Drake Savory

Timeshare in collections

4 posts in this topic

The timeshare made sense when I got it about 18 months ago but now it's a white elephant after moving, one I couldn't afford or sell. It went to collections and I just got a bill for the full balance due.

1) How do I get the time share company take it back and take the money I spent as a loss?

2) Barring that, I do I just get out of it without killing my credit?

3) Barring THAT, how do I get it out of collections and back to monthly payments.

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The timeshare made sense when I got it about 18 months ago but now it's a white elephant after moving, one I couldn't afford or sell. It went to collections and I just got a bill for the full balance due.

1) How do I get the time share company take it back and take the money I spent as a loss?

2) Barring that, I do I just get out of it without killing my credit?

3) Barring THAT, how do I get it out of collections and back to monthly payments.

you don't.. they are like gym memberships and they don't go away.. if it is in collections you will have to negotiate with the collection agency.. do NOT do this by phone, get EVERYTHING in writing but formulate a payment agreement and get it in place.. they are not going to take back money.. no one does that.. your credit is going to be damaged if late and you need to see what you can negotiate with whoever holds it

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You may want to try and get out of it on the grounds of them making false promises. Make a list of the false promises and misrepresentations that might have happened during the sales presentation. For example, if you were told that the time-share has tax benefits, if it was presented as an investment or if you were told that a non-deed time-share has equity, you may be able to get out of the contract.

Call the time-share company or send it a letter stating you want to get out of the contract because of the misrepresentations you discovered. Be very specific about how the time-share was misrepresented. If the company says no to your first attempt, let it know you will report it to the Better Business Bureau, its state's regulatory agency and the attorney general. Make the reports if it still refuses, and mail copies of your complaints to the time-share company.

Go over your contract and find the way out of your contract (make sure there isn't some clause in there that releases the company from any responsability based off of verbal promises if you try and get out of it based on false promises).

If you look in your contract I'm sure there is some way to get out of it you'll just have to follow that way to the letter.

WRT to it going to collections and showing up on your credit report that is going to happen just like defaulting on any other contract. Since you appear to still own the timeshare I would try to work out some kind of pay for delete agreement with them. See if getting out of the contract along with a lump sum payment (or payments made over time for an agreed upon amount of time) will get them to delete the item from your credit reports.

Edited by Hal Jordan

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Update:

I pulled the legal documents of the web and noticed that the mortgage was assigned to another company some time ago but the dunning letter had the timeshare company as the creditor. Does this in anyway invalidate their collection activities? What if I sent the DV and they either do not reply or reiterate that the timeshare is the creditor and not the mortgage company?

Edited by Drake Savory

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