Public Trust Reinvestigation

kaeXo

Senior Member
Feb 5, 2016
265
2
18
I wasnt really sure where to ask this as it's really not an employment question but move accordingly if needed.

Due to public trusts now being reinvestigated in 5 yearish windows and my 5th year anniversary will be Dec 2019 so had me wondering about my chances of being denied.

A little backstory in my situation in 2016 me and the wife went to Hawaii and while we were there we bought into a timeshare (stupid l know and I consider myself fairly intelligent) but anyways, they are literally a legal scam. We always have had trouble using it and nothing in the sales pitch really turned out to be true.

Fast forward to 2018 after religiously paying the timeshare loan on time and not really being able to use it we consulted with a lawyer and leading 3rd party advocacy group that helps people get out of timeshare contracts for these specific reasons. Both have said the only option would be strategic default which is stop paying the loan and fees then negotiate the contract exit. Granted this means credit can and will be effected until its cancelled and removed which can take 6 months to a year.

My question/concern is would this likely deny my public trust from being renewed? Again no other accounts are in bad standing, no law violations, no employment issues, no other financial issues etc.

Thanks for the advice!
 
Last edited:

JetJammer

Newcomer
Jun 14, 2008
12
0
1
No. I know numerous center controllers who gave their houses back to the bank when the economy tanked in 2008. They have a secret clearance. Just be honest on the investigation and you will have no problems.
 

altonb2

Senior Member
Jan 23, 2014
253
0
16
Pensacola, Fl
Just curious since when did they start redoing public trust clearances? I thought once you have it you didn't have to get investigated again.
 

kaeXo

Senior Member
Feb 5, 2016
265
2
18
It was signed a long time ago. They just fully implemented it in 2018. I dont think it's a guarantee you get it every 5 years on the dot but a few people at my facility has already had to renew theirs.
 

kaeXo

Senior Member
Feb 5, 2016
265
2
18
Thanks we are working with one but they all recommend the same thing. The only way to get the timeshare company to even talk about cancelling is strategic default with most resulting in deeds in lieu of. Essientially cancelling the debt for the deed back to avoid going through a costly foreclosure.