Lost Valley Lake Resort

[angela_natalia]

Any input would be greatly appreciated!

So, DH and I got roped into one of these tours thanks to some family friends. After the tour of the resort, we were convinced enough to purchase a membership. The lifetime membership cost was $8000 which was financed at about $200/month. It would've been a good deal except that the resort misrepresented certain things just to get us to buy in. ie: The lodge that has burnt down BEFORE we bought it and they promised would be built in a year, has yet to be seen. They also have made ridiculous rules for member's guests up to a point that it's embarassing to bring any friends there. ie: even adult guests must be with members at all times.

Now, our account is in collections for about $1500.00 because we refuse to go back there. To sell our membership, or "property" as they call it, we would have to purchase the whole amount AND THEN re-sell it. We can't just turn over the membership or "give it away" even if someone wanted to take over payments on it. We're also moving out of state in about a year, so the membership is basically useless to us.

I heard that these people are notorious for getting wage garnishments against defaulted clients. I'm quite sure SOL for this type of account is 10 yrs because of the contract. ANY ADVICE?????? Maybe someone that has been in a similar situation? thanks!