mexico, July 21, 2014 /PRNewswire-iReach/ — It is very important for any traveler or vacationer that every aspect of their trip goes on without a hitch, and the Grand Solmar Timeshare scam reduction squad knows that falling victim to scammers can be hard to recover from. If a traveler is scammed at the beginning of their trip, it will oftentimes make it difficult to enjoy any aspect of a trip. There are scammers everywhere who want to take advantage of travelers, and it may seem to some travelers that it is impossible to avoid them, but this is simply not true. It is easy for travelers to foil these scammers’ plans if they know what to look for.

Photo – http://photos.prnewswire.com/prnh/20140711/126225

The Grand Solmar Timeshare scam reduction squad wants to help travelers prepare for any situation, even the ones that they may least expect. Believe it or not, airports are a common place for scammers to strike, but with the knowledge provided below, travelers will be able to keep themselves safe.

The scheme that most often happens in the airport is scammers running off with travelers’ belongings while they are distracted, especially while they are going through security checkpoints. Some scammers will snatch the items out of the carry-ons of the travelers in front of them in line, while others will deliberately hold up the line to distract everyone while a partner nabs valuables that have gone through the x-ray machine. The Grand Solmar Timeshare scam reduction squad knows how easy it can be to get distracted in the hustle and bustle of an airport, and warns that the busy atmosphere is exactly what the scammers want to take advantage of. If travelers allow themselves to lose track of their valuables, they may find themselves falling victim to one of these scams.

Those who are planning on flying in the future should know how important it is to keep track of their belongings at all times. Travelers are also advised to wait until their bag has gone through security until they go through themselves, and to make sure their bag gets brought along for additional screening if needed. Finally, travelers should always double check their belongings after going through security to make sure that everything is in place. Taking these measures will help them keep track of their things and avoid losing their valuables to airport scammers so that they can carry on with a great trip. For more information on amazing chances for travel and tips on staying safe while vacationing from Grand Solmar Timeshare visit http://www.grandsolmarresorts.com

Media Contact: Grand Solmar Timeshare, Grand Solmar Timeshare, 1-310-459-7276, info@solmar.com.mx

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Article source: http://ca.finance.yahoo.com/news/grand-solmar-timeshare-warns-airport-080000658.html

Grand Solmar Timeshare Warns of Airport Scams When Traveling

CABO SAN LUCAS, Mexico, July 21, 2014 /PRNewswire-iReach/ — It is very important for any traveler or vacationer that every aspect of their trip goes on without a hitch, and the Grand Solmar Timeshare scam reduction squad knows that falling victim to scammers can be hard to recover from. If a traveler is scammed at the beginning of their trip, it will oftentimes make it difficult to enjoy any aspect of a trip. There are scammers everywhere who want to take advantage of travelers, and it may seem to some travelers that it is impossible to avoid them, but this is simply not true. It is easy for travelers to foil these scammers’ plans if they know what to look for.

Photo – http://photos.prnewswire.com/prnh/20140711/126225

The Grand Solmar Timeshare scam reduction squad wants to help travelers prepare for any situation, even the ones that they may least expect. Believe it or not, airports are a common place for scammers to strike, but with the knowledge provided below, travelers will be able to keep themselves safe.

The scheme that most often happens in the airport is scammers running off with travelers’ belongings while they are distracted, especially while they are going through security checkpoints. Some scammers will snatch the items out of the carry-ons of the travelers in front of them in line, while others will deliberately hold up the line to distract everyone while a partner nabs valuables that have gone through the x-ray machine. The Grand Solmar Timeshare scam reduction squad knows how easy it can be to get distracted in the hustle and bustle of an airport, and warns that the busy atmosphere is exactly what the scammers want to take advantage of. If travelers allow themselves to lose track of their valuables, they may find themselves falling victim to one of these scams.

Those who are planning on flying in the future should know how important it is to keep track of their belongings at all times. Travelers are also advised to wait until their bag has gone through security until they go through themselves, and to make sure their bag gets brought along for additional screening if needed. Finally, travelers should always double check their belongings after going through security to make sure that everything is in place. Taking these measures will help them keep track of their things and avoid losing their valuables to airport scammers so that they can carry on with a great trip. For more information on amazing chances for travel and tips on staying safe while vacationing from Grand Solmar Timeshare visit http://www.grandsolmarresorts.com

Media Contact: Grand Solmar Timeshare, Grand Solmar Timeshare, 1-310-459-7276, info@solmar.com.mx

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Article source: http://ca.finance.yahoo.com/news/grand-solmar-timeshare-warns-airport-080000658.html

Grand Solmar Timeshare Warns of Airport Scams When Traveling

CABO SAN LUCAS, Mexico, July 21, 2014 /PRNewswire-iReach/ — It is very important for any traveler or vacationer that every aspect of their trip goes on without a hitch, and the Grand Solmar Timeshare scam reduction squad knows that falling victim to scammers can be hard to recover from. If a traveler is scammed at the beginning of their trip, it will oftentimes make it difficult to enjoy any aspect of a trip. There are scammers everywhere who want to take advantage of travelers, and it may seem to some travelers that it is impossible to avoid them, but this is simply not true. It is easy for travelers to foil these scammers’ plans if they know what to look for.

Photo – http://photos.prnewswire.com/prnh/20140711/126225

The Grand Solmar Timeshare scam reduction squad wants to help travelers prepare for any situation, even the ones that they may least expect. Believe it or not, airports are a common place for scammers to strike, but with the knowledge provided below, travelers will be able to keep themselves safe.

The scheme that most often happens in the airport is scammers running off with travelers’ belongings while they are distracted, especially while they are going through security checkpoints. Some scammers will snatch the items out of the carry-ons of the travelers in front of them in line, while others will deliberately hold up the line to distract everyone while a partner nabs valuables that have gone through the x-ray machine. The Grand Solmar Timeshare scam reduction squad knows how easy it can be to get distracted in the hustle and bustle of an airport, and warns that the busy atmosphere is exactly what the scammers want to take advantage of. If travelers allow themselves to lose track of their valuables, they may find themselves falling victim to one of these scams.

Those who are planning on flying in the future should know how important it is to keep track of their belongings at all times. Travelers are also advised to wait until their bag has gone through security until they go through themselves, and to make sure their bag gets brought along for additional screening if needed. Finally, travelers should always double check their belongings after going through security to make sure that everything is in place. Taking these measures will help them keep track of their things and avoid losing their valuables to airport scammers so that they can carry on with a great trip. For more information on amazing chances for travel and tips on staying safe while vacationing from Grand Solmar Timeshare visit http://www.grandsolmarresorts.com

Media Contact: Grand Solmar Timeshare, Grand Solmar Timeshare, 1-310-459-7276, info@solmar.com.mx

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Article source: http://ca.finance.yahoo.com/news/grand-solmar-timeshare-warns-airport-080000658.html

Grand Solmar Timeshare Warns of Airport Scams When Traveling

CABO SAN LUCAS, Mexico, July 21, 2014 /PRNewswire-iReach/ — It is very important for any traveler or vacationer that every aspect of their trip goes on without a hitch, and the Grand Solmar Timeshare scam reduction squad knows that falling victim to scammers can be hard to recover from. If a traveler is scammed at the beginning of their trip, it will oftentimes make it difficult to enjoy any aspect of a trip. There are scammers everywhere who want to take advantage of travelers, and it may seem to some travelers that it is impossible to avoid them, but this is simply not true. It is easy for travelers to foil these scammers’ plans if they know what to look for.

Photo – http://photos.prnewswire.com/prnh/20140711/126225

The Grand Solmar Timeshare scam reduction squad wants to help travelers prepare for any situation, even the ones that they may least expect. Believe it or not, airports are a common place for scammers to strike, but with the knowledge provided below, travelers will be able to keep themselves safe.

The scheme that most often happens in the airport is scammers running off with travelers’ belongings while they are distracted, especially while they are going through security checkpoints. Some scammers will snatch the items out of the carry-ons of the travelers in front of them in line, while others will deliberately hold up the line to distract everyone while a partner nabs valuables that have gone through the x-ray machine. The Grand Solmar Timeshare scam reduction squad knows how easy it can be to get distracted in the hustle and bustle of an airport, and warns that the busy atmosphere is exactly what the scammers want to take advantage of. If travelers allow themselves to lose track of their valuables, they may find themselves falling victim to one of these scams.

Those who are planning on flying in the future should know how important it is to keep track of their belongings at all times. Travelers are also advised to wait until their bag has gone through security until they go through themselves, and to make sure their bag gets brought along for additional screening if needed. Finally, travelers should always double check their belongings after going through security to make sure that everything is in place. Taking these measures will help them keep track of their things and avoid losing their valuables to airport scammers so that they can carry on with a great trip. For more information on amazing chances for travel and tips on staying safe while vacationing from Grand Solmar Timeshare visit http://www.grandsolmarresorts.com

Media Contact: Grand Solmar Timeshare, Grand Solmar Timeshare, 1-310-459-7276, info@solmar.com.mx

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Article source: http://ca.finance.yahoo.com/news/grand-solmar-timeshare-warns-airport-080000658.html

TONY HETHERINGTON: Even death will not rid you of this timeshare

By
Tony Hetherington

44

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comments

Tony Hetherington is Financial Mail on Sunday’s ace investigator, fighting readers corners, revealing the truth that lies behind closed doors and winning victories for those who have been left out-of-pocket. Find out how to contact him below.

Mrs A. R. writes: I own a timeshare at Elmers Court in Lymington, Hampshire, run by Macdonald Resorts. My husband died six years ago and I can no longer afford the annual maintenance fees. I am very concerned that the debt will pass to my children. They would also be unable to make the payments. I did approach the company, explaining my position and asking to hand back the timeshare. Macdonalds said this was not possible, but the company would resell it for 1p. It has not contacted me since, and I still receive maintenance demands. Surely there must be a legal way to end this timeshare agreement?

Macdonald Resorts, based at Aviemore in the Highlands, is no stranger to this page. Since 2008, I have reported more than half a dozen times on the plight of the increasingly elderly owners who mostly bought their timeshare in the 1980s, believing they were buying an asset that could be sold on or bequeathed to their family.

Costly beauty: Timeshare fees at Elmers Court are 'in perpetuity'

Costly beauty: Timeshare fees at Elmers Court are ‘in perpetuity’

Instead they found nobody will purchase their timeshare with its ever increasing fees, nor can their children afford such a financial millstone. The worst feature of this timeshare trap is that the company’s contracts are ‘in perpetuity’. Death does not end the demands. Even if a deceased owner’s family refuse to accept the timeshare, Macdonald Resorts threatens to charge executors, so anything the late owner leaves goes to Macdonalds until the estate is drained.

I have a fat file full of sad letters from elderly owners who see a big slice of their pension disappearing to Macdonalds, while they can no longer afford to use the timeshare or are not fit to travel.

Mrs W, another widowed owner at Elmers Court, told me: ‘My income is now £12,000 a year and I cannot use or afford this timeshare.’

She had written to the company, she said, but ‘they do not reply, just send me bills or threats’. One couple in their eighties faced annual fees of £500. The husband required full-time care and had suffered a heart attack and two strokes, and his wife suffered from dementia. When they failed to pay, Macdonalds sued them. Remarkably, a judge found in favour of the couple and refused to enforce the demands.

Now, however, things may change. If timeshare owners agree, Macdonalds has offered a plan to let them quit. The snag is the firm expects owners to buy their way out.

Macdonalds and its boss Simon Jackson refused to comment on any individual cases – yours included – but if its plan goes ahead, owners will be allowed to hand back the timeshare deeds as long as they pay the company four years of fees.

A spokesman said: ‘Depending on which week an owner has, the maximum exit charge would be £2,500 and the minimum £1,500, per week of ownership.’

The scheme will also apply to the families or executors of deceased owners. Macdonalds says it will also offer a fortnight’s timeshare use to anyone using the buy-out plan.

It goes against the grain to tell anyone who thought they were buying an asset that they should now hand over even more cash to get rid of a millstone, but I do not see that you have much choice unless you are also willing to face Macdonalds in court. As one owner told me, even a used car has scrap value, but a Macdonalds timeshare carries on costing you money. If you can afford it, better to grit your teeth and get rid of it once and for all.

Betrayal: Solicitor Andrew Greystoke

Betrayal: Solicitor Andrew Greystoke

Banned: Land agent Michael Bohdjalian

Banned: Land agent Michael Bohdjalian

WE’RE WATCHING YOU: Solicitor I warned against five years ago is suspended

1.) A solicitor who lent his firm’s name to boiler room share scams has been suspended from practising for 18 months by the Solicitors Disciplinary Tribunal. Andrew Greystoke and his London firm Atlantic Law approved 50 adverts issued in Britain by unlicensed Spanish brokers. The tribunal ordered Greystoke to pay £80,000 costs.
Gordon Ramsay, head of enforcement at the Solicitors Regulation Authority, which brought the case, said Greystoke had breached legal principles intended to protect consumers.
He added: ‘He betrayed the trust put in him by members of the public.’ I warned in 2009 that Greystoke was linked to at least five offshore boiler rooms, including Price Stone, whose ringleader Jeffrey Revell-Reade, was jailed recently for nine and a half years.

2.) The boss of a corrupt land investment firm has been banned from acting as a company director for 14 years. Michael Bohdjalian ran Berkeley Warbeck Ltd through a front man, pocketing £539,778 from it and two linked firms. Investigators from the Insolvency Service found he sold plots of land with no development potential at a mark-up of up to 3,091 per cent. In 2009 I revealed how he cheated a reader out of thousands of pounds.

If you believe you are the victim of financial wrongdoing, write to Tony Hetherington at Financial Mail, Room 301, 2 Derry Street, London W8 5TS or email tony.hetherington@mailonsunday.co.uk. Because of the high volume of enquiries, personal replies cannot be given. Please send only copies of original documents, which we regret cannot be returned.


Comments (44)

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Ron,

Carlisle, United Kingdom,

3 hours ago

only a fool would buy timeshare its one of history’s great financial con’s

jft9675,

liverpool,

5 hours ago

The system always finds a way of separating honest, hard working people away from their cash. That is just how it is!

Ron,

Leeds,

7 hours ago

Even in the eighties they were head line news but people new better and the collapse of hundreds of Med Rim firms over the years has made them fade out of the news. People signed a contract and I have seen land granted for non building in perpetuity being broken and built on so it can through law be done, but the cost will be high.

duncs2108,

Fife, United Kingdom,

8 hours ago

We purchased 2 weeks at Leila Playa in 1986, this was under Scots Law and was in perpetuity. At no time have we agreed to change the terms of the contact we signed – this was for the same apartment for the same 2 weeks in September. For the information of Simon Jackson and his allies – possibly on the members committee ( will they have to pay to give up their weeks if they decide to give them up ) We will be speaking to a Solicitor regarding this. This is like a bank saying to someone with a mortgage, we are going to change your payment and it will be a points system that will give you access to your own home, but you have to be quick and book it every month or it may you to someone else. We will certainly be voting against the change to a points system. If we were to return our apartments – we have 2 at same complex – we would have to pay macdonalds approx. £20000 so they could then sell the points and make even more money. Look forward to the fight.

Full of life,

Hilton, United Kingdom,

10 hours ago

Macdonalds and the Owners Committee at Elmer’s Court are trying to sort something out which will help this lady plus others in her situation. When my parents bought their timeshare some 30 years ago, it was quite a popular thing to do. We have used it every year since then and happy to do so for the future but I do say that Macdonalds and companies like them will have to review the situation as things have changed a lot.
If you bought a popular week then it can be rented out.

NG,

France,

10 hours ago

Macdonalds resorts? is that the same crappy company that pedals rubbish under the auspices of ‘food’?

dave156,

bristol,

10 hours ago

I am just pleased i did not go on one of those hard sell seminars in the 1980′s.I did miss out on the free microwave though

Cath,

Marseille, United Kingdom,

11 hours ago

Good grief. Talk about sharp practice. This ‘company’ sued a couple in their 80s? Macdonalds need a good legal kick up the backside to force them to drop these practices. A judge has found against them once – hopefully more cases will be brought and will go against them. This kind of exploitation, using a hard sell to trap unwary buyers, is really disgusting. Hopefully word will spread that Macdonalds is (in my view, based on this report) a company to avoid like the plague. People can bring these people down by avoiding any involvement with them.

Peter,

Watford, United Kingdom,

12 hours ago

Gangsters who one day will reap what they sow.

ceejayblue,

Erith, United Kingdom,

12 hours ago

I don’t own a timeshare with Macdonald Resorts but I have enjoyed several holidays there and know many people who do own and the new proposals by MRL are causing a lot of worry and concern. There is a facebook group for any MRL members who are trying to make sense of the issues involved. Some people here have said give it back, if only it was as easy as that, some friends own 8 weeks of timeshare and will have to pay 4 x annual maintenance on each week and that will come to more than £14K to get out of it. In perpetuity was sold to people as an investment because you can pass it on to your children. Some people are in ill health and still having to pay for the maintenance and their children do not want to take on the responsibility or cannot afford to. MRL are putting their members under enormous pressure and causing severe anxiety. Join the MRL Owners Group on facebook to get lots of help and information and support from other members.

The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

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Article source: http://www.dailymail.co.uk/money/experts/article-2698355/TONY-HETHERGINGTON-Even-death-not-rid-timeshare.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490

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